Environmental, social and governance (ESG): uma análise na perspectiva da sensibilidade da remuneração executiva ao desempenho de mercado
Autor(a) principal: | |
---|---|
Data de Publicação: | 2022 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional Manancial UFSM |
Texto Completo: | http://repositorio.ufsm.br/handle/1/26981 |
Resumo: | Environmental, Social and Governance (ESG) investments have gained emphasis in the corporate sphere and can be considered strategic investments for organizations, even impacting executive compensation. Based on agency theory, stakeholder theory and good governance view, this research aims to investigate the moderating effects of the level of ESG disclosure on executive compensation sensitivity to market performance (pay-performance sensitivity) in Brazilian companies listed in the IBrX-100 Index of Brasil, Bolsa, Balcão (B3 S/A) from 2016 to 2021. The research is classified as quantitative, descriptive and documentary. The data were obtained from the available databases of Economática® and Refinitiv Eikon®, as well as from information contained in the Reference Forms made available on the B3 website. Data analysis was performed, for an amount of 81 companies, based on panel data regression. The method used for the main analysis was the Ordinary Least Squares (OLS) regression model, while for a sensitivity/robustness analysis, quantile regression was used. Findings reveal a positive and significant relationship between the market value of companies and executive compensation, this result indicates the existence of pay-performance sensitivity for the companies in the sample. Regarding the direct effect of the ESG disclosure level (general and its pillars) on executive compensation, in general, ESG and the environmental and social pillars reveal a negative and significant relationship with executive compensation, factors that help to explain the decrease in executive pay. Regarding the moderating effect of the ESG disclosure level on the sensitivity of executive compensation to market performance, the results reveal a positive and significant relationship between the interactive variable and executive compensation, which means these findings reveal that the level of ESG disclosure and its pillars (environmental, social and governance) have the potential to intensify the sensitivity of executive compensation to companies’ market performance. It is concluded that the ESG disclosure level can be a mechanism used to align interests between shareholders and executives. This score has an informational character and its effects can be supported by the stakeholder theory and good governance view in the Brazilian context. This study contributes to the literature by bringing new evidence on pay-performance sensitivity and identifying which theoretical perspective supports the findings. It contributes to organizational practices by providing empirical evidence that ESG investments can mitigate agency problems, encouraging a new management style. Contributes to society by encouraging organizations to invest in environmental, social and governance aspects, which positively impact the community. |
id |
UFSM-20_fa37f84670f756383b91f8fd65e25b55 |
---|---|
oai_identifier_str |
oai:repositorio.ufsm.br:1/26981 |
network_acronym_str |
UFSM-20 |
network_name_str |
Repositório Institucional Manancial UFSM |
repository_id_str |
3913 |
spelling |
2022-11-17T17:04:19Z2022-11-17T17:04:19Z2022-09-29http://repositorio.ufsm.br/handle/1/26981Environmental, Social and Governance (ESG) investments have gained emphasis in the corporate sphere and can be considered strategic investments for organizations, even impacting executive compensation. Based on agency theory, stakeholder theory and good governance view, this research aims to investigate the moderating effects of the level of ESG disclosure on executive compensation sensitivity to market performance (pay-performance sensitivity) in Brazilian companies listed in the IBrX-100 Index of Brasil, Bolsa, Balcão (B3 S/A) from 2016 to 2021. The research is classified as quantitative, descriptive and documentary. The data were obtained from the available databases of Economática® and Refinitiv Eikon®, as well as from information contained in the Reference Forms made available on the B3 website. Data analysis was performed, for an amount of 81 companies, based on panel data regression. The method used for the main analysis was the Ordinary Least Squares (OLS) regression model, while for a sensitivity/robustness analysis, quantile regression was used. Findings reveal a positive and significant relationship between the market value of companies and executive compensation, this result