| dc.description.abstract | The objectives of this research were (1) to study the relationship among executive
compensation, expectancy theory, agency theory, stewardship theory and motivation
theory; (2) to analyze the relationship among executive compensation, executive
characteristics and firm performance, according to expectancy theory and motivation
theory; (3) to analyze the effect of executive characteristics on executive compensation and
corporate governance; (4) to study the relationship among executive compensation,
executive characteristics, firm performance and firm characteristics.
Quantitative analysis was employed for this research. The Panel Data Random
Effects Model had been used for data analysis The samples of 1,660 were drawn from
listed companies, in all industries except the finance, security, banking and insurance
groups, registered during 2009 to 2013 of the Stock Exchange of Thailand.
The research revealed that 1) male executives were paid higher than female
executives. In addition, if there were substantial proportions of independent directors and
ownership concentration, the executive compensation would be less. On the other hand,
where the firm performance was well, the executive compensation would also be high;
2) there was high executive compensation in the companies where CEO and executives
were male and firm performance was good. Additionally, executive compensation was high
if top male executives held Master degree and higher education; 3) there was less
payment to executives in the companies where there were large quantity of male top
executives and male ownership concentration as well as among independent directors; 4)
there was high executive compensation in the companies where top executive were male
and firm performance were good with large size likewise, the companies with male
executive team with good firm performance and large in size and years of enterprise, paid
higher to executives. This research finding can be informative to directors where hiring
male or female executives. Male executives tend to have higher expectation on compensation
than female executives. In order to motivate male executives to work for enterprises.
Companies have pay high compensation, including cash and welfare. The performance of
executives should be measured through firm performance in order to motivate executives
to work efficiently. Investors can also benefit from the study regarding the gender of
executives, before selecting the companies to invest. The substantial proportion of
independent directors of enterprises showed that the companies had good corporate
governance. The good proportion of ownership concentration would control executives not
to seek own benefits over that of the organization. Companies that paid high compensation
to their executives resulted in high firm performance. Then, shareholders would receive
higher returns on investment. The large size and long years of operation indicate security of
firms. However, the study showed imbalance ratio of female and male executives. Thai
government should find ways to encourage equal payment to both genders for improved
corporate governance. | en_US |
