87579 20210902121604.0 doi 10.3846/jbem.2020.11788 sideral 116061 ART-2020-116061 eng Acero Fraile, Isabel Universidad de Zaragoza (orcid)0000-0001-5068-8438 Directors' compensation. What really matters? 2020 Access copy available to the general public Unrestricted In 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. info:eu-repo/grantAgreement/ES/DGA/S52-17R info:eu-repo/grantAgreement/ES/MINECO/ECO2016-77-P info:eu-repo/grantAgreement/ES/UZ/JIUZ-2017-SOC-01 info:eu-repo/semantics/openAccess by http://creativecommons.org/licenses/by/3.0/es/ 2.028 2020 ECONOMICS 177 / 376 = 0.471 2020 Q2 T2 BUSINESS 126 / 153 = 0.824 2020 Q4 T3 0.484 2020 Economics and Econometrics 2020 Q2 Business, Management and Accounting (miscellaneous) 2020 Q2 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Alcalde Fradejas, Nuria Universidad de Zaragoza (orcid)0000-0003-4767-913X 4012 650 Universidad de Zaragoza Dpto. Direcc.Organiza.Empresas Área Organización de Empresas 21, 1 (2020), 180-199 Journal of Business Economics and Management Journal of Business Economics and Management 1611-1699 626496 http://zaguan.unizar.es/record/87579/files/texto_completo.pdf Versión publicada 64758 http://zaguan.unizar.es/record/87579/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:87579 articulos driver 2021-09-02-08:36:52 ARTICLE