O endividamento e a remuneração variável dos diretores executivos no Brasil: evidências empíricas

• Ano de defesa: 2014
• Autor(a) principal: Merofa, Patricia do Amaral
• Orientador(a): Nakamura, Wilson Toshiro
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Presbiteriana Mackenzie
• Palavras-chave em Português: estrutura de capital; remuneração variável; teoria da agência
• Palavras-chave em Inglês: capital structure; executive compensation; agency theory
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS
• Link de acesso: http://dspace.mackenzie.br/handle/10899/23225

The purpose of this work is to investigate the relationship between executive compensation and corporate debt in the Brazilian market. The research is focused on interactions between capital structure and compensation in the Brazilian public companies listed on the BM&FBovespa, particularly when they use debt as a disciplining factor on the behavior of managers to mitigate conflicts of interest between managers and shareholders. The sample of 234 companies and the information about variable compensation were collected from the Formulário de Referência, in subsection on remuneration of executive officers. Using panel data for the period from 2009 to 2012, this empirical study describe the effects that the variables have on companies debt level. The results confirm the negative relationship between debt and executive compensation.