Compensate or monitor executives?
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | RACE (Joaçaba. Online) |
Texto Completo: | https://periodicos.unoesc.edu.br/race/article/view/20740 |
Resumo: | The literature predicts two main ways to mitigate agency conflicts arising from the separation of control and ownership, but does not indicate which would be most appropriate. Thus, the present study sought to identify the efficiency of corporate governance mechanisms, when it comes to executive compensation (explicit and implicit incentives) and monitoring (board of directors, in resolving agency conflicts between the chief executives and shareholders of Brazilian publicly traded companies. Methodologically, dynamic multiple linear regression models, estimated by the Systemic Generalized Moments Method (GMM-Sys), were applied to an unbalanced data panel for 42 companies, from 1999 to 2016. It was identified that monitoring is the most appropriate method efficient to mitigate agency issues, in which directors are active agents in the process of verifying executive actions, positively affecting performance. This study puts to the test the prerogative that the board of directors is “figurative” in Brazil, performing significantly in monitoring. |
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RACE (Joaçaba. Online) |
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Compensate or monitor executives?Compensar ou monitorar os executivos?Agency’s TheoryMonitoringCompensationTeoria da AgênciaMonitoramentoCompensaçãoThe literature predicts two main ways to mitigate agency conflicts arising from the separation of control and ownership, but does not indicate which would be most appropriate. Thus, the present study sought to identify the efficiency of corporate governance mechanisms, when it comes to executive compensation (explicit and implicit incentives) and monitoring (board of directors, in resolving agency conflicts between the chief executives and shareholders of Brazilian publicly traded companies. Methodologically, dynamic multiple linear regression models, estimated by the Systemic Generalized Moments Method (GMM-Sys), were applied to an unbalanced data panel for 42 companies, from 1999 to 2016. It was identified that monitoring is the most appropriate method efficient to mitigate agency issues, in which directors are active agents in the process of verifying executive actions, positively affecting performance. This study puts to the test the prerogative that the board of directors is “figurative” in Brazil, performing significantly in monitoring.A literatura prediz duas principais formas de mitigar os conflitos de agência que surgem pela separação do controle e da propriedade, porém não aponta qual seria o mais apropriado. Assim, o presente estudo buscou identificar a eficiência dos mecanismos de governança corporativa, em se tratando de compensação aos executivos (incentivos explícitos e implícitos) e monitoramento (conselho de administração), na resolução dos conflitos de agência, entre os executivos principais e os acionistas de empresas de capital aberto brasileiras. Para isso, foram aplicados modelos dinâmicos de regressão linear múltipla, estimados pelo Método dos Momentos Generalizados Sistêmico (GMM-Sys), em um painel de dados não balanceado para 42 empresas, de 1999 a 2016. Identificou-se que o monitoramento é o meio mais eficiente para mitigar os problemas de agência, em que os conselheiros são agentes ativos no processo de verificação das ações dos executivos, gerando resultados consistentes que afetam positivamente o desempenho. Este estudo coloca à prova a prerrogativa de que o conselho de administração é “figurativo” no Brasil, tendo um desempenho significativo no monitoramento.Universidade do Oeste de Santa Catarina2019-12-16info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.unoesc.edu.br/race/article/view/2074010.18593/race.20740RACE - Revista de Administração, Contabilidade e Economia; Vol. 18 No. 3 (2019): RACE set./dez. 2019; 393-418RACE - Revista de Administração, Contabilidade e Economia; v. 18 n. 3 (2019): RACE set./dez. 2019; 393-4182179-49361678-6483reponame:RACE (Joaçaba. Online)instname:Universidade do Oeste de Santa Catarina (UNOESC)instacron:UNOESCporhttps://periodicos.unoesc.edu.br/race/article/view/20740/13941Copyright (c) 2019 Alberto Granzotto, Igor Bernardi Sonzainfo:eu-repo/semantics/openAccessGranzotto, AlbertoBernardi Sonza, Igor2020-10-16T21:43:39Zoai:ojs.periodicos.unoesc.edu.br:article/20740Revistahttps://portalperiodicos.unoesc.edu.br/racehttps://portalperiodicos.unoesc.edu.br/race/oairace@unoesc.edu.br||editora@unoesc.edu.br2179-49361678-6483opendoar:2020-10-16T21:43:39RACE (Joaçaba. Online) - Universidade do Oeste de Santa Catarina (UNOESC)false |
