Nível de transparência da remuneração executiva e comportamento da remuneração variável em períodos de estabilidade e crise econômica
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/24595 |
Resumo: | While studies on executive compensation models that align the interests of shareholders and managers are increasing in Brazil, good corporate governance practices suggest greater transparency in the disclosure of executive compensation to the stakeholders. This paper aimed primarily at analyzing the level of transparency in the disclosure of executive remuneration at different moments of the Brazilian economy, in a period of stability and economic crisis and additionally, based on the data collected, understand the proportion of variable remuneration in different periods, figuring to observe if the variable remuneration paid to managers would be lower in the period of greatest economic difficulty. For a better comparative analysis, we selected three relevant, distinct, regulated and unregulated segments, such as food, banking and electric energy. Based on the main economic indicators, we selected the years 2012 and 2015, where we consider 2012 a year of economic stability in Brazil and 2015, a year of crisis. The results indicated that even in 2015, some segments analyzed showed a good performance in their results compared to 2012. The eventual decline in levels of disclosure of executive compensation, which could be expected, proved to be quite stable for both years. Even with adverse results among the segments in 2015, it was possible to observe that short term variable compensation was no longer used as a remuneration by some companies in the second year analyzed. A certain migration from short-term variable compensation to share based compensation was observed, and a significant increase in the average values paid through this type of incentive in two of the three segments analyzed. The observed behavior illustrates several studies on the subject and the good practices of corporate governance in showing the search for the alignment of the interests of the shareholders and managers and balance of goals between short and long term, especially in times of greater economic difficulty. |
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Andreoli, Paulo HenriqueEscolas::EAESPYoshinaga, Claudia EmikoCalixto, LauraSantos, Edilene Santana2018-08-22T17:15:27Z2018-08-22T17:15:27Z2018-07-18https://hdl.handle.net/10438/24595While studies on executive compensation models that align the interests of shareholders and managers are increasing in Brazil, good corporate governance practices suggest greater transparency in the disclosure of executive compensation to the stakeholders. This paper aimed primarily at analyzing the level of transparency in the disclosure of executive remuneration at different moments of the Brazilian economy, in a period of stability and economic crisis and additionally, based on the data collected, understand the proportion of variable remuneration in different periods, figuring to observe if the variable remuneration paid to managers would be lower in the period of greatest economic difficulty. For a better comparative analysis, we selected three relevant, distinct, regulated and unregulated segments, such as food, banking and electric energy. Based on the main economic indicators, we selected the years 2012 and 2015, where we consider 2012 a year of economic stability in Brazil and 2015, a year of crisis. The results indicated that even in 2015, some segments analyzed showed a good performance in their results compared to 2012. The eventual decline in levels of disclosure of executive compensation, which could be expected, proved to be quite stable for both years. Even with adverse results among the segments in 2015, it was possible to observe that short term variable compensation was no longer used as a remuneration by some companies in the second year analyzed. A certain migration from short-term variable compensation to share based compensation was observed, and a significant increase in the average values paid through this type of incentive in two of the three segments analyzed. The observed behavior illustrates several studies on the subject and the good practices of corporate governance in showing the search for the alignment of the interests of the shareholders and managers and balance of goals between short and long term, especially in times of greater economic difficulty.Ao mesmo tempo que estudos sobre modelos de remuneração executiva que alinhem os interesses de acionistas e administradores são crescentes no Brasil, as boas práticas de governança corporativa sugerem uma maior transparência na divulgação da remuneração dos executivos ao mercado. Este trabalho objetivou primariamente analisar o nível de transparência na divulgação da remuneração executiva em momentos distintos da economia brasileira, em período de estabilidade e de crise econômica e adicionalmente, com base nos dados levantados, compreender a proporção da remuneração variável nos diferentes períodos, imaginando observar se a parcela de remuneração variável paga aos administradores seria menor no período de maior dificuldade econômica. Para uma melhor análise comparativa, selecionamos três segmentos relevantes e distintos, incluindo setores regulados e não regulados, sendo eles os segmentos de alimentos, de bancos e de energia elétrica. Com base nos principais indicadores econômicos, selecionamos os anos de 2012 e 2015, onde consideramos o ano de 2012 um ano de estabilidade econômica no Brasil e o ano de 2015, ano de crise. Os resultados indicaram que mesmo em 2015, alguns segmentos analisados apresentaram boas performances em seus resultados, em comparação a 2012. O eventual declínio nos níveis de divulgação da remuneração executiva, que poderiam ser esperados, mostraram-se bastante estáveis para ambos os anos. Mesmo com resultados adversos entre os segmentos em 2015, foi possível observar que a remuneração variável de curto prazo deixou de ser utilizada como ferramenta de remuneração por parte das empresas no segundo ano analisado. Uma certa migração da remuneração variável de curto prazo para a remuneração baseada em ações foi constatada, com aumento expressivo nos valores médios pagos através desse tipo de incentivo em dois dos três segmentos analisados. O comportamento observado ilustra vários estudos sobre o assunto e as boas práticas de governança corporativa ao mostrar a busca pelo alinhamento dos interesses dos acionistas e gestores e balanceamento de metas entre curto e longo prazos, principalmente em época de maior dificuldade econômica.porCorporate governanceTransparencyDisclosure of executive compensationGovernança corporativaTransparênciaDivulgação da remuneração executivaAdministração de empresasExecutivos - Salários, etc.Governança corporativaSistema de remuneração salariaisNível de transparência da remuneração executiva e comportamento da remuneração variável em períodos de estabilidade e crise econômicainfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTEXTTA final biblioteca.pdf.txtTA final biblioteca.pdf.txtExtracted 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|
