Remuneração executiva e desempenho : evidências empíricas no mercado de capitais brasileiro
Autor(a) principal: | |
---|---|
Data de Publicação: | 2014 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional da Universidade Federal do Espírito Santo (riUfes) |
Texto Completo: | http://repositorio.ufes.br/handle/10/1281 |
Resumo: | The objective of this dissertation is to analyze the relation between management compensation and firm performance of Brazilian public listed companies at BM&FBOVESPA. The theoretical supposes that the incentive contract corroborates with the interests alignment between shareholders and managers and acts as a mechanism of corporate governance in order to drive the managers efforts for maximization of firm value. The sample is 100 more liquid listed firms in share trading at BM&FBOVESPA during the period of 2010 to 2012, for 296 sample observations. Data was obtained from the Reference Forms of Brazilian SEC (Comissão de Valores Mobiliários — CVM) and from Economática® as well from Thomson Reuters®. Eight hypotheses were tested as well as OLS regression models with unbalanced panel data, using the total compensation as the dependent variable and, for independent variables, variables concerning performance, firm value, size, ownership structure, corporate governance and control variables as well. To verify the factors that explain the usage of stock options and bonus programs, logit models were used. The results show that, in the selected sample, the greater the company size, board and firm value, the greater will be the manager compensation. Some industries like mining, chemistry, oil and gas, also plays a positive influence on manager compensation. Further, there is inverse relationship between total manager compensation and ownership concentration, the public rights of control and the governance classification set by BM&FBOVESPA. A greater firm value influences the utilization of stock options, as well as the use of bonus, being this impacted by grater firm performance. There were also robust check tests estimated by random effects, clustered standard-errors, dynamic models but the results remained the same. Therefore that the executive compensation is related with the corporate value, creating wealth to the shareholders; but the lack of relation with operational performance suggests failures on the compensation system which still depends on greater transparency and other governance mechanisms to align the interests of CEOs and shareholders. |
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Silva Júnior, Annor daOliveira, Isaac Gezer Silva deBortolon, Patrícia MariaAraújo, Bruno Félix Von Borell de2015-02-24T17:23:16Z2016-06-24T06:00:06Z2014-10-242014-10-24The objective of this dissertation is to analyze the relation between management compensation and firm performance of Brazilian public listed companies at BM&FBOVESPA. The theoretical supposes that the incentive contract corroborates with the interests alignment between shareholders and managers and acts as a mechanism of corporate governance in order to drive the managers efforts for maximization of firm value. The sample is 100 more liquid listed firms in share trading at BM&FBOVESPA during the period of 2010 to 2012, for 296 sample observations. Data was obtained from the Reference Forms of Brazilian SEC (Comissão de Valores Mobiliários — CVM) and from Economática® as well from Thomson Reuters®. Eight hypotheses were tested as well as OLS regression models with unbalanced panel data, using the total compensation as the dependent variable and, for independent variables, variables concerning performance, firm value, size, ownership structure, corporate governance and control variables as well. To verify the factors that explain the usage of stock options and bonus programs, logit models were used. The results show that, in the selected sample, the greater the company size, board and firm value, the greater will be the manager compensation. Some industries like mining, chemistry, oil and gas, also plays a positive influence on manager compensation. Further, there is inverse relationship between total manager compensation and ownership concentration, the public rights of control and the governance classification set by BM&FBOVESPA. A