dc.title.none.fl_str_mv |
Compensate or monitor executives? Compensar ou monitorar os executivos? |
title |
Compensate or monitor executives? |
spellingShingle |
Compensate or monitor executives? Granzotto, Alberto Agency’s Theory Monitoring Compensation Teoria da Agência Monitoramento Compensação |
title_short |
Compensate or monitor executives? |
title_full |
Compensate or monitor executives? |
title_fullStr |
Compensate or monitor executives? |
title_full_unstemmed |
Compensate or monitor executives? |
title_sort |
Compensate or monitor executives? |
author |
Granzotto, Alberto |
author_facet |
Granzotto, Alberto Bernardi Sonza, Igor |
author_role |
author |
author2 |
Bernardi Sonza, Igor |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Granzotto, Alberto Bernardi Sonza, Igor |
dc.subject.por.fl_str_mv |
Agency’s Theory Monitoring Compensation Teoria da Agência Monitoramento Compensação |
topic |
Agency’s Theory Monitoring Compensation Teoria da Agência Monitoramento Compensação |
description |
The literature predicts two main ways to mitigate agency conflicts arising from the separation of control and ownership, but does not indicate which would be most appropriate. Thus, the present study sought to identify the efficiency of corporate governance mechanisms, when it comes to executive compensation (explicit and implicit incentives) and monitoring (board of directors, in resolving agency conflicts between the chief executives and shareholders of Brazilian publicly traded companies. Methodologically, dynamic multiple linear regression models, estimated by the Systemic Generalized Moments Method (GMM-Sys), were applied to an unbalanced data panel for 42 companies, from 1999 to 2016. It was identified that monitoring is the most appropriate method efficient to mitigate agency issues, in which directors are active agents in the process of verifying executive actions, positively affecting performance. This study puts to the test the prerogative that the board of directors is “figurative” in Brazil, performing significantly in monitoring. |
publishDate |
2019 |
dc.date.none.fl_str_mv |
2019-12-16 |
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.unoesc.edu.br/race/article/view/20740 10.18593/race.20740 |
url |
https://periodicos.unoesc.edu.br/race/article/view/20740 |
identifier_str_mv |
10.18593/race.20740 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://periodicos.unoesc.edu.br/race/article/view/20740/13941 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2019 Alberto Granzotto, Igor Bernardi Sonza info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2019 Alberto Granzotto, Igor Bernardi Sonza |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade do Oeste de Santa Catarina |
publisher.none.fl_str_mv |
Universidade do Oeste de Santa Catarina |
dc.source.none.fl_str_mv |
RACE - Revista de Administração, Contabilidade e Economia; Vol. 18 No. 3 (2019): RACE set./dez. 2019; 393-418 RACE - Revista de Administração, Contabilidade e Economia; v. 18 n. 3 (2019): RACE set./dez. 2019; 393-418 2179-4936 1678-6483 reponame:RACE (Joaçaba. Online) instname:Universidade do Oeste de Santa Catarina (UNOESC) instacron:UNOESC |
instname_str |
Universidade do Oeste de Santa Catarina (UNOESC) |
instacron_str |
UNOESC |
institution |
UNOESC |
reponame_str |
RACE (Joaçaba. Online) |
collection |
RACE (Joaçaba. Online) |
repository.name.fl_str_mv |
RACE (Joaçaba. Online) - Universidade do Oeste de Santa Catarina (UNOESC) |
repository.mail.fl_str_mv |
race@unoesc.edu.br||editora@unoesc.edu.br |
_version_ |
1814256155104378880 |