Dividend Policy and Executive Compensation in Brazilian Banks

Detalhes bibliográficos
Autor(a) principal: Souza, Juliana Ribeiro
Data de Publicação: 2024
Outros Autores: Oliveira, Joice Garcia de, Santos, Lua Syrma Zaniah, Pinheiro, Juliano Lima
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: Contabilidade, Gestão e Governança
Texto Completo: https://revistacgg.org/index.php/contabil/article/view/3041
Resumo: Objective:verify the relationship between dividend policy and share-based remuneration in the Brazilian banking context. Method: models were estimated via System GMM in a sample of banking institutions with shares traded on B3 - Brazil, Stock Exchange, and Over-the-Counter, considering the period from 2010 to 2021. Originality/Relevance: banks carry out activities that drive and contribute to the development of a country, and, at the same time, mistaken decisions taken by management are subject to social and economic risks with the potential to affect the entire economy. Despite this, studies on the relationship between dividends and executive remuneration in banking institutions are still incipient. Results: the main findings suggest a bidirectional behaviour: Executive Remuneration was positively related to Payout and, in parallel, presented a negative association with Dividend Yield. The result for Dividend Yield aligns with previous research in different institutional environments but is divergent concerning Payout. Theoretical/Methodological contributions: analyzing dividends and remuneration is relevant as it contributes to the debate on how these variables can influence governance and how this relationship occurs in the Brazilian context. Social/Management contributions: the study of the dividend policy of banking institutions contributes to society as banks participate in both the capital market and the country's economy.
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spelling Dividend Policy and Executive Compensation in Brazilian BanksPolítica de Dividendos e Remuneração de Executivos em Bancos BrasileirosDividend PolicyExecutive CompensationBanksPolítica de dividendosRemuneração de executivosBancosObjective:verify the relationship between dividend policy and share-based remuneration in the Brazilian banking context. Method: models were estimated via System GMM in a sample of banking institutions with shares traded on B3 - Brazil, Stock Exchange, and Over-the-Counter, considering the period from 2010 to 2021. Originality/Relevance: banks carry out activities that drive and contribute to the development of a country, and, at the same time, mistaken decisions taken by management are subject to social and economic risks with the potential to affect the entire economy. Despite this, studies on the relationship between dividends and executive remuneration in banking institutions are still incipient. Results: the main findings suggest a bidirectional behaviour: Executive Remuneration was positively related to Payout and, in parallel, presented a negative association with Dividend Yield. The result for Dividend Yield aligns with previous research in different institutional environments but is divergent concerning Payout. Theoretical/Methodological contributions: analyzing dividends and remuneration is relevant as it contributes to the debate on how these variables can influence governance and how this relationship occurs in the Brazilian context. Social/Management contributions: the study of the dividend policy of banking institutions contributes to society as banks participate in both the capital market and the country's economy.Objetivo: verificar a relação entre a política de dividendos e a remuneração baseada em ações no contexto bancário brasileiro. Método: estimou-se modelos via GMM-Sistêmico, em uma amostra de instituições bancárias que possuem ações negociadas na Brasil, Bolsa, Balcão (B3) considerando o período de 2010 a 2021. Originalidade/Relevância: bancos realizam atividades que movimentam e contribuem para o desenvolvimento de um país e, paralelamente, decisões equivocadas tomadas pela gestão estão sujeitas a riscos sociais e econômicos com potencial de provocar efeitos em toda a economia. Apesar disso, estudos sobre a relação entre dividendos e remuneração de executivos em instituições bancárias ainda é incipiente. Resultados: os principais achados sugerem um comportamento bidirecional: a Remuneração Executiva demonstrou-se positivamente relacionada ao Payout e, paralelamente, apresentou uma associação negativa com o Dividend Yield. O resultado para o Dividend Yield está alinhado com pesquisas anteriores realizadas em diferentes ambientes institucionais, mas é divergente no que tange ao Payout. Contribuições Teóricas/Metodológicas: analisar dividendos e remuneração se mostra relevante por contribuir com o debate de como essas variáveis podem influenciar a sua governança e como tal relação ocorre no contexto brasileiro. Contribuições Sociais/para a Gestão: o estudo da política de dividendos de instituições bancárias contribui com a sociedade já que os bancos têm participação relevante tanto no mercado de capitais, como na economia do país.Contabilidade Gestão e