Corporate governance structure and board of directors remuneration policiesevidence from Spain
ISSN: 1988-8767
Year of publication: 2008
Issue: 364
Type: Working paper
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Abstract
This paper analyses the effect of corporate governance structure’s development on the total amount and composition of the remuneration packages received by Spanish listed firms’ board members. We study the possible influence of the firms’ ownership structure and board features on remuneration policies. Our main results suggest that firm’s size and profitability, together with certain corporate governance characteristics, such as the ownership concentration, the directors’ ownership stake and the existence of a nomination and remuneration committee, affect the directors’ compensation schemes in the Spanish stock market.