Director compensation in emerging markets: A case study of Thailand
AbstractDirector compensation in emerging markets is an important issue because of the endemic information asymmetry and weak corporate governance. Using a unique sample of Thai corporations between 2002 and 2008, I find that director compensation is greater in family firms and that executive pay is primarily driven by corporate performance. However, this positive performance-pay relation is attenuated when directors own large shareholdings in their corporation. Finally, standard governance structures such as non-executive directors and splitting the CEO/chairman role are found to have little impact on Thai executive pay.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economics and Business.
Volume (Year): 70 (2013)
Issue (Month): C ()
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Web page: http://www.elsevier.com/locate/jeconbus
Corporate governance; Director conpensation; Ownership concentration; Family firms; Thailand;
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