greater firm value influences the utilization of stock options, as well as the use of bonus, being this impacted by grater firm performance. There were also robust check tests estimated by random effects, clustered standard-errors, dynamic models but the results remained the same. Therefore that the executive compensation is related with the corporate value, creating wealth to the shareholders; but the lack of relation with operational performance suggests failures on the compensation system which still depends on greater transparency and other governance mechanisms to align the interests of CEOs and shareholders.O objetivo desta dissertação é analisar a relação existente entre remuneração executiva e desempenho em companhias brasileiras de capital aberto listadas na BM&FBOVESPA. A linha teórica parte do pressuposto que o contrato de incentivos corrobora com o alinhamento de interesses entre acionistas e executivos e atua como um mecanismo de governança corporativa a fim de direcionar os esforços dos executivos para maximização de valor da companhia. A amostra foi composta pelas 100 companhias mais líquidas listadas em quantidade de negociações de ações na BM&FBOVESPA durante o período 2010-2012, totalizando 296 observações. Os dados foram extraídos dos Formulários de Referência disponibilizados pela CVM e a partir dos softwares Economática® e Thomson Reuters ®. Foram estabelecidas oito hipóteses de pesquisa e estimados modelos de regressão linear múltipla com a técnica de dados em painel desbalanceado, empregando como variável dependente a remuneração total e a remuneração média individual e como regressores variáveis concernentes ao desempenho operacional, valor de mercado, tamanho, estrutura de propriedade, governança corporativa, além de variáveis de controle. Para verificar os fatores que explicam a utilização de stock options, programa de bônus e maior percentual de remuneração variável foram estimados modelos de regressão logit. Os resultados demonstram que, na amostra selecionada, existe relação positiva entre remuneração executiva e valor de mercado. Verificou-se também que os setores de mineração, química, petróleo e gás exercem influência positiva na remuneração executiva. Não obstante, exerce relação inversa com a remuneração total à concentração acionária, o controle acionário público e o fato da companhia pertencer ao nível 2 ou novo mercado conforme classificação da BMF&BOVESPA. O maior valor de mercado influencia na utilização de stock options, assim como no emprego de bônus, sendo que este também é impactado pelo maior desempenho contábil. Foram empregados também testes de robustez com estimações por efeitos aleatórios, regressões com erros-padrão robustos clusterizados, modelos dinâmicos e os resultados foram similares. Conclui-se que a remuneração executiva está relacionada com o valor corporativo gerando riqueza aos acionistas, mas que a ausência de relação com o desempenho operacional sugere falhas no sistema remuneratório que ainda depende de maior transparência e outros mecanismos de governança para alinhar os interesses entre executivos e acionistas.Texthttp://repositorio.ufes.br/handle/10/1281porUniversidade Federal do Espírito SantoMestrado em Ciências ContábeisPrograma de Pós-Graduação em Ciências ContábeisUFESBRCentro de Ciências Jurídicas e EconômicasTeoria da agênciaPlano de incentivoRemuneração executivaGovernança CorporativaDesempenhoAnálise MultivariadaCiências Contábeis657Remuneração executiva e desempenho : evidências empíricas no mercado de capitais brasileiroinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da Universidade Federal do Espírito Santo (riUfes)instname:Universidade Federal do Espírito Santo (UFES)instacron:UFESLICENSElicense.txtlicense.txttext/plain; charset=utf-81748http://repositorio.ufes.br/bitstreams/e9a2884d-3f20-45d1-90ef-e9bde734ca03/download8a4605be74aa9ea9d79846c1fba20a33MD55ORIGINALDissertacao Isaac Gezer.pdfDissertacao Isaac