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North Africa External INSTITUTIONS Salary and Disclosure BH.pdf (599.82 kB)

Institutional impact on the expropriation of private benefits of control in North Africa

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posted on 2023-06-08, 23:39 authored by Bruce Hearn
This paper examines the effectiveness of six institutional quality measures, namely corruption control, effective government, political stability, regulatory quality, rule of law and voice and accountability, in inhibiting self-rewarding behaviour of boards in terms of their compensation as well as in influencing the likelihood of disclosure of individual executive salaries in IPO listings prospectuses. Using a unique and comprehensive dataset of 78 hand-collected IPO firms from across North Africa from 2000 to 2012 I find substantial evidence that government effectiveness and corruption control are important in inhibiting director self-reward and expropriation while political stability is more associated with increased likelihood of transparency in reporting of salaries. In addition firms from poor informational environments are more likely to initiate enhanced self-governance and transparency so as to overcome institutional deficiencies.

History

Publication status

  • Published

File Version

  • Accepted version

Journal

Research in International Business and Finance

ISSN

0275-5319

Publisher

Elsevier

Issue

1

Volume

30

Page range

1-23

Department affiliated with

  • Business and Management Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2015-12-04

First Open Access (FOA) Date

2016-10-26

First Compliant Deposit (FCD) Date

2016-10-26

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