Executive compensation and the economic-financial and environmental performance of IBRX-50 companies
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Ambiente Contábil |
Texto Completo: | https://periodicos.ufrn.br/ambiente/article/view/26094 |
Resumo: | Purpose: This study aimed to analyze the relationship between executive remuneration and the economic-financial and socio-environmental performance of publicly traded Brazilian companies. Methodology: The study sample comprises companies in the Brazil Index 50 (IBrX-50), portfolio from May to August 2020. After exclusions, the final survey sample is composed of 34 companies, with a total of 68 observations and the period of analysis was the years 2018 and 2019. Data were collected manually in the Reference Form, item 13 and on the website of each company. For data analysis, statistical techniques were used, such as descriptive, correlations and multiple linear regressions. Results: For model 1, the Return on Equity (ROE) and Business Sustainability Index (ISE) variables showed significant and negative relationships with the RTM, indicating that the higher the ROE of the companies, the lower the Average Total Compensation (RTM). Also, the variable ENVID showed a significant and positive relationship, where the higher the company's Total Debt (ENDIV), the higher the RTM. For model 2 of Fixed Compensation (RF), the ROE also presented a significant and negative relationship. The Earnings per Share (LPA) and ENDIV variables showed a significant and positive relationship, indicating that higher values in these variables will increase the RF given to executives. Contributions of the Study: This study contributes to the literature on compensation and performance by adding social and environmental variables to the theoretical and practical framework through the interconnection of executive compensation. Thus, it was possible to understand new relationships between traditional economic-financial and socio-environmental factors, while good communication and good governance practices with stakeholders present positive results for the organization. |
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Executive compensation and the economic-financial and environmental performance of IBRX-50 companiesRemuneración de los ejecutivos y el desempeño económico-financiera y socio-ambiental de las empresas IBRX-50Remuneração dos executivos e os desempenhos econômico-financeiro e socioambiental das empresas do IBRX-50Remuneração dos executivos; desempenho financeiro; desempenho econômico; desempenho socioambiental.Remuneração de Executivos.Purpose: This study aimed to analyze the relationship between executive remuneration and the economic-financial and socio-environmental performance of publicly traded Brazilian companies. Methodology: The study sample comprises companies in the Brazil Index 50 (IBrX-50), portfolio from May to August 2020. After exclusions, the final survey sample is composed of 34 companies, with a total of 68 observations and the period of analysis was the years 2018 and 2019. Data were collected manually in the Reference Form, item 13 and on the website of each company. For data analysis, statistical techniques were used, such as descriptive, correlations and multiple linear regressions. Results: For model 1, the Return on Equity (ROE) and Business Sustainability Index (ISE) variables showed significant and negative relationships with the RTM, indicating that the higher the ROE of the companies, the lower the Average Total Compensation (RTM). Also, the variable ENVID showed a significant and positive relationship, where the higher the company's Total Debt (ENDIV), the higher the RTM. For model 2 of Fixed Compensation (RF), the ROE also presented a significant and negative relationship. The Earnings per Share (LPA) and ENDIV variables showed a significant and positive relationship, indicating that higher values in these variables will increase the RF given to executives. Contributions of the Study: This study contributes to the literature on compensation and performance by adding social and environmental variables to the theoretical and practical framework through the interconnection of executive compensation. Thus, it was possible to understand new relationships between traditional economic-financial and socio-environmental factors, while good communication and good governance practices with stakeholders present positive results for the organization.Objetivo: Este estudio tuvo como objetivo analizar la relación entre la remuneración de los ejecutivos y el desempeño económico-financiero y socioambiental de las empresas brasileñas que cotizan en bolsa. Metodología: La muestra de estudio comprende empresas del Brasil Index 50 (IBrX-50), cartera de mayo a agosto de 2020. Luego de las exclusiones, la muestra final de la encuesta está compuesta por 34 empresas, con un total de 68 observaciones y el período de análisis fue los años 2018 y 2019. Los datos fueron recolectados manualmente en el Formulario