Governança2024-02-15info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://revistacgg.org/index.php/contabil/article/view/304110.51341/cgg.v26i3.3041Journal of Accounting, Management and Governance; Vol. 26 No. 3 (2023); 311-344Contabilidade Gestão e Governança; v. 26 n. 3 (2023); 311-3441984-392510.51341/cgg.v26i3reponame:Contabilidade, Gestão e Governançainstname:Universidade de Brasília (UnB)instacron:UNBengporhttps://revistacgg.org/index.php/contabil/article/view/3041/816https://revistacgg.org/index.php/contabil/article/view/3041/817Copyright (c) 2023 Juliana Ribeiro Souza, Joice Garcia de Oliveira, Lua Syrma Zaniah Santos, Juliano Lima Pinheiroinfo:eu-repo/semantics/openAccessSouza, Juliana RibeiroOliveira, Joice Garcia deSantos, Lua Syrma ZaniahPinheiro, Juliano Lima2024-02-16T12:38:53Zoai:oai.jamg.cloud:article/3041Revistahttp://www.revistacgg.org/index.php/contabilPUBhttps://revistacgg.org/index.php/contabil/oaijamg.cgg@gmail.com1516-70111984-3925opendoar:2024-02-16T12:38:53Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)false
dc.title.none.fl_str_mv Dividend Policy and Executive Compensation in Brazilian Banks
Política de Dividendos e Remuneração de Executivos em Bancos Brasileiros
title Dividend Policy and Executive Compensation in Brazilian Banks
spellingShingle Dividend Policy and Executive Compensation in Brazilian Banks
Souza, Juliana Ribeiro
Dividend Policy
Executive Compensation
Banks
Política de dividendos
Remuneração de executivos
Bancos
title_short Dividend Policy and Executive Compensation in Brazilian Banks
title_full Dividend Policy and Executive Compensation in Brazilian Banks
title_fullStr Dividend Policy and Executive Compensation in Brazilian Banks
title_full_unstemmed Dividend Policy and Executive Compensation in Brazilian Banks
title_sort Dividend Policy and Executive Compensation in Brazilian Banks
author Souza, Juliana Ribeiro
author_facet Souza, Juliana Ribeiro
Oliveira, Joice Garcia de
Santos, Lua Syrma Zaniah
Pinheiro, Juliano Lima
author_role author
author2 Oliveira, Joice Garcia de
Santos, Lua Syrma Zaniah
Pinheiro, Juliano Lima
author2_role author
author
author
dc.contributor.author.fl_str_mv Souza, Juliana Ribeiro
Oliveira, Joice Garcia de
Santos, Lua Syrma Zaniah
Pinheiro, Juliano Lima
dc.subject.por.fl_str_mv Dividend Policy
Executive Compensation
Banks
Política de dividendos
Remuneração de executivos
Bancos
topic Dividend Policy
Executive Compensation
Banks
Política de dividendos
Remuneração de executivos
Bancos
description Objective:verify the relationship between dividend policy and share-based remuneration in the Brazilian banking context. Method: models were estimated via System GMM in a sample of banking institutions with shares traded on B3 - Brazil, Stock Exchange, and Over-the-Counter, considering the period from 2010 to 2021. Originality/Relevance: banks carry out activities that drive and contribute to the development of a country, and, at the same time, mistaken decisions taken by management are subject to social and economic risks with the potential to affect the entire economy. Despite this, studies on the relationship between dividends and executive remuneration in banking institutions are still incipient. Results: the main findings suggest a bidirectional behaviour: Executive Remuneration was positively related to Payout and, in parallel, presented a negative association with Dividend Yield. The result for Dividend Yield aligns with previous research in different institutional environments but is divergent concerning Payout. Theoretical/Methodological contributions: analyzing dividends and remuneration is relevant as it contributes to the debate on how these variables can influence governance and how this relationship occurs in the Brazilian context. Social/Management contributions: the study of the dividend policy of banking institutions contributes to society as banks participate in both the capital market and the country's economy.
publishDate 2024
dc.date.none.fl_str_mv 2024-02-15
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://revistacgg.org/index.php/contabil/article/view/3041
10.51341/cgg.v26i3.3041
url https://revistacgg.org/index.php/contabil/article/view/3041
identifier_str_mv 10.51341/cgg.v26i3.3041
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv https://revistacgg.org/index.php/contabil/article/view/3041/816
https://revistacgg.org/index.php/contabil/article/view/3041/817
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Contabilidade Gestão e Governança
publisher.none.fl_str_mv Contabilidade Gestão e Governança
dc.source.none.fl_str_mv Journal of Accounting, Management and Governance; Vol. 26 No. 3 (2023); 311-344
Contabilidade Gestão e Governança; v. 26 n. 3 (2023); 311-344
1984-3925
10.51341/cgg.v26i3
reponame:Contabilidade, Gestão e Governança
instname:Universidade de Brasília (UnB)
instacron:UNB
instname_str Universidade de Brasília (UnB)
instacron_str UNB
institution UNB
reponame_str Contabilidade, Gestão e Governança
collection Contabilidade, Gestão e Governança
repository.name.fl_str_mv Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)
repository.mail.fl_str_mv jamg.cgg@gmail.com
_version_ 1798315266250113024

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