Determination of executive compensation in an emerging economy - Evidence from India

被引：48

作者：

Ghosh, Arijit ^{[1
]}

机构：

[1] Indira Gandhi Inst Dev Res, Bombay, Maharashtra, India

来源：

EMERGING MARKETS FINANCE AND TRADE | 2006年 / 42卷 / 03期

关键词：

board compensation; CEO compensation; firm diversification; firm performance;

D O I：

10.2753/REE1540-496X420304

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Most studies of the determination of executive compensation are based oil the experience of developed countries, and mainly focus on Chief Executive Officer (CEO) compensation. Determination of board compensation is relatively ignored in the literature. This paper examines the effect of corporate governance, firm performance, and corporate diversification on the board, as well as CEO compensation and its components, in the context of an emerging economy-India-where a managerial market has yet to develop. Data for 462 firms for 1997-2002 in the Indian manufacturing sector have been used. This paper finds that board compensation largely depends on current- and past-year performance and diversification of the firm, whereas CEO compensation depends on current-year firm performance only. Among the personal attributes of the CEO, only in-firm experience has significant influence on CEO compensation. This finding contradicts the existing studies, where current- and past-year firm performance, as well as age, experience, and education of the CEO are important factors in determining CEO compensation.

引用

页码：66 / 90

页数：25

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