indicates the existence of pay-performance sensitivity for the companies in the sample. Regarding the direct effect of the ESG disclosure level (general and its pillars) on executive compensation, in general, ESG and the environmental and social pillars reveal a negative and significant relationship with executive compensation, factors that help to explain the decrease in executive pay. Regarding the moderating effect of the ESG disclosure level on the sensitivity of executive compensation to market performance, the results reveal a positive and significant relationship between the interactive variable and executive compensation, which means these findings reveal that the level of ESG disclosure and its pillars (environmental, social and governance) have the potential to intensify the sensitivity of executive compensation to companies’ market performance. It is concluded that the ESG disclosure level can be a mechanism used to align interests between shareholders and executives. This score has an informational character and its effects can be supported by the stakeholder theory and good governance view in the Brazilian context. This study contributes to the literature by bringing new evidence on pay-performance sensitivity and identifying which theoretical perspective supports the findings. It contributes to organizational practices by providing empirical evidence that ESG investments can mitigate agency problems, encouraging a new management style. Contributes to society by encouraging organizations to invest in environmental, social and governance aspects, which positively impact the community.Investimentos Ambientais, Sociais e de Governança (ESG) têm ganhado ênfase na esfera corporativa, podendo ser considerados como investimentos estratégicos para as organizações, impactando, inclusive, na remuneração executiva. Com base na teoria da agência, na teoria dos stakeholders e na visão de boa governança, esta pesquisa objetiva investigar os efeitos moderadores do nível de divulgação ESG na sensibilidade da remuneração dos executivos ao desempenho de mercado (pay-performance sensitivity) em empresas brasileiras listadas no índice IBrX-100 da Brasil, Bolsa, Balcão (B3 S/A) no período de 2016 a 2021. A pesquisa é classificada como quantitativa, descritiva e documental. Os dados foram obtidos nos bancos de dados disponíveis da Economática® e da Refinitiv Eikon®, bem como de informações constantes nos Formulários de Referência disponibilizados no sítio da B3. A análise dos dados foi realizada, para um montante de 81 empresas, com base na regressão de dados em painel. O método utilizado para as análises principais foi o modelo de regressão por Mínimos Quadrados Ordinários (OLS), enquanto para uma análise de sensibilidade/robustez foi utilizada a regressão quantílica. Os achados revelam uma relação positiva e significativa entre o valor de mercado das companhias e a remuneração dos executivos, resultado que indica a existência de payperformance sensitivity para as empresas da amostra. No que concerne ao efeito direto do nível de divulgação ESG (geral e seus pilares) na remuneração dos executivos, de forma geral, o ESG e os pilares ambientais e sociais revelam uma relação negativa e significativa com a remuneração dos executivos, fatores que auxiliam a explicar a diminuição da remuneração executiva. Em relação ao efeito moderador do nível de divulgação ESG na sensibilidade da remuneração dos executivos ao desempenho de mercado, os resultados revelam uma relação positiva e significativa entre a variável interativa e a remuneração dos executivos, ou seja, os achados revelam que o nível de divulgação ESG e seus pilares (ambiental, social e governança) têm potencial de intensificar a sensibilidade da remuneração dos executivos ao desempenho de mercado das empresas. Conclui-se que o nível de divulgação ESG pode ser um mecanismo utilizado para alinhar interesses entre acionistas e executivos. Esta pontuação possui caráter informacional e seus efeitos podem ser suportados pela teoria dos stakeholders e pela visão de boa governança no contexto brasileiro. Este estudo contribui para a literatura ao trazer novas evidências sobre a pay-performance sensitivity e ao identificar qual perspectiva teórica dá sustentação aos resultados encontrados. Contribui para as práticas das organizações ao trazer evidências empíricas de que investimentos ESG podem mitigar problemas de agência, incentivando, assim, um novo estilo de gestão. Contribui com a sociedade ao encorajar as organizações a investirem em aspectos ambientais, sociais e de governança, os quais impactam de maneira positiva a comunidade.Fundação de Amparo à Pesquisa do Estado do Rio Grande do Sul - FAPERGSporUniversidade Federal de Santa MariaCentro de Ciências Sociais e HumanasPrograma de Pós-Graduação em Ciências ContábeisUFSMBrasilControladoria, Governança e SustentabilidadeAttribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessESGRemuneração dos executivosDesempenhoPay-performance sensitivityExecutive compensationPerformanceCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEISEnvironmental, social and governance (ESG): uma análise na perspectiva da sensibilidade da remuneração executiva ao desempenho de mercadoEnvironmental, social and governance (ESG an analysis from the perspective of the pay-performance sensitivityinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisDegenhart, Larissahttp://lattes.cnpq.br/9480180693211077Dal Magro, Cristian BaúÁvila, Lucas Veigahttp://lattes.cnpq.br/2694807820898704Grodt, Jonas Adriel dos Santos600200400001600600600600600e21efd6a-2085-412d-be03-9b765d72266c9394b1db-4295-4876-a48b-cce1bed8c205b305a9ad-f895-4ce5-8869-bd8d90431fcdf54e7144-f3db-42b8-bcdf-1f2d46bb5573reponame:Repositório Institucional Manancial UFSMinstname:Universidade Federal de Santa Maria (UFSM)instacron:UFSMORIGINALDIS_PPGCC_2022_GRODT_JONAS.pdfDIS_PPGCC_2022_GRODT_JONAS.pdfDissertação de Mestradoapplication/pdf1622346http://repositorio.ufsm.br/bitstream/1/26981/1/DIS_PPGCC_2022_GRODT_JONAS.pdf1d0f26ecce1613b86e774199c77b5c52MD51CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8805http://repositorio.ufsm.br/bitstream/1/26981/2/license_rdf4460e5956bc1d1639be9ae6146a50347MD52LICENSElicense.txtlicense.txttext/plain; charset=utf-81956http://repositorio.ufsm.br/bitstream/1/26981/3/license.txt2f0571ecee68693bd5cd3f17c1e075dfMD531/269812022-11-17 14:04:20.014oai:repositorio.ufsm.br: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ório Institucionalhttp://repositorio.ufsm.br/PUBhttp://repositorio.ufsm.br/oai/requestouvidoria@ufsm.bropendoar:39132022-11-17T17:04:20Repositório Institucional Manancial UFSM - Universidade Federal de Santa Maria (UFSM)false |
dc.title.por.fl_str_mv |
Environmental, social and governance (ESG): uma análise na perspectiva da sensibilidade da remuneração executiva ao desempenho de mercado |
dc.title.alternative.eng.fl_str_mv |
Environmental, social and governance (ESG an analysis from the perspective of the pay-performance sensitivity |
title |
Environmental, social and governance (ESG): uma análise na perspectiva da sensibilidade da remuneração executiva ao desempenho de mercado |
spellingShingle |
Environmental, social and governance (ESG): uma análise na perspectiva da sensibilidade da remuneração executiva ao desempenho de mercado Grodt, Jonas Adriel dos Santos ESG Remuneração dos executivos Desempenho Pay-performance sensitivity Executive compensation Performance CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
title_short |
Environmental, social and governance (ESG): uma análise na perspectiva da sensibilidade da remuneração executiva ao desempenho de mercado |
title_full |
Environmental, social and governance (ESG): uma análise na perspectiva da sensibilidade da remuneração executiva ao desempenho de mercado |
title_fullStr |
Environmental, social and governance (ESG): uma análise na perspectiva da sensibilidade da remuneração executiva ao desempenho de mercado |
title_full_unstemmed |
Environmental, social and governance (ESG): uma análise na perspectiva da sensibilidade da remuneração executiva ao desempenho de mercado |
title_sort |
Environmental, social and governance (ESG): uma análise na perspectiva da sensibilidade da remuneração executiva ao desempenho de mercado |
author |
Grodt, Jonas Adriel dos Santos |
author_facet |
Grodt, Jonas Adriel dos Santos |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Degenhart, Larissa |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/9480180693211077 |
dc.contributor.referee1.fl_str_mv |
Dal Magro, Cristian Baú |
dc.contributor.referee2.fl_str_mv |
Ávila, Lucas Veiga |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/2694807820898704 |
dc.contributor.author.fl_str_mv |
Grodt, Jonas Adriel dos Santos |
contributor_str_mv |
Degenhart, Larissa Dal Magro, Cristian Baú Ávila, Lucas Veiga |
dc.subject.por.fl_str_mv |
ESG Remuneração dos executivos Desempenho |
topic |
ESG Remuneração dos executivos Desempenho Pay-performance sensitivity Executive compensation Performance CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
dc.subject.eng.fl_str_mv |
Pay-performance sensitivity Executive compensation Performance |
dc.subject.cnpq.fl_str_mv |
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
description |
