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The impact of board governance on director compensation in West African IPO firms

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journal contribution
posted on 2023-06-08, 13:31 authored by Bruce Hearn
This paper undertakes a unique study of the determinants of corporate governance in the West African developing region and their impact on director compensation. A new measure of director total remuneration is constructed providing a conservative estimate of expropriation of private benefits of control. Using a hand-collected sample of 51 West African IPO firms from 2000 and 2011 we find evidence that increased presence of true independent nonexecutives that are unconnected to CEO or dominant insider groups within firm and nominally independent board level committees are highly associated with expropriation inferring that firm’s with directors engaging in this behavior are more likely to adopt measures indicative of governance best practice

History

Publication status

  • Published

File Version

  • Accepted version

Journal

Research in International Business and Finance

ISSN

0275-5319

Publisher

Elsevier

Volume

28

Page range

82-104

Department affiliated with

  • Business and Management Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2013-03-14

First Open Access (FOA) Date

2013-03-14

First Compliant Deposit (FCD) Date

2012-11-06

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