Board of Directors’ Remuneration, Employee Costs, and Layoffs: Evidence from Spain

González-Sánchez, Mariano, Ibáñez Jiménez, Eva M. y Segovia San Juan, Ana I. . (2021) Board of Directors’ Remuneration, Employee Costs, and Layoffs: Evidence from Spain. Sustainability, 13 (14), (2021), 7518

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Título Board of Directors’ Remuneration, Employee Costs, and Layoffs: Evidence from Spain
Autor(es) González-Sánchez, Mariano
Ibáñez Jiménez, Eva M.
Segovia San Juan, Ana I.
Materia(s) Economía
Abstract Most of the empirical studies on board remuneration have focused on finding explanatory performance measures. There are studies that analyze if the compensation contracts of directors reward managers in such a way that they strive to maximize firm performance and shareholders’ wealth; however, there are few studies on the social aspect of corporate governance, or agent–employee and principal–employee relationships. Thus, in this study, our aim is to test whether there is a causal relationship between the remuneration of the board of directors of listed companies and the personnel policies of the companies, expressed through the cost of personnel and layoffs. For that, we used a sample of Spanish listed companies, and we found that two performance measures (return on equity and earnings per share on market price) have a greater effect on the growth rate of board remuneration when layoffs occur. Additionally, we found that the sales revenue and cash flow on total assets subsequently influenced personnel management.
Palabras clave firm performance
board remuneration
personnel management
Editor(es) MDPI
Fecha 2021-07
Formato application/pdf
Identificador bibliuned:DptoEEC-FCEE-Articulos-Aisegovia-0005
DOI - identifier
ISSN - identifier 2071-1050
Nombre de la revista Sustainability
Número de Volumen 13
Número de Issue 14
Publicado en la Revista Sustainability, 13 (14), (2021), 7518
Versión de la publicación publishedVersion
Tipo de recurso Article
Derechos de acceso y licencia
Tipo de acceso Acceso abierto
Notas adicionales The registered version of this article, first published in Sustainability, is available online at the publisher's website:
Notas adicionales La versión registrada de este artículo, publicado por primera vez en Sustainability, está disponible en línea en el sitio web del editor:

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Creado: Fri, 19 Jan 2024, 03:52:05 CET