Environmental, Social and Governance (ESG) investments have gained emphasis in the corporate sphere and can be considered strategic investments for organizations, even impacting executive compensation. Based on agency theory, stakeholder theory and good governance view, this research aims to investigate the moderating effects of the level of ESG disclosure on executive compensation sensitivity to market performance (pay-performance sensitivity) in Brazilian companies listed in the IBrX-100 Index of Brasil, Bolsa, Balcão (B3 S/A) from 2016 to 2021. The research is classified as quantitative, descriptive and documentary. The data were obtained from the available databases of Economática® and Refinitiv Eikon®, as well as from information contained in the Reference Forms made available on the B3 website. Data analysis was performed, for an amount of 81 companies, based on panel data regression. The method used for the main analysis was the Ordinary Least Squares (OLS) regression model, while for a sensitivity/robustness analysis, quantile regression was used. Findings reveal a positive and significant relationship between the market value of companies and executive compensation, this result indicates the existence of pay-performance sensitivity for the companies in the sample. Regarding the direct effect of the ESG disclosure level (general and its pillars) on executive compensation, in general, ESG and the environmental and social pillars reveal a negative and significant relationship with executive compensation, factors that help to explain the decrease in executive pay. Regarding the moderating effect of the ESG disclosure level on the sensitivity of executive compensation to market performance, the results reveal a positive and significant relationship between the interactive variable and executive compensation, which means these findings reveal that the level of ESG disclosure and its pillars (environmental, social and governance) have the potential to intensify the sensitivity of executive compensation to companies’ market performance. It is concluded that the ESG disclosure level can be a mechanism used to align interests between shareholders and executives. This score has an informational character and its effects can be supported by the stakeholder theory and good governance view in the Brazilian context. This study contributes to the literature by bringing new evidence on pay-performance sensitivity and identifying which theoretical perspective supports the findings. It contributes to organizational practices by providing empirical evidence that ESG investments can mitigate agency problems, encouraging a new management style. Contributes to society by encouraging organizations to invest in environmental, social and governance aspects, which positively impact the community. |
publishDate |
2022 |
dc.date.accessioned.fl_str_mv |
2022-11-17T17:04:19Z |
dc.date.available.fl_str_mv |
2022-11-17T17:04:19Z |
dc.date.issued.fl_str_mv |
2022-09-29 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://repositorio.ufsm.br/handle/1/26981 |
url |
http://repositorio.ufsm.br/handle/1/26981 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.cnpq.fl_str_mv |
600200400001 |
dc.relation.confidence.fl_str_mv |
600 600 600 600 600 |
dc.relation.authority.fl_str_mv |
e21efd6a-2085-412d-be03-9b765d72266c 9394b1db-4295-4876-a48b-cce1bed8c205 b305a9ad-f895-4ce5-8869-bd8d90431fcd f54e7144-f3db-42b8-bcdf-1f2d46bb5573 |
dc.rights.driver.fl_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Centro de Ciências Sociais e Humanas |
dc.publisher.program.fl_str_mv |
Programa de Pós-Graduação em Ciências Contábeis |
dc.publisher.initials.fl_str_mv |
UFSM |
dc.publisher.country.fl_str_mv |
Brasil |
dc.publisher.department.fl_str_mv |
Controladoria, Governança e Sustentabilidade |
publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Centro de Ciências Sociais e Humanas |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional Manancial UFSM instname:Universidade Federal de Santa Maria (UFSM) instacron:UFSM |
instname_str |
Universidade Federal de Santa Maria (UFSM) |
instacron_str |
UFSM |
institution |
UFSM |
reponame_str |
Repositório Institucional Manancial UFSM |
collection |
Repositório Institucional Manancial UFSM |
bitstream.url.fl_str_mv |
http://repositorio.ufsm.br/bitstream/1/26981/1/DIS_PPGCC_2022_GRODT_JONAS.pdf http://repositorio.ufsm.br/bitstream/1/26981/2/license_rdf http://repositorio.ufsm.br/bitstream/1/26981/3/license.txt |
bitstream.checksum.fl_str_mv |
1d0f26ecce1613b86e774199c77b5c52 4460e5956bc1d1639be9ae6146a50347 2f0571ecee68693bd5cd3f17c1e075df |
bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional Manancial UFSM - Universidade Federal de Santa Maria (UFSM) |
repository.mail.fl_str_mv |
ouvidoria@ufsm.br |
_version_ |
1808854728663105536 |