Relationship between the announcement of administrative sanctioning proceedings and CEO turnover

Bibliographic Details
Main Author: Guimarães, Rinaldo de Sousa
Publication Date: 2023
Other Authors: Santiago, Luciana Santos, Macedo, Marcelo Alvaro da Silva
Format: Article
Language: eng
por
Source: Revista Contemporânea de Contabilidade (Online)
Download full: https://periodicos.ufsc.br/index.php/contabilidade/article/view/92170
Summary: This research aims to investigate the likelihood of forced CEO turnover in Brazil, based on the announcement of administrative sanctioning proceedings (PAS) conducted by the Brazilian Securities Commission (CVM). For this purpose, a sample of 272 Brazilian firms listed on the Brazilian Exchange B3 (Brasil, Bolsa, Balcão) and 121 PAS initiated and judged by CVM were considered from the period between 2011 and 2021. The analyses were conducted with the statistical techniques of binary and multinomial logistic regressions. The results indicate that the initiation – and subsequent announcement to the market – of PAS to investigate potential irregularities by economic agents in Brazilian listed companies increase the likelihood of CEO turnover. When analyzing heterogeneities in the types of CEO turnover analyzed, voluntary CEO turnover is more often, and no effects were perceived on the likelihood of forced CEO turnover compared to the likelihood of no turnover).
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spelling Relationship between the announcement of administrative sanctioning proceedings and CEO turnoverRelación entre divulgación de acciones reguladoras con finalidad sancionadora y la rotación del CEORelação entre divulgação de ações regulatórias de propósito sancionador e a rotatividade de CEORotatividade de CEOEnforcement regulatórioProcessos Administrativos SancionadoresCEO turnoverRegulatory EnforcementAdministrative Sanctioning ProceedingsRotación de CEOEnforcement regulatorioProcesos Administrativos SancionadoresThis research aims to investigate the likelihood of forced CEO turnover in Brazil, based on the announcement of administrative sanctioning proceedings (PAS) conducted by the Brazilian Securities Commission (CVM). For this purpose, a sample of 272 Brazilian firms listed on the Brazilian Exchange B3 (Brasil, Bolsa, Balcão) and 121 PAS initiated and judged by CVM were considered from the period between 2011 and 2021. The analyses were conducted with the statistical techniques of binary and multinomial logistic regressions. The results indicate that the initiation – and subsequent announcement to the market – of PAS to investigate potential irregularities by economic agents in Brazilian listed companies increase the likelihood of CEO turnover. When analyzing heterogeneities in the types of CEO turnover analyzed, voluntary CEO turnover is more often, and no effects were perceived on the likelihood of forced CEO turnover compared to the likelihood of no turnover).Esta investigación tuvo como objetivo investigar la probabilidad de rotación forzada de CEO en el contexto brasileño, a partir de la divulgación de acciones regulatorias resultantes de Procesos Administrativos Sancionadores (PAS) de la Comisión de Valores Mobiliarios (CVM) de Brasil. Para este propósito, se consideró una muestra de 272 empresas brasileñas listadas en B3 (Brasil, Bolsa, Balcão) y 121 PAS iniciados y juzgado por la CVM. Los análisis fueron realizados con las técnicas estadísticas de Regresión Logística Binaria y Multinomial. Los resultados indican que el inicio – y posterior anuncio al mercado – de PAS para investigar posibles irregularidades por parte de agentes económicos vinculados a empresas cotizadas en la bolsa brasileña aumenta la probabilidad de rotación de CEO. Al analizar las heterogeneidades en la forma de salida de estos CEOs, se observó que estos eventos son impulsados principalmente por salidas voluntarias; y no se percibieron efectos sobre la probabilidad de salida forzada (en comparación con la posibilidad de retención del CEO).Esta pesquisa objetivou investigar a probabilidade de ocorrência de rotatividade forçada de CEO no contexto brasileiro, a partir da divulgação de ações regulatórias resultantes dos processos administrativos sancionadores (PAS) da Comissão de Valores Mobiliários (CVM). Para tanto, considerou-se uma amostra de 272 firmas brasileiras de capital aberto listadas na B3 (Brasil, Bolsa, Balcão) e 121 PAS instaurados e julgados pela CVM entre 2011 e 2021. As análises foram feitas por meio da utilização das técnicas estatísticas de Regressão Logística Binária e Multinomial. Os resultados apontam que a abertura – e consequente anúncio ao mercado – de PAS visando investigar potenciais irregularidades por agentes econômicos vinculados às companhias abertas brasileiras aumenta a probabilidade de ocorrência de rotatividade de CEO. Ao se analisar heterogeneidades na forma de saída destes CEOs, visualizou-se que tal evento é direcionado principalmente por saída voluntária do gestor; não se percebendo efeitos na probabilidade de saída forçada (tendo por base de comparação a possibilidade de retenção de CEO).UFSC2023-12-13info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfapplication/pdfapplication/pdfhttps://periodicos.ufsc.br/index.php/contabilidade/article/view/9217010.5007/2175-8069.2023.e92170Revista Contemporânea de Contabilidade; v. 20 n. 54 (2023); 01-172175-80691807-1821reponame:Revista Contemporânea de Contabilidade (Online)instname:Universidade Federal de Santa Catarina (UFSC)instacron:UFSCengporhttps://periodicos.ufsc.br/index.php/contabilidade/article/view/92170/55042https://periodicos.ufsc.br/index.php/contabilidade/article/view/92170/55043https://periodicos.ufsc.br/index.php/contabilidade/article/view/92170/55044https://periodicos.ufsc.br/index.php/contabilidade/article/view/92170/55045Copyright (c) 2023 Revista Contemporânea de Contabilidadeinfo:eu-repo/semantics/openAccessGuimarães, Rinaldo de Sousa Santiago, Luciana Santos Macedo, Marcelo Alvaro da Silva 2023-12-13T21:05:16Zoai:periodicos.ufsc.br:article/92170Revistahttps://periodicos.ufsc.br/index.php/contabilidade/indexPUBhttps://periodicos.ufsc.br/index.php/contabilidade/oaircc.cse@contato.ufsc.br2175-80691807-1821opendoar:2023-12-13T21:05:16Revista Contemporânea de Contabilidade (Online) - Universidade Federal de Santa Catarina (UFSC)false
