Analysis of the relationship between risks and executive compensation in companies listed in B3
Autor(a) principal: | |
---|---|
Data de Publicação: | 2020 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Ibero Americana de Estratégia - RIAE |
Texto Completo: | https://periodicos.uninove.br/riae/article/view/16787 |
Resumo: | Objective: To analyze the relationship between executive compensation and the risk of companies from different sectors of B3.Methodology: The relationship between executive compensation and the risk of 61 companies in the Abattoir sectors analyzed; Banks; Construction of residential buildings; Generation, transmission and distribution of electricity; Rental of Real Estate, and; Telecommunications, between 2011 and 2017 through descriptive statistics and through the multivariate panel model.Relevance: The influence of executive compensation on companies' risk discussed, in which the results are divergent and performed in emerging and developed countries that do not present macroeconomic characteristics, such as high rates of inflation and interest rates in the case of Brazil. In this way, this study presents evidence in this different perspective.Main Results: The findings show that executive compensation is negatively associated with corporate risk. However, the change in executive compensation influences the companies' risk. Additionally, it found that the size of the organizations is positively associated with the companies' risk, unlike the profitability of the asset, which negatively related to the risk of the companies.Theoretical contributions: The present study presents contributions regarding the incentive implications of risk compensation in companies from different sectors of the Brazilian capital market, especially considering that managers can, from their decisions, select projects that influence the risk of the company's operations. |
id |
RIEOEI-1_36bfc3ee7e422ec0bed66665c71100a7 |
---|---|
oai_identifier_str |
oai:https://periodicos.uninove.br:article/16787 |
network_acronym_str |
RIEOEI-1 |
network_name_str |
Revista Ibero Americana de Estratégia - RIAE |
repository_id_str |
|
spelling |
Analysis of the relationship between risks and executive compensation in companies listed in B3Análisis de la relación entre riesgos y remuneración de los ejecutivos en las empresas listadas en B3Análise da relação entre riscos e remuneração dos executivos nas empresas listadas na B3Business risk; Remuneration of executives; Variation of remuneration.Riesgo de las empresas; Remuneración de los ejecutivos; Variación de la remuneración.Ciências ContábeisRisco das empresas; Remuneração dos executivos; Variação da remuneração.Objective: To analyze the relationship between executive compensation and the risk of companies from different sectors of B3.Methodology: The relationship between executive compensation and the risk of 61 companies in the Abattoir sectors analyzed; Banks; Construction of residential buildings; Generation, transmission and distribution of electricity; Rental of Real Estate, and; Telecommunications, between 2011 and 2017 through descriptive statistics and through the multivariate panel model.Relevance: The influence of executive compensation on companies' risk discussed, in which the results are divergent and performed in emerging and developed countries that do not present macroeconomic characteristics, such as high rates of inflation and interest rates in the case of Brazil. In this way, this study presents evidence in this different perspective.Main Results: The findings show that executive compensation is negatively associated with corporate risk. However, the change in executive compensation influences the companies' risk. Additionally, it found that the size of the organizations is positively associated with the companies' risk, unlike the profitability of the asset, which negatively related to the risk of the companies.Theoretical contributions: The present study presents contributions regarding the incentive implications of risk compensation in companies from different sectors of the Brazilian capital market, especially considering that managers can, from their decisions, select projects that influence the risk of the company's operations.Objetivo del estudio: Analizar la relación entre la administración de los ejecutivos y el riesgo de empresas de diferentes sectores de la B3.Metodología: Se analizó una relación de ejecutivos y riesgo de 61 empresas de los sectores de Matadores; bancos; Construcción de edificios residenciales; Generación, transmisión y distribución de energía eléctrica; Alquiler de Inmuebles, y; Telecomunicaciones, entre 2011 y 2017 através