Gezer.pdfapplication/pdf1114201http://repositorio.ufes.br/bitstreams/26d69fe2-0cdc-49db-88cf-ec29baaa028b/download7269fa2310014cacdb5efe600aee8259MD51CC-LICENSElicense_urllicense_urltext/plain; charset=utf-849http://repositorio.ufes.br/bitstreams/cf4ec350-8223-41ea-bcb2-c42887407ee6/download4afdbb8c545fd630ea7db775da747b2fMD52license_textlicense_texttext/html; charset=utf-822901http://repositorio.ufes.br/bitstreams/2a341884-7936-4b73-8c16-0e203f3cff72/download29b9d5e95be03707f9d4a2e110421c11MD53license_rdflicense_rdfapplication/rdf+xml; charset=utf-823148http://repositorio.ufes.br/bitstreams/292a0fcc-9c72-42b4-a8b6-1be6fba09f32/download9da0b6dfac957114c6a7714714b86306MD5410/12812024-07-02 21:22:43.884oai:repositorio.ufes.br:10/1281http://repositorio.ufes.brRepositório InstitucionalPUBhttp://repositorio.ufes.br/oai/requestopendoar:21082024-07-02T21:22:43Repositório Institucional da Universidade Federal do Espírito Santo (riUfes) - Universidade Federal do Espírito Santo (UFES)falseTk9URTogUExBQ0UgWU9VUiBPV04gTElDRU5TRSBIRVJFClRoaXMgc2FtcGxlIGxpY2Vuc2UgaXMgcHJvdmlkZWQgZm9yIGluZm9ybWF0aW9uYWwgcHVycG9zZXMgb25seS4KCk5PTi1FWENMVVNJVkUgRElTVFJJQlVUSU9OIExJQ0VOU0UKCkJ5IHNpZ25pbmcgYW5kIHN1Ym1pdHRpbmcgdGhpcyBsaWNlbnNlLCB5b3UgKHRoZSBhdXRob3Iocykgb3IgY29weXJpZ2h0Cm93bmVyKSBncmFudHMgdG8gRFNwYWNlIFVuaXZlcnNpdHkgKERTVSkgdGhlIG5vbi1leGNsdXNpdmUgcmlnaHQgdG8gcmVwcm9kdWNlLAp0cmFuc2xhdGUgKGFzIGRlZmluZWQgYmVsb3cpLCBhbmQvb3IgZGlzdHJpYnV0ZSB5b3VyIHN1Ym1pc3Npb24gKGluY2x1ZGluZwp0aGUgYWJzdHJhY3QpIHdvcmxkd2lkZSBpbiBwcmludCBhbmQgZWxlY3Ryb25pYyBmb3JtYXQgYW5kIGluIGFueSBtZWRpdW0sCmluY2x1ZGluZyBidXQgbm90IGxpbWl0ZWQgdG8gYXVkaW8gb3IgdmlkZW8uCgpZb3UgYWdyZWUgdGhhdCBEU1UgbWF5LCB3aXRob3V0IGNoYW5naW5nIHRoZSBjb250ZW50LCB0cmFuc2xhdGUgdGhlCnN1Ym1pc3Npb24gdG8gYW55IG1lZGl1bSBvciBmb3JtYXQgZm9yIHRoZSBwdXJwb3NlIG9mIHByZXNlcnZhdGlvbi4KCllvdSBhbHNvIGFncmVlIHRoYXQgRFNVIG1heSBrZWVwIG1vcmUgdGhhbiBvbmUgY29weSBvZiB0aGlzIHN1Ym1pc3Npb24gZm9yCnB1cnBvc2VzIG9mIHNlY3VyaXR5LCBiYWNrLXVwIGFuZCBwcmVzZXJ2YXRpb24uCgpZb3UgcmVwcmVzZW50IHRoYXQgdGhlIHN1Ym1pc3Npb24gaXMgeW91ciBvcmlnaW5hbCB3b3JrLCBhbmQgdGhhdCB5b3UgaGF2ZQp0aGUgcmlnaHQgdG8gZ3JhbnQgdGhlIHJpZ2h0cyBjb250YWluZWQgaW4gdGhpcyBsaWNlbnNlLiBZb3UgYWxzbyByZXByZXNlbnQKdGhhdCB5b3VyIHN1Ym1pc3Npb24gZG9lcyBub3QsIHRvIHRoZSBiZXN0IG9mIHlvdXIga25vd2xlZGdlLCBpbmZyaW5nZSB1cG9uCmFueW9uZSdzIGNvcHlyaWdodC4KCklmIHRoZSBzdWJtaXNzaW9uIGNvbnRhaW5zIG1hdGVyaWFsIGZvciB3aGljaCB5b3UgZG8gbm90IGhvbGQgY29weXJpZ2h0LAp5b3UgcmVwcmVzZW50IHRoYXQgeW91IGhhdmUgb2J0YWluZWQgdGhlIHVucmVzdHJpY3RlZCBwZXJtaXNzaW9uIG9mIHRoZQpjb3B5cmlnaHQgb3duZXIgdG8gZ3JhbnQgRFNVIHRoZSByaWdodHMgcmVxdWlyZWQgYnkgdGhpcyBsaWNlbnNlLCBhbmQgdGhhdApzdWNoIHRoaXJkLXBhcnR5IG93bmVkIG1hdGVyaWFsIGlzIGNsZWFybHkgaWRlbnRpZmllZCBhbmQgYWNrbm93bGVkZ2VkCndpdGhpbiB0aGUgdGV4dCBvciBjb250ZW50IG9mIHRoZSBzdWJtaXNzaW9uLgoKSUYgVEhFIFNVQk1JU1NJT04gSVMgQkFTRUQgVVBPTiBXT1JLIFRIQVQgSEFTIEJFRU4gU1BPTlNPUkVEIE9SIFNVUFBPUlRFRApCWSBBTiBBR0VOQ1kgT1IgT1JHQU5JWkFUSU9OIE9USEVSIFRIQU4gRFNVLCBZT1UgUkVQUkVTRU5UIFRIQVQgWU9VIEhBVkUKRlVMRklMTEVEIEFOWSBSSUdIVCBPRiBSRVZJRVcgT1IgT1RIRVIgT0JMSUdBVElPTlMgUkVRVUlSRUQgQlkgU1VDSApDT05UUkFDVCBPUiBBR1JFRU1FTlQuCgpEU1Ugd2lsbCBjbGVhcmx5IGlkZW50aWZ5IHlvdXIgbmFtZShzKSBhcyB0aGUgYXV0aG9yKHMpIG9yIG93bmVyKHMpIG9mIHRoZQpzdWJtaXNzaW9uLCBhbmQgd2lsbCBub3QgbWFrZSBhbnkgYWx0ZXJhdGlvbiwgb3RoZXIgdGhhbiBhcyBhbGxvd2VkIGJ5IHRoaXMKbGljZW5zZSwgdG8geW91ciBzdWJtaXNzaW9uLgo= |
dc.title.none.fl_str_mv |
Remuneração executiva e desempenho : evidências empíricas no mercado de capitais brasileiro |
title |
Remuneração executiva e desempenho : evidências empíricas no mercado de capitais brasileiro |
spellingShingle |
Remuneração executiva e desempenho : evidências empíricas no mercado de capitais brasileiro Oliveira, Isaac Gezer Silva de Teoria da agência Plano de incentivo Remuneração executiva Governança Corporativa Desempenho Análise Multivariada Ciências Contábeis 657 |
title_short |
Remuneração executiva e desempenho : evidências empíricas no mercado de capitais brasileiro |
title_full |
Remuneração executiva e desempenho : evidências empíricas no mercado de capitais brasileiro |
title_fullStr |
Remuneração executiva e desempenho : evidências empíricas no mercado de capitais brasileiro |
title_full_unstemmed |
Remuneração executiva e desempenho : evidências empíricas no mercado de capitais brasileiro |
title_sort |
Remuneração executiva e desempenho : evidências empíricas no mercado de capitais brasileiro |
author |
Oliveira, Isaac Gezer Silva de |
author_facet |
Oliveira, Isaac Gezer Silva de |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Silva Júnior, Annor da |
dc.contributor.author.fl_str_mv |
Oliveira, Isaac Gezer Silva de |
dc.contributor.referee1.fl_str_mv |
