Does board interlock affect CEO compensation? Evidence from companies listed in the Brazilian stock exchange

被引：1

作者：

Salgado, Claudine ^{[1
]}

Schneider, Guilherme ^{[2
]}

Costa, Cristiano M. ^{[3
]}

机构：

[1] Heriot Watt Univ, Edinburgh, Midlothian, Scotland

[2] Univ Fed Rio Grande do Sul, Porto Alegre, RS, Brazil

[3] Univ Vale Do Rio Dos Sinos, Porto Alegre, RS, Brazil

来源：

INTERNATIONAL JOURNAL OF DISCLOSURE AND GOVERNANCE | 2022年 / 19卷 / 04期

关键词：

CEO compensation; Board interlock; Board of directors; Business groups; CORPORATE GOVERNANCE; EXECUTIVE-COMPENSATION; FIRM PERFORMANCE; DIRECTORS; MANAGEMENT; BEHAVIOR;

D O I：

10.1057/s41310-022-00159-z

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

This study investigates the effects of board interlock on CEO compensation. We use an ordinary least square (OLS) for panel data approach and Social Network Analysis (SNA) procedures on a sample of 275 companies listed on the Brazilian stock exchange (B3), from 2011 to 2018, to evaluate the effects of board interlocks frameworks and some peculiarities of the Brazilian market on CEO compensation. Our empirical findings are twofold. First, our results indicate that the higher the board interlock level, the higher CEO compensation in the companies covered by our study. Second, the interlocks within business groups in the Brazilian market did not act as a moderator in the relationship between board interlock and CEO compensation, which indicates that the interlocks formed between companies listed on B3 are mostly between companies from different businesses groups. Overall, our study supports the perspectives of the agency and managerial power theories regarding the board of directors' role in setting the CEO compensation package and the issues that can influence this duty.

引用

页码：444 / 465

页数：22

共 50 条

[1] Does board interlock affect CEO compensation? Evidence from companies listed in the Brazilian stock exchange
Claudine Salgado
Guilherme Schneider
Cristiano M. Costa
[J]. International Journal of Disclosure and Governance, 2022, 19 : 444 - 465
[2] Does monetary policy affect the stock pledge of listed companies? Evidence from Chinese listed companies
Liu, Junling
Li, Shuaifeng
Qu, Jun
[J]. Applied Mathematics and Nonlinear Sciences, 2022, 7 (02) : 1117 - 1132
[3] The Effects of Corporate Board and CEO Characteristics on Firm Value: Empirical Evidence from Listed Companies on the Bucharest Stock Exchange
Vintila, Georgeta
Onofrei, Mihaela
Gherghina, Stefan Cristian
[J]. EMERGING MARKETS FINANCE AND TRADE, 2015, 51 (06) : 1244 - 1260
[4] Board characteristics and compensation in Brazilian listed companies oa
Alves M.B.
Leal R.P.C.
[J]. International Journal of Disclosure and Governance, 2016, 13 (4) : 309 - 328
[5] BOARD ATTRIBUTES AND ORGANISATIONAL DEMOGRAPHY-EVIDENCE FROM COMPANIES LISTED IN THE ATHENS STOCK EXCHANGE
Gkliatis, Ioannis P.
Georgakakis, Dimitrios G.
Koufopoulos, Dimitrios N.
Kaltchev, George
Seitanidi, May
Tsoni, Eudokia
[J]. MANAGERIAL AND ENTREPRENEURIAL DEVELOPMENTS IN THE MEDITERRANEAN AREA, 2009, : 2006 - +
[6] CEO attributes and firm performance: Evidence from companies listed on Ho Chi Minh Stock Exchange
Nguyen, Dzung Viet
Nguyen, Ngan Hoang-Kim
Dinh, Tien Thuy
[J]. COGENT ECONOMICS & FINANCE, 2023, 11 (02):
[7] Does venture capital Quan Zi affect stock mispricing: Evidence from Chinese listed companies
Chen, Ping
Deng, Li
[J]. PLOS ONE, 2023, 18 (04):
[8] How does ESG performance affect stock returns? Empirical evidence from listed companies in China
Yin, Xiao-Na
Li, Jing-Ping
Su, Chi-Wei
[J]. HELIYON, 2023, 9 (05)
[9] The Impact of Macroeconomic on Stock Return: Evidence from Companies Listed on the Indonesia Stock Exchange
Hernowo, Andre
[J]. QUALITY-ACCESS TO SUCCESS, 2022, 23 (187): : 131 - 137
[10] Does Independent Advice to the Board Affect CEO Compensation?
Bakke, Tor-Erik
Mahmudi, Hamed
[J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2021, 56 (02) : 693 - 744

← 1 2 3 4 5 →