Determinantes do prazo de exercício das opções de ações concedidas aos executivos como remuneração

• Ano de defesa: 2014
• Autor(a) principal: Freire, Conrado Rocha Veloso
• Orientador(a): Fontes Filho, Joaquim Rubens
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Remuneração de executivos; Opções de ações; Corporate governance; Executive compensation; Stock options; Governança corporativa
• Link de acesso: http://hdl.handle.net/10438/13330

Given the significant increase in the granting of stock options by companies as means of compensation which sometimes leads to overindulgence such as executives having earned millionaire bonuses before their companies generated cash or even at firms which went bankrupt, this research sought to discover what were the main determinants of the exercise period of the stock options. Through a cross section regression, we analyzed the characteristics of 109 companies listed in the Bovespa’s best levels of governance and / or components of Brazil’s biggest stock indexes in order to find out which of them influenced the aforementioned period. The results were not statistically relevant, which means that for the purposes of this study the exercise periods set by the companies are not related to those variables. Therefore, further research should address the exercise period definition together with compensation consultants and board members.