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Director compensation in emerging markets: A case study of Thailand

  • Theeravanich, Amnaj
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    Director 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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    File URL: http://www.sciencedirect.com/science/article/pii/S0148619513000416
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    Article provided by Elsevier in its journal Journal of Economics and Business.

    Volume (Year): 70 (2013)
    Issue (Month): C ()
    Pages: 71-91

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    Handle: RePEc:eee:jebusi:v:70:y:2013:i:c:p:71-91
    Contact details of provider: Web page: http://www.elsevier.com/locate/jeconbus

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