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The determinants of director remuneration in West Africa: the impact of state versus firm-level governance measures

journal contribution
posted on 2023-06-09, 04:08 authored by Bruce Hearn
This paper contrasts firm-level as opposed to state-level governance on directors self-rewarding behaviour in West Africa. Director self-reward or compensation is measured through fixed base salary as well as total remuneration which provides a conservative estimate of the full private benefits of control of directors. Using a unique hand-collected sample of 56 IPO firms from across West Africa from 2000 to 2012, I find that larger board sizes have less effective governance mechanisms while enhanced expropriation of private benefits of control is closely associated with lower government promotion of private sector policies, media and analyst freedom and corruption control.

History

Publication status

  • Published

Journal

Emerging Markets Review

ISSN

1566-0141

Publisher

Elsevier

Volume

14

Page range

11-34

Department affiliated with

  • Business and Management Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2016-11-22

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