Analysis of the Nexus between CEO Pay and Performance of Non-Financial Listed Firms in Nigeria

被引：20

作者：

Olaniyi, Clement Olalekan ^{[1
]}

Obembe, Olufemi Bodunde ^{[2
]}

Oni, Emmanuel Oluwole ^{[3
]}

机构：

[1] Mt Top Univ, Dept Econ, Kilometer 12,Lagos Ibadan Expressway, Prayer City, Ibafo, Nigeria

[2] Obafemi Awolowo Univ, Dept Econ, Ife, Nigeria

[3] Univ Edinburgh, Int Dev Sch Social & Polit Sci, Edinburgh, Midlothian, Scotland

来源：

AFRICAN DEVELOPMENT REVIEW-REVUE AFRICAINE DE DEVELOPPEMENT | 2017年 / 29卷 / 03期

关键词：

UNIT-ROOT TESTS; EXECUTIVE-COMPENSATION; CORPORATE GOVERNANCE; ECONOMIC-GROWTH; PANEL-DATA; DIRECTOR REMUNERATION; COMPANY PERFORMANCE; EMPIRICAL-EVIDENCE; DETERMINANTS; OWNERSHIP;

D O I：

10.1111/1467-8268.12279

中图分类号：

F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];

学科分类号：

0201 ; 020105 ; 03 ; 0303 ;

摘要：

This study examines the causal relationship between CEO pay and firm performance in Nigeria for the period 1998-2010, using annual data of 63 non-financial listed firms. We adopt a two-step dynamic generalized method of moments to explore the causal relationship. The study establishes a bi-directional relationship between CEO pay and firm performance. While CEO pay Granger-causes firm performance, firm performance also Granger-causes CEO pay. It implies that CEO pay acts both as a reward and a performance motivator. This study therefore suggests that CEO pay effectively aligns shareholders' interests with those of CEOs; hence stakeholders should focus more on CEO pay as a corporate governance mechanism to reduce agency problem in non-financial listed firms in Nigeria.

引用

页码：429 / 445

页数：17

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