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A Gender Gap in Executive Cash Compensation in Thailand: A View of the Expectancy Theory

Global Corporate Governance

ISBN: 978-1-78635-166-1, eISBN: 978-1-78635-165-4

ISSN: 1569-3732

Publication date: 30 March 2017


This study investigates the relation of executive cash compensation and gender characteristics of senior executives of Thai listed companies using 1,660 firm-years observations from 2009 to 2013. The findings show that male executives earn more cash compensation than do their female counterparts and that compensation is higher for male CEOs whose educational qualifications were Master’s degree or above. Companies with a higher proportion of male executives and with better firm performance (measured by ROA, ROE, and Tobin’s q) pay higher cash compensation. The results conform with the Expectancy theory that male executives receive more compensation than do female executives because of their (expected) abilities to make higher returns to the firm’s assets. Other significant determinants are that older and larger firms pay more cash compensation to the executives (Life cycle theory) and that companies with a higher proportion of independent directors (Agency Theory) and higher ownership concentrations (Stewardship theory) offer less compensation.



Namwong, K., Jantarakolica, T., Suwannoi, T. and Wongkantarakorn, J. (2017), "A Gender Gap in Executive Cash Compensation in Thailand: A View of the Expectancy Theory", Global Corporate Governance (Advances in Financial Economics, Vol. 19), Emerald Publishing Limited, Bingley, pp. 147-166.



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