This study examines a relationship between the CEO Pay Slice (CPS) -the fraction of the top five executive directors' total compensation that is captured by CEO -and firm value in the UK. CPS reflects the relative importance of CEO as well as the extent to which the CEO is able to extract rents. CPS may also alter effectiveness of board performance by influencing cooperation and cohesiveness among its members. Using a large sample of UK-listed companies over the 1997 to 2010 period, we document evidence supporting a negative relationship between CPS and firm value as measured by Tobin's Q. Our results are consistent with the hypothesis that high CPS is associated with agency problems, and is likely to impact negatively on the executive team's spirit and motivation. Our results have major implications for the on-going debate on how to reform executive remuneration, and highlight the importance of considering remuneration issues at the board level, supporting the principles of UK Corporate Governance Code (2010).JEL classification: G32, G35, G38, J33, L29
Registro de acceso restringido Este recurso no está disponible en acceso abierto por política de la editorial. No obstante, se puede acceder al texto completo desde la Universitat Jaume I o si el usuario cuenta con suscripción. Registre d'accés restringit Aquest recurs no està disponible en accés obert per política de l'editorial. No obstant això, es pot accedir al text complet des de la Universitat Jaume I o si l'usuari compta amb subscripció. Restricted access item This item isn't open access because of publisher's policy. The full--text version is only available from Jaume I University or if the user has a running suscription to the publisher's contents.
Purpose The interest in promoting diversity in corporate governance is increasing gender equality on boards. Even so, previous research shows that women are underrepresented on boards of directors. This study aims to explore how an increasing presence of women on boards reduces gender pay disparity among nonexecutive directors (NEDs). Design/methodology/approach This study explores how an increasing presence of women on boards reduces gender pay disparity among NEDs. Findings The results indicate that for boards to reduce the gender pay disparity among NEDs, women need to reach a critical mass of 33% of board members. In addition, this study finds that women’s presence on influential committees further reduces the gender pay disparity among NEDs. Research limitations/implications The study uses critical mass and social identity theories to explain the impact of women directors on NEDs’ remuneration in a sample of 365 companies listed on the London Stock Exchange over 16 years (1999–2015). The findings indicate the importance of reducing gender pay disparity as a tool to promote gender equality on boards. Practical implications This study provides evidence on the importance of corporations including gender diversity on board committees to reduce gender pay disparities at the board level. Originality/value In addition, this study finds that women’s presence on influential committees further reduces gender pay disparity among NEDs.
This study explores the use of ePortfolios as an efficient assessment tool to support students pursuing a Business degree, where Finance is a major component. We conducted an analysis on the role of ePortfolios in Higher Education at Dublin Institute of Technology (Republic of Ireland) and at Universitat Jaume I (Spain) for undergraduate studies. Our findings suggest that ePortfolios could be used to facilitate and enhance students self-regulated learning experiences where the role of the instructor is fundamental at early stages-to ensure that the learning process comply with basic academic standards-and diminishes as students become familiar with their course requirements, the ePortfolio's artefact's and the quality of work that is expected. Overall, students' judgment of the ePortfolio as a tool to complement their education was very positive as they found that their learning experience improved significantly and allowed them to benefit from breaks on their traditional learning approach. The initial evidence suggests that ePortfolios could be used to support technical and complex modules under a controlled environment that ensures that students do not lose focus from their core studies but simultaneously they are flexible enough to allow them to be creative and integrate their own ideas and views on their learning experience. This study allowed us to identify the need for further research looking to understand the characteristics and value of ePortfolios to support Finance Studies with the aim of enhancing assessment and learning strategies in Higher Education that foster student involvement in the learning process.
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