Social elites.pdf (609.94 kB)
Social elites on the board and executive pay in developing countries: evidence from Africa
journal contribution
posted on 2023-06-09, 04:33 authored by Bruce Hearn, Roger StrangeRoger Strange, Jenifer PiesseThis study applies a new multi-focal actor-centered institution-theoretic approach to examine the association between executive pay and the recruitment of social elites to the board of directors in developing countries. We use a sample of 119 initial public offerings (IPOs) from 17 African stock markets to model this relationship. The results suggest that a higher proportion of elites on the board is associated with lower executive pay. This is moderated by institutional quality; that is, lower institutional quality is associated with more directors drawn from social elites and with higher pay, while the opposite is true in higher-institutional-quality environments. Our findings confirm the importance of the social environment within which governance is embedded.
History
Publication status
- Published
File Version
- Accepted version
Journal
Journal of World BusinessISSN
1090-9516Publisher
ElsevierExternal DOI
Issue
2Volume
52Page range
230-243Department affiliated with
- Business and Management Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2017-01-05First Open Access (FOA) Date
2018-06-22First Compliant Deposit (FCD) Date
2017-01-05Usage metrics
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