Definition variables
| Variable | Label | Measurement |
|---|---|---|
| Dependent variable | ||
| Total compensation | Totcomp | Log of (1 + total compensation). Thousands of € |
| Fixed compensation | Fixcomp | Log of (1 + fixed compensation). Thousands of € |
| Variable compensation | Varcomp | Log of (1 + variable compensation). Thousands of € |
| Independent variable | ||
| Gender | Gender | Dummy value (0 = Man; 1 = Woman) |
| Control variable of directors | ||
| Factor time | Factime | Proportion of board time in a year |
| Tenure | Tenure | Log of the number of years that a director serves on the board |
| Committees’ presence | Committees | Log of the number of committees in which a director participates |
| CEO position | CEO | Dummy value (0 = No; 1 = Yes) |
| Chairperson position | Chairperson | Dummy value (0 = No; 1 = Yes) |
| Educational qualification | PhD | Dummy value (0 = No; 1 = Yes) |
| Relationships | Relationships | Log of the number of boards to which each director belongs |
| Control variable of boards | ||
| Board size | Board_Size | Log of the number of directors in the board |
| Board ownership | Board_Own | Proportion of shares held by the board |
| Independence of the nomination and compensation committee | NCC_Indep | Proportion of independent directors in this committee |
| Women presence in the nomination and compensation committee | NCC_Women | Dummy value (0 = No; 1 = Yes) |
| Good remuneration practices index | GRP_Index | Proportion of compliance in remuneration recommendations |
| CEO and chairperson duality | CEO_duality | Dummy value (0 = No; 1 = Yes) |
| Control variable of firms | ||
| Firm size | Firm_Size | Log of the number of workers in the firm |
| Leverage ratio | Leverage | Total liabilities divided by total assets |
| Performance | Performance | EBIT divided by total assets (ROA) |
| Sector | Sector dummies | Dummy variables for each industry |
| Variable | Label | Measurement |
|---|---|---|
| Total compensation | Totcomp | Log of (1 + total compensation). Thousands of € |
| Fixed compensation | Fixcomp | Log of (1 + fixed compensation). Thousands of € |
| Variable compensation | Varcomp | Log of (1 + variable compensation). Thousands of € |
| Gender | Gender | Dummy value (0 = Man; 1 = Woman) |
| Factor time | Factime | Proportion of board time in a year |
| Tenure | Tenure | Log of the number of years that a director serves on the board |
| Committees’ presence | Committees | Log of the number of committees in which a director participates |
| Dummy value (0 = No; 1 = Yes) | ||
| Chairperson position | Chairperson | Dummy value (0 = No; 1 = Yes) |
| Educational qualification | PhD | Dummy value (0 = No; 1 = Yes) |
| Relationships | Relationships | Log of the number of boards to which each director belongs |
| Board size | Board_Size | Log of the number of directors in the board |
| Board ownership | Board_Own | Proportion of shares held by the board |
| Independence of the nomination and compensation committee | NCC_Indep | Proportion of independent directors in this committee |
| Women presence in the nomination and compensation committee | NCC_Women | Dummy value (0 = No; 1 = Yes) |
| Good remuneration practices index | GRP_Index | Proportion of compliance in remuneration recommendations |
| CEO_duality | Dummy value (0 = No; 1 = Yes) | |
| Firm size | Firm_Size | Log of the number of workers in the firm |
| Leverage ratio | Leverage | Total liabilities divided by total assets |
| Performance | Performance | |
| Sector | Sector dummies | Dummy variables for each industry |
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