Analysis of the Nexus between CEO Pay and Performance of Non-Financial Listed Firms in Nigeria

Purpose – The purpose of this paper is to examine how firm resources and diversification strategy explain the performance consequences of internationalization of emerging market enterprises. Design/methodology/approach – The paper conducts a regression analysis by using a novel panel data set comprising of 685 listed Chinese firms over the period of 2008-2011. Findings – The results show that the relationship between internationalization and performance is inverse U-shaped. Further, marketing resources play a greater role in enhancing the performance effects of internationalization than technological resources do. Related product diversification enhances the performance effects, while unrelated product diversification does the contrary. Research limitations/implications – The study focusses on listed firms in one country, and as a result, the findings cannot be generalized to non-listed firms and firms in other countries. Practical implications – This paper offers guidelines for international managers to improve performance of internationalization by developing a particular type of resources and diversification strategy. Originality/value – This paper extends the literature on the functional form of the internationalization-performance relationship, and further suggests that the analysis of the performance consequences of internationalization should go beyond the nexus between internationalization and performance, and focusses on firm-specific resources and strategies that may facilitate or constrain the performance effects of internationalization.

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The Decoupling of CEO Pay and Performance: An Agency Theory Perspective

Administrative Science Quarterly ◽

10.2307/2989894 ◽

1989 ◽

Vol 34 (2) ◽

pp. 169 ◽

Cited By ~ 399

Author(s):

Henry L. Tosi ◽

Luis R. Gomez-Mejia

Keyword(s):

Agency Theory ◽

Ceo Pay ◽

And Performance

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Performance of Mid-Size Internationalized Indian Firms: Evaluating the Role of Family Control

Asian Journal of Empirical Research ◽

10.18488/journal.1007/2019.9.12/1007.12.387.400 ◽

2019 ◽

Vol 9 (12) ◽

pp. 387-400

Author(s):

Faisal M Ahsan ◽

Ajay Singal

Keyword(s):

Multinational Firms ◽

International Expansion ◽

Negative Effects ◽

Family Control ◽

Listed Firms ◽

And Performance ◽

Performance Heterogeneity ◽

The Impact ◽

Degree Of Internationalization

The rapidly growing and gradual emergence of multinational firms from the Indian sub-continent now calls for thorough re-understandings of extant theories and existing ideologies of the ‘internationalization’ process. We would initially assess the three-stage model of internationalization in the context of mid-size Indian firms and intend to investigate the relationship between performance and degree of internationalization. Based on the longitudinal dataset (2005-12) of publicly listed firms, our findings suggested that mid-size firms remained stuck up in the first stage of internationalization and accordingly exhibit a downward-sloping relationship between internationalization’s degree and performance. Most of the mid-size firms continued to show a predominantly family-controlled stance, and the impact of family ownership shows negative effects on the degree of internationalization. By examining the performance heterogeneity in family-owned firms towards internationalization, this paper enriches the existing body of research and assume it to be a prolific addition in the literature on international expansion.

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Do Female Directors on Corporate Boards Make a Difference in Family Owned Businesses?

Journal of International Accounting Research ◽

10.2308/jiar-17-561 ◽

2019 ◽

Vol 19 (1) ◽

pp. 85-102 ◽

Cited By ~ 5

Author(s):

Barbara Sveva Magnanelli ◽

Luigi Nasta ◽

Elisa Raoli

Keyword(s):

Firm Performance ◽

Family Firms ◽

Negative Impact ◽

Gender Diversity ◽

Family Businesses ◽

Corporate Boards ◽

Listed Firms ◽

Female Directors ◽

And Performance ◽

Gender Quota

ABSTRACT This paper investigates how the presence of female directors on corporate boards impacts the performance of family firms. This study enriches the literature on gender diversity on corporate boards and its effects on firm performance by focusing on a country in which family businesses are dominant. The empirical analysis is conducted on a sample of 165 Italian-listed firms from 2011 to 2016, representing the period during which the mandatory gender quota law was introduced and implemented in Italy. The results show a positive relationship between the presence of women on corporate boards and firm performance, specifically in family owned businesses. These findings lead to the conclusion that female directors do not have a negative impact on firm performance. And, given the domination of family businesses and a mandatory gender quota law in Italy, this study makes a regulatory and performance assessment not previously examined in the literature. JEL Classifications: M1; M12; M48; M21.

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Accountability, transparency and performance: comparing annual report disclosures on CEO pay across Europe

Top Pay and Performance ◽

10.4324/9780080454894-9 ◽

2005 ◽

pp. 67-94

Keyword(s):

Annual Report ◽

Ceo Pay ◽

And Performance

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Debt financing and firm performance: The moderating role of board independence

Journal of General Management ◽

10.1177/0306307019886829 ◽

2020 ◽

Vol 45 (3) ◽

pp. 141-151

Author(s):

Hanh Song Thi Pham ◽

Duy Thanh Nguyen

Keyword(s):

Emerging Market ◽

Debt Financing ◽

Board Independence ◽

Data Set ◽

Listed Firms ◽

Negative Effect ◽

And Performance ◽

The Relationship ◽

Moderating Role

This article investigates the moderating role of board independence in the relationship between debt financing and performance of emerging market firms. We have used an empirical model in which the firm’s accounting profitability is a dependent variable and the independent variables are debt financing, board independence, the interaction variable made of debt financing and board independence as well as various control variables. Our analysis is based on a panel data set of 300 listed firms in Vietnam between 2013 and 2017. Our study finds that debt financing has a significantly negative effect and that board independence reduces the adverse impact of debt financing on accounting profitability. Our results are consistent across different estimation models and methods.

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