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The objective of this study is to examine the trends of director remuneration in Malaysia's publicly listed companies. The proxies for executive pay are based on cash remuneration consisting of fees, salary, bonuses, and benefits to kin. Based on the data collected from 486 publicly listed companies in Bursa Malaysia from 2007 to 2009, we empirically tested findings that the trends for remuneration increased during and after the financial crisis. The study also reveals that the structure of remuneration, such as salary and bonuses for executives, showed an increasing trend during and after the financial crisis; however, it shows that the trend of director remuneration in family firms after the financial crisis was decreasing. Further analysis indicates that family members were willing to accept lower fees, bonuses, and benefits to kin in order to maintain cash flow. Our study suggests that no expropriation existed in family firms during and after the financial crisis. However, executives in non-family firms are less interested in accepting lower remuneration as part of a contract.
AbstractThe objective of this study is to examine the trends of director remuneration in Malaysia's publicly listed companies. The proxies for executive pay are based on cash remuneration consisting of fees, salary, bonuses, and benefits to kin. Based on the data collected from 486 publicly listed companies in Bursa Malaysia from 2007 to 2009, we empirically tested findings that the trends for remuneration increased during and after the financial crisis. The study also reveals that the structure of remuneration, such as salary and bonuses for executives, showed an increasing trend during and after the financial crisis; however, it shows that the trend of director remuneration in family firms after the financial crisis was decreasing. Further analysis indicates that family members were willing to accept lower fees, bonuses, and benefits to kin in order to maintain cash flow. Our study suggests that no expropriation existed in family firms during and after the financial crisis. However, executives in non-family firms are less interested in accepting lower remuneration as part of a contract.
Abstract-This study examines the relationships between a family firm, the remuneration committee and director remuneration. The proxies of the remuneration committee are the numbers of committee members. The family firm proxy is a family member, as in the board of directors. The dependent variable (director remuneration) is measured by fees, salary, bonuses and benefit of kin. The sample size of this study is 537 firms listed in Bursa, Malaysia with 1611 panel data from 2007 to 2009. This study finds that there is a significant positive relationship between the remuneration committee and director remuneration, which suggests the effectiveness of the monitoring role of the remuneration committee. Furthermore, findings from this study reveal that there is a significant positive relationship between family firms and director remuneration. This study suggests that family members combine power and control to award better remuneration to the board of directors.
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