de Referencia, ítem 13 y en el sitio web de cada empresa. Para el análisis de los datos se utilizaron técnicas estadísticas, como descriptivas, correlaciones y regresiones lineales múltiples. Resultados: Para el modelo 1, las variables Retorno sobre el Patrimonio (ROE) e Índice de Sostenibilidad Empresarial (ISE) mostraron relaciones significativas y negativas con el RTM, lo que indica que a mayor ROE de las empresas, menor Compensación Total Media (RTM). Asimismo, la variable ENVID mostró una relación significativa y positiva, donde a mayor Deuda Total de la empresa (ENDIV), mayor RTM. Para el modelo 2 de Compensación Fija (RF), el ROE también presentó una relación significativa y negativa. Las variables Beneficio por Acción (LPA) y ENDIV mostraron una relación significativa y positiva, lo que indica que valores más altos en estas variables incrementarán el FR entregado a los ejecutivos. Contribuciones del Estudio: Este estudio contribuye a la literatura sobre compensación y desempeño agregando variables sociales y ambientales al marco teórico y práctico a través de la interconexión de la compensación ejecutiva. Así, fue posible comprender nuevas relaciones entre los factores económico-financieros y socioambientales tradicionales, mientras que la buena comunicación y las buenas prácticas de gobernanza con los grupos de interés presentan resultados positivos para la organización.Objetivo: Este estudo objetivou analisar as relações entre a remuneração dos executivos e os desempenhos econômico-financeiro e socioambiental das empresas brasileiras de capital aberto. Metodologia: A amostra do estudo compreende as empresas do Índice Brasil 50 (IBrX-50), carteira de maio a agosto de 2020. Após exclusões a amostra final da pesquisa compõe 34 empresas, um total de 68 observações e o período de análise de 2018 a 2019. Os dados foram coletados manualmente no item 13 do Formulário de Referência e no website de cada empresa. Para a análise dos dados utilizou-se de técnicas estatísticas, como descritivas, correlações e regressões lineares múltiplas. Resultados: No modelo 1 as variáveis Retorno sobre Patrimônio Líquido (ROE) e Índice de Sustentabilidade Empresarial (ISE) apresentaram relações significativas e negativas com a Remuneração Total Média (RTM), indicando que quanto maior o ROE das empresas, menor é a RTM. Também, a variável Endividamento (ENDIV) apresentou uma relação significativa e positiva, onde quanto maior o ENDIV da empresa, maior é a RTM. Para o modelo 2 de Remuneração Fixa (RF), o ROE também apresentou relação significativa e negativa. As variáveis Lucro por Ação (LPA) e ENDIV apresentaram uma relação significativa e positiva, indicando que maiores valores nessas variáveis irão aumentar a RF dada aos executivos. Contribuições do Estudo: Este estudo contribui para literatura sobre remuneração e desempenho ao acrescentar variáveis socioambientais ao arcabouço teórico e prático por meio da interconexão da remuneração dos executivos. Assim, foi possível compreender novas relações entre os fatores econômico-financeiros tradicionais e socioambientais, ao mesmo tempo que, a boa comunicação e as boas práticas de governança com os stakeholders apresentam resultados positivos para a organização.Portal de Periódicos Eletrônicos da UFRN2022-07-04info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.ufrn.br/ambiente/article/view/2609410.21680/2176-9036.2022v14n2ID26094REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 14 No. 2 (2022): Jul./Dez.; 94-111REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 14 Núm. 2 (2022): Jul./Dez.; 94-111REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036; v. 14 n. 2 (2022): Jul./Dez.; 94-1112176-903610.21680/2176-9036.2022v14n2reponame:Revista Ambiente Contábilinstname:Universidade Federal do Rio Grande do Norte (UFRN)instacron:UFRNporhttps://periodicos.ufrn.br/ambiente/article/view/26094/15834Copyright (c) 2022 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036http://creativecommons.org/licenses/by-nc-sa/4.0info:eu-repo/semantics/openAccessRamos, Aline de Araújo dos Santos Ferreira, Janaína da SilvaCarvalho, Alessanderson Jacó de Maragno, Lucas Martins Dias 2023-01-18T23:18:51Zoai:periodicos.ufrn.br:article/26094Revistahttps://periodicos.ufrn.br/ambientePUBhttps://periodicos.ufrn.br/ambiente/oai||prof.mauriciocsilva@gmail.com2176-90362176-9036opendoar:2023-01-18T23:18:51Revista Ambiente Contábil - Universidade Federal do Rio Grande do Norte (UFRN)false |
dc.title.none.fl_str_mv |
Executive compensation and the economic-financial and environmental performance of IBRX-50 companies Remuneración de los ejecutivos y el desempeño económico-financiera y socio-ambiental de las empresas IBRX-50 Remuneração dos executivos e os desempenhos econômico-financeiro e socioambiental das empresas do IBRX-50 |
title |
Executive compensation and the economic-financial and environmental performance of IBRX-50 companies |
spellingShingle |
