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Does Foreign Experience Influence Executive Compensation in Emerging Markets?

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  • Vagner Naysinger Machado
  • Igor Bernardi Sonza
  • Wilson Toshiro Nakamura
  • Johnny Silva Mendes

Abstract

This article examines the effects of foreign experience on the remuneration policy of companies listed in an emerging market. Applying regressions by GMM-Sys method in 230 Brazilian firms between 2010 and 2018, we find that an international academic experience cause executives to receive lower salaries. However, companies valued the experience of working abroad with more generous compensation. These relationships are consistent for total, base, variable, stock and option compensation and direct and indirect benefits, even when we moderate by the executive´s tenure and age.

Suggested Citation

  • Vagner Naysinger Machado & Igor Bernardi Sonza & Wilson Toshiro Nakamura & Johnny Silva Mendes, 2023. "Does Foreign Experience Influence Executive Compensation in Emerging Markets?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 59(11), pages 3656-3670, September.
    • Handle: RePEc:mes:emfitr:v:59:y:2023:i:11:p:3656-3670
    DOI: 10.1080/1540496X.2022.2164463
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    Cited by:

    1. Wunhong Su & Chunlin Wang & Zhong‐qin Su, 2024. "Association between foreign background of executives and firm goodwill impairment risk," Bulletin of Economic Research, Wiley Blackwell, vol. 76(1), pages 223-250, January.

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