Lakhwinder Singh Kang and Payal Nanda
The purpose of this paper is to analyse the impact of company performance, governance structure and ownership structure in determining the managerial remuneration for 134 listed…
Abstract
Purpose
The purpose of this paper is to analyse the impact of company performance, governance structure and ownership structure in determining the managerial remuneration for 134 listed companies in India over the years 2003-2012.
Design/methodology/approach
Remuneration paid to the board of directors of companies is taken to represent the managerial remuneration. Exogeneity among the company performance measures is verified with the endogtest suggested in Baum et al. (2007). A fixed effects panel regression with clustered standard errors is employed after checking for the presence of heteroskedasticity, autocorrelation and cross-sectional dependence in the data.
Findings
The study reveals that managerial remuneration increases as the accounting performance of companies improves, whereas the market performance of companies has no significant association with managerial remuneration. The study also shows that foreign institutional shareholding is significantly and positively related with managerial remuneration in India.
Research limitations/implications
This study highlights the various factors which affect the determination of managerial remuneration in India. These findings can be used as inputs by regulatory authorities in framing and improving governance norms regarding managerial remuneration. This study also suggests that factors other than the number, the independence and objectivity of independent directors are more important in determining managerial remuneration.
Originality/value
The present study proposes more reliable results, obtained through a fixed effects panel regression model with clustered standard error estimates and also checks endogeneity of performance measures with the endogtest, which is the appropriate test to use for verifying endogeneity in panel data.
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Lakhwinder Singh Kang and Payal Nanda
This study aims to analyse the impact of company performance, company size, ownership structure, board characteristics and other company characteristics on the disclosure of…
Abstract
Purpose
This study aims to analyse the impact of company performance, company size, ownership structure, board characteristics and other company characteristics on the disclosure of managerial remuneration in 134 listed companies in India from the year 2003 to 2012.
Design/methodology/approach
A disclosure and compliance index is developed on the basis of 14 statements prepared regarding the disclosure of managerial remuneration in corporate governance reports of companies. The Papke and Wooldridge (2008) approach is adopted to estimate fractional response models, and fractional probit model is estimated using the generalised estimating equation approach, with an independent working correlation matrix to determine the effect of various company attributes on managerial remuneration disclosure.
Findings
The study shows that company size and the presence of remuneration committee are significantly related with the disclosure and compliance index of managerial remuneration. Remuneration disclosure is found to be time-dependent as time dummies for all years are found to be significant.
Research limitations/implications
This study highlights the importance of the formation of remuneration committees on corporate boards. The findings of the present study can be used as inputs for promoting better compliance and comprehensive executive remuneration disclosure.
Originality/value
Nothing concrete in the field of managerial remuneration disclosure (to the best of researcher’s knowledge) has yet been done in an emerging economy such as India. This study aims to address this gap by deriving a disclosure and compliance index for managerial remuneration disclosure and examining the impact of various corporate attributes on it.
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Suraj Das and Anindya Jayanta Mishra
The present exploratory study aimed (1) to explore the traditional dietary habits of local communities, (2) to analyze the shift in traditional eating practices and (3) to examine…
Abstract
Purpose
The present exploratory study aimed (1) to explore the traditional dietary habits of local communities, (2) to analyze the shift in traditional eating practices and (3) to examine the changes observed in socio-cultural beliefs system due to climate change.
Design/methodology/approach
A cross-sectional study was conducted with purposive sampling of 210 households in the select ten villages of the western Himalayan region. Open-ended interview questionnaires and a close-ended survey on a 5-point Likert scale are used. Statistical Package for the Social Sciences (SPSS) version 24 is used for the exploratory factor analysis. Further, Atlas-ti version 8 is also employed for thematic analysis.
Findings
The exploratory and thematic analysis illustrated that socio-ecological beliefs are crucial in food choices, but cultural beliefs are also changing due to climate change. Thus, the shift in socio-cultural beliefs can significantly affect the nutritional security of the indigenous societies during climate-induced emergencies in the mountain regions.
Practical implications
Therefore, the findings of the study are significant for a comprehensive understanding of the traditional dietary practice of the indigenous community for an evidence-based inclusive food security and climate change adaptation policy.
Originality/value
The inclusion of cultural practices is evident for ensuring the nutritional security. But, the magnitude of the climate-induced impacts on customary societies is not yet fully understood. Thus, the current study was conducted.