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    Large Shareholders and Independent Director Equity Compensation

    244437_244437.pdf (249.7Kb)
    Access Status
    Open access
    Authors
    Adithipyangkul, Pattarin
    Leung, T.
    Date
    2016
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Adithipyangkul, P. and Leung, T. 2016. Large Shareholders and Independent Director Equity Compensation. Australian Accounting Review. 26 (2): pp. 208-221.
    Source Title
    Australian Accounting Review
    DOI
    10.1111/auar.12097
    ISSN
    1035-6908
    Remarks

    This is the peer reviewed version of the following article: Adithipyangkul, P. and Leung, T. 2016. Large Shareholders and Independent Director Equity Compensation. Australian Accounting Review. 26 (2): pp. 208-221., which has been published in final form at http://doi.org/10.1111/auar.12097. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving at http://olabout.wiley.com/WileyCDA/Section/id-828039.html#terms

    URI
    http://hdl.handle.net/20.500.11937/46340
    Collection
    • Curtin Research Publications
    Abstract

    This paper investigates the use of equity compensation for independent directors, with a focus on the impact of large shareholders on a company's tendency to use equity compensation to align independent directors’ interests with those of shareholders. Based on data from 215 large Australian listed companies from 2005–2009, our analyses show that the use of equity incentive pay for independent directors is more likely when the aggregate ownership percentage of large shareholders is moderate, when there are multiple large shareholders and when the ownership stakes of large shareholders are more comparable. This paper contributes to the literature by providing new evidence of how various aspects of ownership dispersion affect compensation design for independent directors.

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