Does Foreign Experience Influence Executive Compensation in Emerging Markets?

Vagner Naysinger Machado, Igor Bernardi Sonza, Wilson Toshiro Nakamura and Johnny Silva Mendes

Emerging Markets Finance and Trade, 2023, vol. 59, issue 11, 3656-3670

Abstract: This article examines the effects of foreign experience on the remuneration policy of companies listed in an emerging market. Applying regressions by GMM-Sys method in 230 Brazilian firms between 2010 and 2018, we find that an international academic experience cause executives to receive lower salaries. However, companies valued the experience of working abroad with more generous compensation. These relationships are consistent for total, base, variable, stock and option compensation and direct and indirect benefits, even when we moderate by the executive´s tenure and age.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:mes:emfitr:v:59:y:2023:i:11:p:3656-3670

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DOI: 10.1080/1540496X.2022.2164463

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