SECTORIAL ANALYSIS OF PERFORMANCE MEASUREMENTS USED IN THE MANAGERIAL REMUNERATION CONTRACTS
Autor(a) principal: | |
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Data de Publicação: | 2009 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Universo Contábil |
Texto Completo: | https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1524 |
Resumo: | The objective of this paper is to verify if there is variability in the accounting indicators (Gross Margin, EBIT Margin, Operating Margin, Net Margin, EBITDA Margin, Return on Assets and Return on equity) which are used as measures of performance in any variable remuneration of managers. The measures of performance are strategically used in the companies with the objective of lining up the interests of managers and shareholders, in order to guarantee the desired returns. That is, amongst the alternatives to guarantee the attainment of sustainable competitive advantage, through the managers actions, the organizations institute performance contracts, linked to the accounting, economic and financial indexes. The contracts firmed between managers and companies have as objective to assure the levels of desired yield and the continuity of the businesses. Therefore, through an exploratory research, the behavior of the performance indexes used by the companies analyzed in 17 Brazilian economic sectors. In the period of 1998 the 2005, all the companies which had stocks negotiated in the São Paulo Stock Exchange (BOVESPA) were analyzed. The analysis was based on the Structure, Conduct and Performance paradigm which anticipates that the market structure has influence on the behavior and performance of the companies. The found results suggest that, just in some specific sectors, the performance indexes can be used as parameters of managers’ remuneration. |
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SECTORIAL ANALYSIS OF PERFORMANCE MEASUREMENTS USED IN THE MANAGERIAL REMUNERATION CONTRACTSANÁLISE SETORIAL DAS MEDIDAS DE PERFORMANCE UTILIZADAS NOS CONTRATOS DE REMUNERAÇÃO DOS GESTORESPerformance measures. Accounting indexes. Remuneration. Managers. Economy sector.Medidas de performance. Indicadores contábeis. Remuneração. Gestores. Setor econômico.The objective of this paper is to verify if there is variability in the accounting indicators (Gross Margin, EBIT Margin, Operating Margin, Net Margin, EBITDA Margin, Return on Assets and Return on equity) which are used as measures of performance in any variable remuneration of managers. The measures of performance are strategically used in the companies with the objective of lining up the interests of managers and shareholders, in order to guarantee the desired returns. That is, amongst the alternatives to guarantee the attainment of sustainable competitive advantage, through the managers actions, the organizations institute performance contracts, linked to the accounting, economic and financial indexes. The contracts firmed between managers and companies have as objective to assure the levels of desired yield and the continuity of the businesses. Therefore, through an exploratory research, the behavior of the performance indexes used by the companies analyzed in 17 Brazilian economic sectors. In the period of 1998 the 2005, all the companies which had stocks negotiated in the São Paulo Stock Exchange (BOVESPA) were analyzed. The analysis was based on the Structure, Conduct and Performance paradigm which anticipates that the market structure has influence on the behavior and performance of the companies. The found results suggest that, just in some specific sectors, the performance indexes can be used as parameters of managers’ remuneration.O objetivo deste artigo é verificar se existe variabilidade nos indicadores contábeis (Margem Bruta, Margem EBIT, Margem Operacional, Margem Líquida, Margem EBITDA, Rentabilidade do Ativo e Rentabilidade do Patrimônio Líquido), entre os setores, utilizados como medidas de performance nos contratos de remuneração variável dos gestores. As medidas de performance são utilizadas nas empresas de forma estratégica, com o objetivo de alinhar os interesses de gestores e acionistas, a fim de garantir os retornos desejados. Ou seja, dentre as alternativas para garantir a obtenção de vantagem competitiva sustentável, por meio das ações dos gestores, as organizações instituem contratos de performance, atrelados a indicadores contábeis, econômicos e financeiros. Os contratos firmados entre gestores e empresas têm por objetivo assegurar os níveis de rentabilidade desejados e a continuidade dos negócios Dado esse panorama, buscou-se, por meio de pesquisa exploratória, analisar o comportamento dos indicadores de performance, utilizados pelas empresas, em 17 setores econômicos brasileiros. Foram analisadas, no período de 1998 a 2005, todas as empresas que possuíam ações negociadas na Bovespa. As análises foram baseadas no paradigma Estrutura, Conduta e Desempenho que prevê que a estrutura de mercado exerce influência na conduta e no desempenho das empresas. Os resultados encontrados sugerem que, somente, em alguns setores específicos, os indicadores de performance podem ser utilizados como parâmetros de remuneração dos gestores.Universidade Regional de Blumenau2009-10-07info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/152410.4270/ruc.20095Revista Universo Contábil; v. 5 n. 3 (2009); 06-231809-33371809-3337reponame:Revista Universo Contábilinstname:Universidade Regional de Blumenau (FURB)instacron:FURBporhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1524/1021Copyright (c) 2014 Revista Universo Contábilinfo:eu-repo/semantics/openAccessDalmacio, Flavia ZoboliRezende, Amaury JoseSlomski, Valmor2009-10-07T17:34:24Zoai:ojs.bu.furb.br:article/1524Revistahttps://proxy.furb.br/ojs/index.php/universocontabil/PUBhttps://proxy.furb.br/ojs/index.php/universocontabil/oai||universocontabil@furb.br1809-33371809-3337opendoar:2009-10-07T17:34:24Revista Universo Contábil - Universidade Regional de Blumenau (FURB)false |