dc.title.por.fl_str_mv |
Nível de transparência da remuneração executiva e comportamento da remuneração variável em períodos de estabilidade e crise econômica |
title |
Nível de transparência da remuneração executiva e comportamento da remuneração variável em períodos de estabilidade e crise econômica |
spellingShingle |
Nível de transparência da remuneração executiva e comportamento da remuneração variável em períodos de estabilidade e crise econômica Andreoli, Paulo Henrique Corporate governance Transparency Disclosure of executive compensation Governança corporativa Transparência Divulgação da remuneração executiva Administração de empresas Executivos - Salários, etc. Governança corporativa Sistema de remuneração salariais |
title_short |
Nível de transparência da remuneração executiva e comportamento da remuneração variável em períodos de estabilidade e crise econômica |
title_full |
Nível de transparência da remuneração executiva e comportamento da remuneração variável em períodos de estabilidade e crise econômica |
title_fullStr |
Nível de transparência da remuneração executiva e comportamento da remuneração variável em períodos de estabilidade e crise econômica |
title_full_unstemmed |
Nível de transparência da remuneração executiva e comportamento da remuneração variável em períodos de estabilidade e crise econômica |
title_sort |
Nível de transparência da remuneração executiva e comportamento da remuneração variável em períodos de estabilidade e crise econômica |
author |
Andreoli, Paulo Henrique |
author_facet |
Andreoli, Paulo Henrique |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EAESP |
dc.contributor.member.none.fl_str_mv |
Yoshinaga, Claudia Emiko Calixto, Laura |
dc.contributor.author.fl_str_mv |
Andreoli, Paulo Henrique |
dc.contributor.advisor1.fl_str_mv |
Santos, Edilene Santana |
contributor_str_mv |
Santos, Edilene Santana |
dc.subject.eng.fl_str_mv |
Corporate governance Transparency Disclosure of executive compensation |
topic |
Corporate governance Transparency Disclosure of executive compensation Governança corporativa Transparência Divulgação da remuneração executiva Administração de empresas Executivos - Salários, etc. Governança corporativa Sistema de remuneração salariais |
dc.subject.por.fl_str_mv |
Governança corporativa Transparência Divulgação da remuneração executiva |
dc.subject.area.por.fl_str_mv |
Administração de empresas |
dc.subject.bibliodata.por.fl_str_mv |
Executivos - Salários, etc. Governança corporativa Sistema de remuneração salariais |
description |
While studies on executive compensation models that align the interests of shareholders and managers are increasing in Brazil, good corporate governance practices suggest greater transparency in the disclosure of executive compensation to the stakeholders. This paper aimed primarily at analyzing the level of transparency in the disclosure of executive remuneration at different moments of the Brazilian economy, in a period of stability and economic crisis and additionally, based on the data collected, understand the proportion of variable remuneration in different periods, figuring to observe if the variable remuneration paid to managers would be lower in the period of greatest economic difficulty. For a better comparative analysis, we selected three relevant, distinct, regulated and unregulated segments, such as food, banking and electric energy. Based on the main economic indicators, we selected the years 2012 and 2015, where we consider 2012 a year of economic stability in Brazil and 2015, a year of crisis. The results indicated that even in 2015, some segments analyzed showed a good performance in their results compared to 2012. The eventual decline in levels of disclosure of executive compensation, which could be expected, proved to be quite stable for both years. Even with adverse results among the segments in 2015, it was possible to observe that short term variable compensation was no longer used as a remuneration by some companies in the second year analyzed. A certain migration from short-term variable compensation to share based compensation was observed, and a significant increase in the average values paid through this type of incentive in two of the three segments analyzed. The observed behavior illustrates several studies on the subject and the good practices of corporate governance in showing the search for the alignment of the interests of the shareholders and managers and balance of goals between short and long term, especially in times of greater economic difficulty. |
publishDate |
2018 |
dc.date.accessioned.fl_str_mv |
2018-08-22T17:15:27Z |
dc.date.available.fl_str_mv |
2018-08-22T17:15:27Z |
dc.date.issued.fl_str_mv |
2018-07-18 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
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masterThesis |
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publishedVersion |
dc.identifier.uri.fl_str_mv |
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url |
https://hdl.handle.net/10438/24595 |
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por |
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por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
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Fundação Getulio Vargas (FGV) |
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FGV |
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FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
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