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    Social elites on the board and executive pay in developing countries: Evidence from Africa

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    hearn_et_al_2017.pdf (636.8Kb)
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    Publication date
    2017-02
    Author
    Hearn, Bruce
    Strange, R.
    Piesse, J.
    Keyword
    Africa
    Emerging economies
    IPO
    Political economy
    Salary
    Social elites
    Rights
    © 2017 Elsevier. Reproduced in accordance with the publisher's self-archiving policy. This manuscript version is made available under the CC-BY-NC-ND 4.0 license (https://creativecommons.org/licenses/by-nc-nd/4.0/)
    Peer-Reviewed
    Yes
    
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    Abstract
    This study applies a new multi-focal actor-centered institution-theoretic approach to examine the association between executive pay and the recruitment of social elites to the board of directors in developing countries. We use a sample of 119 initial public offerings (IPOs) from 17 African stock markets to model this relationship. The results suggest that a higher proportion of elites on the board is associated with lower executive pay. This is moderated by institutional quality; that is, lower institutional quality is associated with more directors drawn from social elites and with higher pay, while the opposite is true in higher-institutional-quality environments. Our findings confirm the importance of the social environment within which governance is embedded.
    URI
    http://hdl.handle.net/10454/18226
    Version
    Accepted manuscript
    Citation
    Hearn B, Strange R and Piesse J (2017) Social elites on the board and executive pay in developing countries: Evidence from Africa. Journal of World Business. 52(2): 230-243.
    Link to publisher’s version
    https://doi.org/10.1016/j.jwb.2016.12.004
    Type
    Article
    Collections
    Management and Law Publications

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