de la distribución descriptiva y por medio del modelo multivariado en panel.Relevancia: Se discute la influencia de la remuneración de los ejecutivos en el riesgo de las empresas, en que los resultados son divergentes y emergentes de Brasil, de esta forma, este estudio presenta evidencias desde una perspectiva diferente.Principales Resultados: Los resultados demuestran que el contrato está asociado negativamente con el riesgo de las empresas. Sin embargo, una variación de la remuneración de los ejecutivos influenciada por las compañías. Además, cuando se trata de organizaciones de porte, está asociado de forma negativa al riesgo de las empresas.Contribuciones teóricas: Lo que hay de nuevo sobre las iniciativas de incentivo a partir del liderazgo en el mercado de capitales brasileñas, sobre todo, los que pueden ser generados a partir de sus decisiones, la selección de proyectos que influencian riesgo de las operaciones de la compañía.Objetivo do estudo: Analisar a relação entre a remuneração dos executivos e o risco das empresas de diferentes setores da B3.Metodologia: Analisou-se a relação da remuneração dos executivos e o risco de 61 companhias dos setores de Abatedouros; Bancos; Construção de edifícios residenciais; Geração, transmissão e distribuição de energia elétrica; Locação de Imóveis, e; Telecomunicações, entre 2011 e 2017 por meio da estatística descritiva e por meio do modelo multivariado em painel.Relevância: Discute-se a influência da remuneração dos executivos no risco das companhias, em que os resultados são divergentes e foram realizados em países emergentes e desenvolvidos que não apresentam características macroeconômicas, como elevadas taxas de inflação e de juros no caso do Brasil, dessa forma, este estudo apresenta evidencias nessa diferente perspectiva.Principais Resultados: Os achados demonstram que a remuneração dos executivos está negativamente associada com o risco das empresas. Contudo, a variação da remuneração dos executivos influencia no risco das companhias. Adicionalmente, encontrou-se que o porte das organizações está positivamente relacionado com risco das empresas, diferentemente da rentabilidade do ativo, que está negativamente relacionada com o risco das companhias.Contribuições teóricas: O presente estudo apresenta contribuições quanto às implicações do incentivo a partir da remuneração no risco em empresas de diferentes setores do mercado de capitais brasileiro, sobretudo, ao considerar que os gerentes podem, a partir das suas decisões, selecionar projetos que influenciam no risco das operações da companhia.Universidade Nove de Julho - UNINOVERengel, RodrigoSousa, Allison Manoel deMonteiro, Januário JoséMeurer, Rodrigo Malta2020-05-22info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.uninove.br/riae/article/view/1678710.5585/riae.v19i1.16787Revista Ibero-Americana de Estratégia; Vol 19, No 1 (2020): Jan./Mar.; 149-169Revista Ibero-Americana de Estratégia; Vol 19, No 1 (2020): Jan./Mar.; 149-1692176-0756reponame:Revista Ibero Americana de Estratégia - RIAEinstname:Revista Ibero-Americana de Estratégia (RIAE)instacron:RIEOEIporhttps://periodicos.uninove.br/riae/article/view/16787/8199https://periodicos.uninove.br/riae/article/downloadSuppFile/16787/13097Copyright (c) 2020 Iberoamerican Journal of Strategic Managementhttps://creativecommons.org/licenses/by-nc-sa/4.0info:eu-repo/semantics/openAccess2020-09-25T23:20:29Zoai:https://periodicos.uninove.br:article/16787Revistahttps://periodicos.uninove.br/riaePRIhttps://periodicos.uninove.br/riae/oai||bennycosta@yahoo.com.br2176-07562176-0756opendoar:2020-09-25T23:20:29Revista Ibero Americana de Estratégia - RIAE - Revista Ibero-Americana de Estratégia (RIAE)false |
dc.title.none.fl_str_mv |
Analysis of the relationship between risks and executive compensation in companies listed in B3 Análisis de la relación entre riesgos y remuneración de los ejecutivos en las empresas listadas en B3 Análise da relação entre riscos e remuneração dos executivos nas empresas listadas na B3 |
title |
Analysis of the relationship between risks and executive compensation in companies listed in B3 |
spellingShingle |
Analysis of the relationship between risks and executive compensation in companies listed in B3 Rengel, Rodrigo Business risk; Remuneration of executives; Variation of remuneration. Riesgo de las empresas; Remuneración de los ejecutivos; Variación de la remuneración. Ciências Contábeis Risco das empresas; Remuneração dos executivos; Variação da remuneração. |
title_short |
Analysis of the relationship between risks and executive compensation in companies listed in B3 |
title_full |
