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Статья

Institutional directors and board compensation: Spanish evidence

BRQ Business Research Quarterly. 2015. Vol. 18. No. 3. P. 161-173.
Lopez Iturriaga F. J., Garcia-Meca E., Tejerina-Gaite F.

We address the influence of directors who represent institutional investors in three aspects of board compensation policies: level of compensation, composition, and performance sensitivity. We differentiate pressure-sensitive directors (i.e., with business links) and pressure-resistant directors (i.e., without business links). Our results show that pressure-resistant directors decrease total board compensation and its fixed proportion, whereas they increase the variable proportion of total remuneration and the pay-for-performance sensitivity. By contrast, pressure-sensitive directors offer the opposite results. These findings are consistent with the view that institutional investors are not a homogeneous group and that pressure-resistant directors fulfill a more thorough monitoring role. © 2013 ACEDE.