Advances in Economics, Business and Management Research
This study investigates the pay-performance relation for directors and managers in a sample of Thai public companies. It is hypothesized that family ownership mediates the pay-performance relations for directors and managers. The results show a strong link between managerial compensation and firm performance only for firms with low levels of family ownership. Conversely, there is a strong link between director compensation and firm performance only for firms with high levels of family ownership. The findings indicate that the relation between executive compensation and firm performance is more complex than previously documented.
Connelly, Thomas J.; Limpaphayom, Piman; and Sullivan, Michael J., "The Effect of Family Ownership on the Relation Between Executive Compensation and Performance: Evidence from Thailand" (2018). Business Faculty Publications and Presentations. 95.