Analysis of the relationship between risks and executive compensation in companies listed in B3 |
title_fullStr |
Analysis of the relationship between risks and executive compensation in companies listed in B3 |
title_full_unstemmed |
Analysis of the relationship between risks and executive compensation in companies listed in B3 |
title_sort |
Analysis of the relationship between risks and executive compensation in companies listed in B3 |
author |
Rengel, Rodrigo |
author_facet |
Rengel, Rodrigo Sousa, Allison Manoel de Monteiro, Januário José Meurer, Rodrigo Malta |
author_role |
author |
author2 |
Sousa, Allison Manoel de Monteiro, Januário José Meurer, Rodrigo Malta |
author2_role |
author author author |
dc.contributor.none.fl_str_mv |
|
dc.contributor.author.fl_str_mv |
Rengel, Rodrigo Sousa, Allison Manoel de Monteiro, Januário José Meurer, Rodrigo Malta |
dc.subject.none.fl_str_mv |
|
dc.subject.por.fl_str_mv |
Business risk; Remuneration of executives; Variation of remuneration. Riesgo de las empresas; Remuneración de los ejecutivos; Variación de la remuneración. Ciências Contábeis Risco das empresas; Remuneração dos executivos; Variação da remuneração. |
topic |
Business risk; Remuneration of executives; Variation of remuneration. Riesgo de las empresas; Remuneración de los ejecutivos; Variación de la remuneración. Ciências Contábeis Risco das empresas; Remuneração dos executivos; Variação da remuneração. |
description |
Objective: To analyze the relationship between executive compensation and the risk of companies from different sectors of B3.Methodology: The relationship between executive compensation and the risk of 61 companies in the Abattoir sectors analyzed; Banks; Construction of residential buildings; Generation, transmission and distribution of electricity; Rental of Real Estate, and; Telecommunications, between 2011 and 2017 through descriptive statistics and through the multivariate panel model.Relevance: The influence of executive compensation on companies' risk discussed, in which the results are divergent and performed in emerging and developed countries that do not present macroeconomic characteristics, such as high rates of inflation and interest rates in the case of Brazil. In this way, this study presents evidence in this different perspective.Main Results: The findings show that executive compensation is negatively associated with corporate risk. However, the change in executive compensation influences the companies' risk. Additionally, it found that the size of the organizations is positively associated with the companies' risk, unlike the profitability of the asset, which negatively related to the risk of the companies.Theoretical contributions: The present study presents contributions regarding the incentive implications of risk compensation in companies from different sectors of the Brazilian capital market, especially considering that managers can, from their decisions, select projects that influence the risk of the company's operations. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-05-22 |
dc.type.none.fl_str_mv |
|
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://periodicos.uninove.br/riae/article/view/16787 10.5585/riae.v19i1.16787 |
url |
https://periodicos.uninove.br/riae/article/view/16787 |
identifier_str_mv |
10.5585/riae.v19i1.16787 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://periodicos.uninove.br/riae/article/view/16787/8199 https://periodicos.uninove.br/riae/article/downloadSuppFile/16787/13097 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2020 Iberoamerican Journal of Strategic Management https://creativecommons.org/licenses/by-nc-sa/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2020 Iberoamerican Journal of Strategic Management https://creativecommons.org/licenses/by-nc-sa/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Nove de Julho - UNINOVE |
publisher.none.fl_str_mv |
Universidade Nove de Julho - UNINOVE |
dc.source.none.fl_str_mv |
Revista Ibero-Americana de Estratégia; Vol 19, No 1 (2020): Jan./Mar.; 149-169 Revista Ibero-Americana de Estratégia; Vol 19, No 1 (2020): Jan./Mar.; 149-169 2176-0756 reponame:Revista Ibero Americana de Estratégia - RIAE instname:Revista Ibero-Americana de Estratégia (RIAE) instacron:RIEOEI |
instname_str |
Revista Ibero-Americana de Estratégia (RIAE) |
instacron_str |
RIEOEI |
institution |
RIEOEI |
reponame_str |
Revista Ibero Americana de Estratégia - RIAE |
collection |
Revista Ibero Americana de Estratégia - RIAE |
repository.name.fl_str_mv |
Revista Ibero Americana de Estratégia - RIAE - Revista Ibero-Americana de Estratégia (RIAE) |
repository.mail.fl_str_mv |
||bennycosta@yahoo.com.br |
_version_ |
1799138724791975936 |