Director compensation in emerging markets: A case study of Thailand

Amnaj Theeravanich

Journal of Economics and Business, 2013, vol. 70, issue C, 91 pages

Abstract: Director compensation in emerging markets is an important issue because of the endemic information asymmetry and weak corporate governance. Using a unique sample of Thai corporations between 2002 and 2008, I find that director compensation is greater in family firms and that executive pay is primarily driven by corporate performance. However, this positive performance-pay relation is attenuated when directors own large shareholdings in their corporation. Finally, standard governance structures such as non-executive directors and splitting the CEO/chairman role are found to have little impact on Thai executive pay.

Keywords: Corporate governance; Director conpensation; Ownership concentration; Family firms; Thailand (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jebusi:v:70:y:2013:i:c:p:71-91

DOI: 10.1016/j.jeconbus.2013.05.001

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