Board diversity, corporate governance quality and excess CEO pay: evidence from South Africa
by Billy Kobina Enos; Ernest Gyapong
International Journal of Corporate Governance (IJCG), Vol. 8, No. 3/4, 2017

Abstract: Using a hand-collected data of 185 South African firms, this study examines the effect of board gender and ethnic diversity on excess CEO pay. We document that both board gender and ethnic diversity impact negatively on excess CEO pay. We find that gender and ethnicity have no effect on excess CEO pay in better-governed firms. Our results suggest that female CEOs are associated with lower compensation but ethnic minority CEOs are not. We demonstrate that the pay-gaps faced by female CEOs are inconspicuous in better-governed firms. In contrast, ethnic minority CEOs do not face pay-gaps irrespective of the level of corporate governance quality. Our results are robust to various forms of endogeneity and alternative estimations.

Online publication date: Mon, 12-Feb-2018

The full text of this article is only available to individual subscribers or to users at subscribing institutions.

 
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.

Pay per view:
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.

Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Corporate Governance (IJCG):
Login with your Inderscience username and password:

Username:        Password:          Forgotten your password?

Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.

If you still need assistance, please email subs@inderscience.com