Estudo sobre política de remuneração por desempenho em empresas brasileiras

Resumo

This paper seeks to better understand the relation between the financial and stock performance of companies and executive compensation, in order to analyze whether there is good alignment of interests between shareholders and executives. Multiple linear regressions under the ordinary least square and TOBIT methods were run for a sample of 128 companies listed in the Brazilian stock market, using data for the year of 2014. The variables of financial performance had a positive correlation with the total executive compensation and fixed compensation, but they were not statistically significant to explain the variable compensation and the compensation related to stock options, aftermath inconsistent with the bibliography and the objective of the executive compensation structure. In addition, it was observed that the size of the company has a positive influence over executive compensation, while shareholder structure, public controlling stake and debt level have a negative effect over executive compensation, with debt level having a negative effect mostly on the executive compensation through stock options.

Ficha do documento

Tipo

Dissertação

Ano

2016

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Não informado

Identificador

oai:repositorio.fgv.br:10438/15663

Temas

EconomiaDados

Palavras-chave

Executive compensationFinancial performanceConflict of interestCapital structureRemuneração executivaDesempenho financeiroConflito de interesseEstrutura de capitalEconomiaExecutivos - Salários, etc.Análise de regressãoModelos lineares (Estatística)Desempenho