dc.title.none.fl_str_mv Relationship between the announcement of administrative sanctioning proceedings and CEO turnover
Relación entre divulgación de acciones reguladoras con finalidad sancionadora y la rotación del CEO
Relação entre divulgação de ações regulatórias de propósito sancionador e a rotatividade de CEO
title Relationship between the announcement of administrative sanctioning proceedings and CEO turnover
spellingShingle Relationship between the announcement of administrative sanctioning proceedings and CEO turnover
Guimarães, Rinaldo de Sousa
Rotatividade de CEO
Enforcement regulatório
Processos Administrativos Sancionadores
CEO turnover
Regulatory Enforcement
Administrative Sanctioning Proceedings
Rotación de CEO
Enforcement regulatorio
Procesos Administrativos Sancionadores
title_short Relationship between the announcement of administrative sanctioning proceedings and CEO turnover
title_full Relationship between the announcement of administrative sanctioning proceedings and CEO turnover
title_fullStr Relationship between the announcement of administrative sanctioning proceedings and CEO turnover
title_full_unstemmed Relationship between the announcement of administrative sanctioning proceedings and CEO turnover
title_sort Relationship between the announcement of administrative sanctioning proceedings and CEO turnover
author Guimarães, Rinaldo de Sousa
author_facet Guimarães, Rinaldo de Sousa
Santiago, Luciana Santos
Macedo, Marcelo Alvaro da Silva
author_role author
author2 Santiago, Luciana Santos
Macedo, Marcelo Alvaro da Silva
author2_role author
author
dc.contributor.author.fl_str_mv Guimarães, Rinaldo de Sousa
Santiago, Luciana Santos
Macedo, Marcelo Alvaro da Silva
dc.subject.por.fl_str_mv Rotatividade de CEO
Enforcement regulatório
Processos Administrativos Sancionadores
CEO turnover
Regulatory Enforcement
Administrative Sanctioning Proceedings
Rotación de CEO
Enforcement regulatorio
Procesos Administrativos Sancionadores
topic Rotatividade de CEO
Enforcement regulatório
Processos Administrativos Sancionadores
CEO turnover
Regulatory Enforcement
Administrative Sanctioning Proceedings
Rotación de CEO
Enforcement regulatorio
Procesos Administrativos Sancionadores
description This research aims to investigate the likelihood of forced CEO turnover in Brazil, based on the announcement of administrative sanctioning proceedings (PAS) conducted by the Brazilian Securities Commission (CVM). For this purpose, a sample of 272 Brazilian firms listed on the Brazilian Exchange B3 (Brasil, Bolsa, Balcão) and 121 PAS initiated and judged by CVM were considered from the period between 2011 and 2021. The analyses were conducted with the statistical techniques of binary and multinomial logistic regressions. The results indicate that the initiation – and subsequent announcement to the market – of PAS to investigate potential irregularities by economic agents in Brazilian listed companies increase the likelihood of CEO turnover. When analyzing heterogeneities in the types of CEO turnover analyzed, voluntary CEO turnover is more often, and no effects were perceived on the likelihood of forced CEO turnover compared to the likelihood of no turnover).
publishDate 2023
dc.date.none.fl_str_mv 2023-12-13
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.ufsc.br/index.php/contabilidade/article/view/92170
10.5007/2175-8069.2023.e92170
url https://periodicos.ufsc.br/index.php/contabilidade/article/view/92170
identifier_str_mv 10.5007/2175-8069.2023.e92170
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv https://periodicos.ufsc.br/index.php/contabilidade/article/view/92170/55042
https://periodicos.ufsc.br/index.php/contabilidade/article/view/92170/55043
https://periodicos.ufsc.br/index.php/contabilidade/article/view/92170/55044
https://periodicos.ufsc.br/index.php/contabilidade/article/view/92170/55045
dc.rights.driver.fl_str_mv Copyright (c) 2023 Revista Contemporânea de Contabilidade
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2023 Revista Contemporânea de Contabilidade
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
application/pdf
application/pdf
dc.publisher.none.fl_str_mv UFSC
publisher.none.fl_str_mv UFSC
dc.source.none.fl_str_mv Revista Contemporânea de Contabilidade; v. 20 n. 54 (2023); 01-17
2175-8069
1807-1821
reponame:Revista Contemporânea de Contabilidade (Online)
instname:Universidade Federal de Santa Catarina (UFSC)
instacron:UFSC
instname_str Universidade Federal de Santa Catarina (UFSC)
instacron_str UFSC
institution UFSC
reponame_str Revista Contemporânea de Contabilidade (Online)
collection Revista Contemporânea de Contabilidade (Online)
repository.name.fl_str_mv Revista Contemporânea de Contabilidade (Online) - Universidade Federal de Santa Catarina (UFSC)
repository.mail.fl_str_mv rcc.cse@contato.ufsc.br
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