When much is not better? Top management compensation, board structure, and performance in Spanish firms

摘要: Previous empirical results reveal several contradictions when relating top management compensation, board structure and levels of performance. While fewer directors more external are associated with better supervision, there is no agreement on the effect compensation level. This lack consensus even noticeable analyzing paper offers a theoretical framework panel data methodology based study to account for how earlier analyses have differed. Given large dimension in Spanish market, information processing perspectives confirmed which positively link size higher compensation. Similarly, proportion reduces since it improves supervision insiders' power. Finally, quadratic relation obtained between performance explains positive effect, supported by...