Bortolon, Patrícia Maria |
dc.contributor.referee2.fl_str_mv |
Araújo, Bruno Félix Von Borell de |
contributor_str_mv |
Silva Júnior, Annor da Bortolon, Patrícia Maria Araújo, Bruno Félix Von Borell de |
dc.subject.por.fl_str_mv |
Teoria da agência Plano de incentivo Remuneração executiva Governança Corporativa Desempenho Análise Multivariada |
topic |
Teoria da agência Plano de incentivo Remuneração executiva Governança Corporativa Desempenho Análise Multivariada Ciências Contábeis 657 |
dc.subject.cnpq.fl_str_mv |
Ciências Contábeis |
dc.subject.udc.none.fl_str_mv |
657 |
description |
The objective of this dissertation is to analyze the relation between management compensation and firm performance of Brazilian public listed companies at BM&FBOVESPA. The theoretical supposes that the incentive contract corroborates with the interests alignment between shareholders and managers and acts as a mechanism of corporate governance in order to drive the managers efforts for maximization of firm value. The sample is 100 more liquid listed firms in share trading at BM&FBOVESPA during the period of 2010 to 2012, for 296 sample observations. Data was obtained from the Reference Forms of Brazilian SEC (Comissão de Valores Mobiliários — CVM) and from Economática® as well from Thomson Reuters®. Eight hypotheses were tested as well as OLS regression models with unbalanced panel data, using the total compensation as the dependent variable and, for independent variables, variables concerning performance, firm value, size, ownership structure, corporate governance and control variables as well. To verify the factors that explain the usage of stock options and bonus programs, logit models were used. The results show that, in the selected sample, the greater the company size, board and firm value, the greater will be the manager compensation. Some industries like mining, chemistry, oil and gas, also plays a positive influence on manager compensation. Further, there is inverse relationship between total manager compensation and ownership concentration, the public rights of control and the governance classification set by BM&FBOVESPA. A greater firm value influences the utilization of stock options, as well as the use of bonus, being this impacted by grater firm performance. There were also robust check tests estimated by random effects, clustered standard-errors, dynamic models but the results remained the same. Therefore that the executive compensation is related with the corporate value, creating wealth to the shareholders; but the lack of relation with operational performance suggests failures on the compensation system which still depends on greater transparency and other governance mechanisms to align the interests of CEOs and shareholders. |
publishDate |
2014 |
dc.date.submitted.none.fl_str_mv |
2014-10-24 |
dc.date.issued.fl_str_mv |
2014-10-24 |
dc.date.accessioned.fl_str_mv |
2015-02-24T17:23:16Z |
dc.date.available.fl_str_mv |
2016-06-24T06:00:06Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
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info:eu-repo/semantics/masterThesis |
format |
masterThesis |
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publishedVersion |
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http://repositorio.ufes.br/handle/10/1281 |
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http://repositorio.ufes.br/handle/10/1281 |
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por |
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info:eu-repo/semantics/openAccess |
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openAccess |
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Text |
dc.publisher.none.fl_str_mv |
Universidade Federal do Espírito Santo Mestrado em Ciências Contábeis |
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Programa de Pós-Graduação em Ciências Contábeis |
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UFES |
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BR |
dc.publisher.department.fl_str_mv |
Centro de Ciências Jurídicas e Econômicas |
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Universidade Federal do Espírito Santo Mestrado em Ciências Contábeis |
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