dc.title.none.fl_str_mv |
SECTORIAL ANALYSIS OF PERFORMANCE MEASUREMENTS USED IN THE MANAGERIAL REMUNERATION CONTRACTS ANÁLISE SETORIAL DAS MEDIDAS DE PERFORMANCE UTILIZADAS NOS CONTRATOS DE REMUNERAÇÃO DOS GESTORES |
title |
SECTORIAL ANALYSIS OF PERFORMANCE MEASUREMENTS USED IN THE MANAGERIAL REMUNERATION CONTRACTS |
spellingShingle |
SECTORIAL ANALYSIS OF PERFORMANCE MEASUREMENTS USED IN THE MANAGERIAL REMUNERATION CONTRACTS Dalmacio, Flavia Zoboli Performance measures. Accounting indexes. Remuneration. Managers. Economy sector. Medidas de performance. Indicadores contábeis. Remuneração. Gestores. Setor econômico. |
title_short |
SECTORIAL ANALYSIS OF PERFORMANCE MEASUREMENTS USED IN THE MANAGERIAL REMUNERATION CONTRACTS |
title_full |
SECTORIAL ANALYSIS OF PERFORMANCE MEASUREMENTS USED IN THE MANAGERIAL REMUNERATION CONTRACTS |
title_fullStr |
SECTORIAL ANALYSIS OF PERFORMANCE MEASUREMENTS USED IN THE MANAGERIAL REMUNERATION CONTRACTS |
title_full_unstemmed |
SECTORIAL ANALYSIS OF PERFORMANCE MEASUREMENTS USED IN THE MANAGERIAL REMUNERATION CONTRACTS |
title_sort |
SECTORIAL ANALYSIS OF PERFORMANCE MEASUREMENTS USED IN THE MANAGERIAL REMUNERATION CONTRACTS |
author |
Dalmacio, Flavia Zoboli |
author_facet |
Dalmacio, Flavia Zoboli Rezende, Amaury Jose Slomski, Valmor |
author_role |
author |
author2 |
Rezende, Amaury Jose Slomski, Valmor |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Dalmacio, Flavia Zoboli Rezende, Amaury Jose Slomski, Valmor |
dc.subject.por.fl_str_mv |
Performance measures. Accounting indexes. Remuneration. Managers. Economy sector. Medidas de performance. Indicadores contábeis. Remuneração. Gestores. Setor econômico. |
topic |
Performance measures. Accounting indexes. Remuneration. Managers. Economy sector. Medidas de performance. Indicadores contábeis. Remuneração. Gestores. Setor econômico. |
description |
The objective of this paper is to verify if there is variability in the accounting indicators (Gross Margin, EBIT Margin, Operating Margin, Net Margin, EBITDA Margin, Return on Assets and Return on equity) which are used as measures of performance in any variable remuneration of managers. The measures of performance are strategically used in the companies with the objective of lining up the interests of managers and shareholders, in order to guarantee the desired returns. That is, amongst the alternatives to guarantee the attainment of sustainable competitive advantage, through the managers actions, the organizations institute performance contracts, linked to the accounting, economic and financial indexes. The contracts firmed between managers and companies have as objective to assure the levels of desired yield and the continuity of the businesses. Therefore, through an exploratory research, the behavior of the performance indexes used by the companies analyzed in 17 Brazilian economic sectors. In the period of 1998 the 2005, all the companies which had stocks negotiated in the São Paulo Stock Exchange (BOVESPA) were analyzed. The analysis was based on the Structure, Conduct and Performance paradigm which anticipates that the market structure has influence on the behavior and performance of the companies. The found results suggest that, just in some specific sectors, the performance indexes can be used as parameters of managers’ remuneration. |
publishDate |
2009 |
dc.date.none.fl_str_mv |
2009-10-07 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1524 10.4270/ruc.20095 |
url |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1524 |
identifier_str_mv |
10.4270/ruc.20095 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1524/1021 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2014 Revista Universo Contábil info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2014 Revista Universo Contábil |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
dc.source.none.fl_str_mv |
Revista Universo Contábil; v. 5 n. 3 (2009); 06-23 1809-3337 1809-3337 reponame:Revista Universo Contábil instname:Universidade Regional de Blumenau (FURB) instacron:FURB |
instname_str |
Universidade Regional de Blumenau (FURB) |
instacron_str |
FURB |
institution |
FURB |
reponame_str |
Revista Universo Contábil |
collection |
Revista Universo Contábil |
repository.name.fl_str_mv |
Revista Universo Contábil - Universidade Regional de Blumenau (FURB) |
repository.mail.fl_str_mv |
||universocontabil@furb.br |
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1798945115433074688 |