Do qualifications matter? New evidence on board functions and director compensation

Fedaseyeu, Viktar; Linck, James S.; Wagner, Hannes F.

doi:10.1016/j.jcorpfin.2017.12.009

Cited by 102 publications

(81 citation statements)

References 39 publications

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“…In this second equation, in addition to the previous control variables, we also incorporated the logarithm of directors' remunerations (REMUNERATION) as an explanatory variable of the presence of women in the AC. Although director remuneration should not differ by sociodemographic attributes, recent research has highlighted that female directors receive lower compensation than their male counterparts (Bozhinov, Koch, & Schank, ; Fedaseyeu, Linck, & Wagner, ; Field et al, ). The results, presented in Table , confirm the existence of a link between voluntary ESG disclosure and gender diversity in the AC.…”

Section: Resultsmentioning

confidence: 99%

Sustainable development disclosure: Environmental, social, and governance reporting and gender diversity in the audit committee

2018

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Section: Resultsmentioning

confidence: 99%

Sustainable development disclosure: Environmental, social, and governance reporting and gender diversity in the audit committee

2018

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“…The difficulty of accessing detailed and individualized information is a barrier to this type of analysis, which is however, very useful in explaining intra-company differences in directors' compensation. Some examples are the studies of Marchetti and Stefanelli (2009) and Horton et al (2012) which, for the UK, provide evidence consistent with the influence of the human and social capital of the directors on their remuneration or, more recently, the article by Fedaseyeu et al (2018) in which, for the American case, they find that the more experienced directors receive greater compensation. These results are consistent with the Human Capital Theory.…”

Section: Professional Skills and Experiencementioning

confidence: 95%

“…As more transparency is being required to public firms about individual director compensation, some recent papers such as Marchetti and Stefanelli (2009), Horton et al (2012), Bugeja et al (2016), Chen and Keefe (2018), Ferris et al (2018) or Fedaseyeu et al (2018) analyse the influence of director level variables such as their skills or abilities on their compensation, using Human Capital Theory as background for their hypotheses (Becker, 1964;Mincer, 1974).…”

Section: Introductionmentioning

confidence: 99%

Directors’ Compensation. What Really Matters?

Fraile

Fradejas

2020

Journal of Business Economics and Management

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In the current scenario of increasing social inequality, the debate over the compensation received by directors and executives of large listed companies, and its justification, has intensified. Drawing on Agency Theory and Human Capital Theory, a multilevel analytical technique is used in this paper to examine the influence of firm-level variables and director-level variables on the individual compensation of the members of the board. The results obtained for the continental European context (Spain in particular) partially support the Human Capital Theory. Nevertheless, there is no evidence supportive of Agency Theory, as corporate governance mechanisms do not contribute to moderate the compensation of directors and there is no relationship between corporate performance and the compensation of directors. The analyses by subsamples (categories of directors) reveal that non-executive director’s compensation seems to be set for a group of individuals as a whole, depending mainly on firm-level characteristics, whereas executive director compensation is more based on the unique characteristics that a particular executive brings to the board.

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“…The literature frequently uses this approach 2 . First introduced by Baron and Kenny (1986), it appears in reputable business and finance journals such as Management (Rungtusanatham et al, 2014), Entrepreneurship (Semrau & Sigmund, 2012), and Finance (Fedaseyeu et al, 2018;Ferris et al, 2017).…”

Section: Bank Stability Bank Competition and Economic Growth -Disenmentioning

confidence: 99%

Linking Bank Competition, Financial Stability, and Economic Growth

Ijaz

Hassan

Tarazi

et al. 2020

Journal of Business Economics and Management

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This paper investigates the effect of bank competition and financial stability on economic growth by examining panel-data from 38 European countries over 2001 to 2017. Bank competition is measured with the Boone indicator, and bank stability with Z-scores and non-performing loan ratios, all at the country level. This study employs a fixed-effect estimator, as well as a system generalized method of moment (GMM) estimator to control unobserved heterogeneity, endogeneity, the dynamic effect of economic growth, and reverse causality in its estimation. Results show that bank stability significantly contributes to economic growth in Europe. Economic growth falls during crisis periods (both the global financial crisis and the local banking crisis), highlighting the importance of a resilient banking system during crisis periods. Moreover, empirical outcomes show that lower banking competition supports economic growth and increases financial stability. This study provides a framework for banks and regulators to boost economic growth through the channel of banking stability.

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Do qualifications matter? New evidence on board functions and director compensation

Cited by 102 publications

References 39 publications

Sustainable development disclosure: Environmental, social, and governance reporting and gender diversity in the audit committee

Sustainable development disclosure: Environmental, social, and governance reporting and gender diversity in the audit committee

Directors’ Compensation. What Really Matters?

Linking Bank Competition, Financial Stability, and Economic Growth

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