Remuneração de executivos em empresas brasileiras listadas em bolsa: o impacto do prestígio, do desempenho, da governança corporativa e da experiência do CEO

• Ano de defesa: 2020
• Autor(a) principal: Dutra, Vanessa Rabelo
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Santa Maria; Brasil; Administração; UFSM; Programa de Pós-Graduação em Administração; Centro de Ciências Sociais e Humanas
• Palavras-chave em Português: Remuneração executiva; Prestígio; Desempenho; Governança; Executive compensation; Prestige; Performance; Corporate governance; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
• Link de acesso: http://repositorio.ufsm.br/handle/1/32552

Executive compensation has been a subject of significant debate in the business and academic environment in recent years, especially as a result of corporate scandals amid an increase in the amounts paid to executives. Although the topic is extensively studied in developed countries, there is still no consensus regarding the factors that influence executive remuneration. In Brazil, the theme is recent and has taken on a prominent role, mainly due to the publication of Instruction No. 480/2009 from the Brazilian Securities Commission (CVM) and the growth of the Brazilian capital market. The publication of this instruction, in addition to modifying the regulatory environment, allowed for increased monitoring and control by investors and competent agencies. Based on this context, the present study seeks to innovate and advance in this subject, aims at to analyze how the prestige, performance, corporate governance and experience of the CEO influence the compensation of executives of Brazilian companies listed on the stock exchange. For this, the determinants of the remuneration will be analyzed, which have been identified in relevant national and international researches. The companies that will comprise the population of this study are Brazilian publicly traded companies with shares traded on the Brazil Stock Exchange (B3). This set totals 218 companies distributed in 20 sectors of activities included in the classification of the Economática database. The database consists of 1,526 observations and the analysis period is from 2012 to 2018. The panel data analysis technique, estimated by the System Generalized Method of Moments method, was used. The results point to a positive relationship between prestige and executive compensation. Therefore, companies that experience an increase in corporate prestige, better remunerate their executives. The return on shareholders' equity and the executive's turnover also positively influence the determination of remuneration. When analyzing the long-term significance, it appears that both the prestige and the return on equity, maintain statistical significance. However, when analyzing the turnover, it is evident that the variable is not significant and does not constitute a determinant of long-term remuneration.