Efeito da estrutura de propriedade sobre o CEO Pay Slice

Resumo

Purpose - This study intends to evaluate the effects of the ownership structure and other selected variables on the CEO Pay Slice (“CPS”), characterized by the percentage of the executive officers overall compensation captured by the CEO. Methodology - In order to carry out this research, information from the Reference Forms and Economática were collected from all companies listed in the Traditional, Level 1, Level 2 and Novo Mercado segments of B3 stock exchange, except those in the financial sector. Then, multiple linear regressions were performed to test the formulated hypotheses. Findings - The analysis of the data showed evidence that the CPS is related to the existence of a majority controller or a pulverized control, with the state-owned nature of the control and with the sectors of “Industrial Goods”, “Basic Materials”, “Non-cyclical Consumption” “Information Technology”, “Telecommunications”, “Oil, Gas and Biofuel” and “Health”. Research Limitations - The main limitation of the survey is the short period of analysis and the consistency of information regarding executive remuneration provided by the companies to the Brazilian Securities and Exchange Commission (“CVM”). Pratical Implications - Based on the identification of a relationship between the CPS and the ownership structure of Brazilian, the research contributes to the understanding of the relative power of the CEO and agency problems in the Brazilian capital market. To our knowledge, this is the first study that lists the CPS and the ownership structure in the Brazilian context.

Ficha do documento

Tipo

Dissertação

Ano

2021

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Não informado

Identificador

oai:repositorio.fgv.br:10438/30189

Palavras-chave

Remuneração executivaTeoria da agênciaCEO Pay SliceExecutive compensationAgency theoryAdministração de empresasDiretores-executivosDesenvolvimento organizacionalRemunerações extra-salariaisAcionistasSalários