000087579 001__ 87579 000087579 005__ 20210902121604.0 000087579 0247_ $$2doi$$a10.3846/jbem.2020.11788 000087579 0248_ $$2sideral$$a116061 000087579 037__ $$aART-2020-116061 000087579 041__ $$aeng 000087579 100__ $$0(orcid)0000-0001-5068-8438$$aAcero Fraile, Isabel$$uUniversidad de Zaragoza 000087579 245__ $$aDirectors' compensation. What really matters? 000087579 260__ $$c2020 000087579 5060_ $$aAccess copy available to the general public$$fUnrestricted 000087579 5203_ $$aIn the current scenario of increasing social inequality, the debate over the compensation received by directors and executives of large listed companies, and its justification, has intensified. Drawing on Agency Theory and Human Capital Theory, a multilevel analytical technique is used in this paper to examine the influence of firm-level variables and director-level variables on the individual compensation of the members of the board. The results obtained for the continental European context (Spain in particular) partially support the Human Capital Theory. Nevertheless, there is no evidence supportive of Agency Theory, as corporate governance mechanisms do not contribute to moderate the compensation of directors and there is no relationship between corporate performance and the compensation of directors. The analyses by subsamples (categories of directors) reveal that non-executive director’s compensation seems to be set for a group of individuals as a whole, depending mainly on firm-level characteristics, whereas executive director compensation is more based on the unique characteristics that a particular executive brings to the board. 000087579 536__ $$9info:eu-repo/grantAgreement/ES/DGA/S52-17R$$9info:eu-repo/grantAgreement/ES/MINECO/ECO2016-77-P$$9info:eu-repo/grantAgreement/ES/UZ/JIUZ-2017-SOC-01 000087579 540__ $$9info:eu-repo/semantics/openAccess$$aby$$uhttp://creativecommons.org/licenses/by/3.0/es/ 000087579 590__ $$a2.028$$b2020 000087579 591__ $$aECONOMICS$$b177 / 376 = 0.471$$c2020$$dQ2$$eT2 000087579 591__ $$aBUSINESS$$b126 / 153 = 0.824$$c2020$$dQ4$$eT3 000087579 592__ $$a0.484$$b2020 000087579 593__ $$aEconomics and Econometrics$$c2020$$dQ2 000087579 593__ $$aBusiness, Management and Accounting (miscellaneous)$$c2020$$dQ2 000087579 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion 000087579 700__ $$0(orcid)0000-0003-4767-913X$$aAlcalde Fradejas, Nuria$$uUniversidad de Zaragoza 000087579 7102_ $$14012$$2650$$aUniversidad de Zaragoza$$bDpto. Direcc.Organiza.Empresas$$cÁrea Organización de Empresas 000087579 773__ $$g21, 1 (2020), 180-199$$pJournal of Business Economics and Management$$tJournal of Business Economics and Management$$x1611-1699 000087579 8564_ $$s626496$$uhttps://zaguan.unizar.es/record/87579/files/texto_completo.pdf$$yVersión publicada 000087579 8564_ $$s64758$$uhttps://zaguan.unizar.es/record/87579/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada 000087579 909CO $$ooai:zaguan.unizar.es:87579$$particulos$$pdriver 000087579 951__ $$a2021-09-02-08:36:52 000087579 980__ $$aARTICLE