Executive compensation and the economic-financial and environmental performance of IBRX-50 companies Ramos, Aline de Araújo dos Santos Remuneração dos executivos; desempenho financeiro; desempenho econômico; desempenho socioambiental. Remuneração de Executivos. |
title_short |
Executive compensation and the economic-financial and environmental performance of IBRX-50 companies |
title_full |
Executive compensation and the economic-financial and environmental performance of IBRX-50 companies |
title_fullStr |
Executive compensation and the economic-financial and environmental performance of IBRX-50 companies |
title_full_unstemmed |
Executive compensation and the economic-financial and environmental performance of IBRX-50 companies |
title_sort |
Executive compensation and the economic-financial and environmental performance of IBRX-50 companies |
author |
Ramos, Aline de Araújo dos Santos |
author_facet |
Ramos, Aline de Araújo dos Santos Ferreira, Janaína da Silva Carvalho, Alessanderson Jacó de Maragno, Lucas Martins Dias |
author_role |
author |
author2 |
Ferreira, Janaína da Silva Carvalho, Alessanderson Jacó de Maragno, Lucas Martins Dias |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Ramos, Aline de Araújo dos Santos Ferreira, Janaína da Silva Carvalho, Alessanderson Jacó de Maragno, Lucas Martins Dias |
dc.subject.por.fl_str_mv |
Remuneração dos executivos; desempenho financeiro; desempenho econômico; desempenho socioambiental. Remuneração de Executivos. |
topic |
Remuneração dos executivos; desempenho financeiro; desempenho econômico; desempenho socioambiental. Remuneração de Executivos. |
description |
Purpose: This study aimed to analyze the relationship between executive remuneration and the economic-financial and socio-environmental performance of publicly traded Brazilian companies. Methodology: The study sample comprises companies in the Brazil Index 50 (IBrX-50), portfolio from May to August 2020. After exclusions, the final survey sample is composed of 34 companies, with a total of 68 observations and the period of analysis was the years 2018 and 2019. Data were collected manually in the Reference Form, item 13 and on the website of each company. For data analysis, statistical techniques were used, such as descriptive, correlations and multiple linear regressions. Results: For model 1, the Return on Equity (ROE) and Business Sustainability Index (ISE) variables showed significant and negative relationships with the RTM, indicating that the higher the ROE of the companies, the lower the Average Total Compensation (RTM). Also, the variable ENVID showed a significant and positive relationship, where the higher the company's Total Debt (ENDIV), the higher the RTM. For model 2 of Fixed Compensation (RF), the ROE also presented a significant and negative relationship. The Earnings per Share (LPA) and ENDIV variables showed a significant and positive relationship, indicating that higher values in these variables will increase the RF given to executives. Contributions of the Study: This study contributes to the literature on compensation and performance by adding social and environmental variables to the theoretical and practical framework through the interconnection of executive compensation. Thus, it was possible to understand new relationships between traditional economic-financial and socio-environmental factors, while good communication and good governance practices with stakeholders present positive results for the organization. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-07-04 |
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.ufrn.br/ambiente/article/view/26094 10.21680/2176-9036.2022v14n2ID26094 |
url |
https://periodicos.ufrn.br/ambiente/article/view/26094 |
identifier_str_mv |
10.21680/2176-9036.2022v14n2ID26094 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://periodicos.ufrn.br/ambiente/article/view/26094/15834 |
dc.rights.driver.fl_str_mv |
http://creativecommons.org/licenses/by-nc-sa/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
http://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 |
Portal de Periódicos Eletrônicos da UFRN |
publisher.none.fl_str_mv |
Portal de Periódicos Eletrônicos da UFRN |
dc.source.none.fl_str_mv |
REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 14 No. 2 (2022): Jul./Dez.; 94-111 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 14 Núm. 2 (2022): Jul./Dez.; 94-111 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036; v. 14 n. 2 (2022): Jul./Dez.; 94-111 2176-9036 10.21680/2176-9036.2022v14n2 reponame:Revista Ambiente Contábil instname:Universidade Federal do Rio Grande do Norte (UFRN) instacron:UFRN |
instname_str |
Universidade Federal do Rio Grande do Norte (UFRN) |
instacron_str |
UFRN |
institution |
UFRN |
reponame_str |
Revista Ambiente Contábil |
collection |
Revista Ambiente Contábil |
repository.name.fl_str_mv |
Revista Ambiente Contábil - Universidade Federal do Rio Grande do Norte (UFRN) |
repository.mail.fl_str_mv |
||prof.mauriciocsilva@gmail.com |
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