Determinants of US Outside Director Compensation

Brian Boyd

42 citations0/0 files storedCorporate Governance An International Review

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Corporate Finance and Governance Auditing, Earnings Management, Governance Gender Diversity and Inequality

Abstract

Executive compensation has recently become the subject of extensive scrutiny by the popular press. However, compensation for corporate directors is one area which has only received little attention or research. The present study combined resource dependence and agency theories with previous research on executive salaries to develop an explanatory model of director compensation. Data were collected from US firms at two points in time to assess the stability of these predictors. Four variables were found to have a significant relationship with director compensation: firm size, firm profitability, equity ownership by directors, and resource richness of the board. However, the explanatory power of these variables appear to decline over time. Practical implications of these results are discussed.

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References

1983Separation of Ownership and Control 1980Significance tests and goodness of fit in the analysis of covariance structures.1989Structural Equations with Latent Variables 1986Large Shareholders and Corporate Control 1990Performance Pay and Top-Management Incentives 1978The External Control of Organizations.1984Dimensions of Organizational Task Environments 1981Risk Reduction as a Managerial Motive for Conglomerate Mergers

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