The determinants of director remuneration in West Africa: The impact of state versus firm-level governance measures

► Unique sample set of 56 West African IPO firms ► Larger boards of directors are associated with increased expropriation (total remuneration). ► Evidence supports primacy of state-level institutional quality over individual firm-level governance. ► Promotion of private sector enhancing policy and increased media and analyst freedom are associated with less expropriation.