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dc.contributor.advisorRoberts, Helen
dc.contributor.authorUrquhart, Fraser
dc.date.available2014-03-18T21:55:03Z
dc.date.copyright2014
dc.identifier.citationUrquhart, F. (2014). Director Compensation, Corporate Governance and Firm Performance: An Empirical Analysis of New Zealand Listed Companies (Thesis, Master of Business). University of Otago. Retrieved from http://hdl.handle.net/10523/4686en
dc.identifier.urihttp://hdl.handle.net/10523/4686
dc.description.abstractIn this study, I examine the interaction between the level of board compensation and governance characteristics facing New Zealand’s publicly listed firms. I also examine the relationship between excess board compensation and firm governance characteristics. Finally, I determine whether a relationship exists between either of these measures of director compensation and firm performance. I employ a two-way fixed effects regression to address possible unobserved heterogeneity and year effects. Endogeneity and reverse causality are controlled for by using a simultaneous system of equations approach. Director compensation provides an incentive to increase the monitoring function and reduce agency conflicts in firms with weak corporate governance. I find that firm governance characteristics influence the level of compensation the board receives. Board independence and ownership concentration are both found to reduce the level of board compensation. The level of compensation received by the directors has a positive influence on firm performance. The presence of at least one female director on the board is found to be associated with a significant increase in total board compensation. However, the relationship between female board representation and firm performance is insignificant, but certainly not positive. This result challenges the motives underlying how firms are recruiting women to their boards and whether or not female directors are simply tokens.
dc.language.isoen
dc.publisherUniversity of Otago
dc.rightsAll items in OUR Archive are provided for private study and research purposes and are protected by copyright with all rights reserved unless otherwise indicated.
dc.subjectNew Zealand
dc.subjectDirector Compensation
dc.subjectBoard Independence
dc.subjectFemale Representation
dc.titleDirector Compensation, Corporate Governance and Firm Performance: An Empirical Analysis of New Zealand Listed Companies
dc.typeThesis
dc.date.updated2014-03-18T07:16:36Z
dc.language.rfc3066en
thesis.degree.disciplineAccountancy and Finance
thesis.degree.nameMaster of Business
thesis.degree.grantorUniversity of Otago
thesis.degree.levelMasters
otago.interloanno
otago.openaccessAbstract Only
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