Análise dos determinantes da remuneração de executivos em companhias listadas NAA (B)3

• Ano de defesa: 2018
• Autor(a) principal: Medeiros, Vanessa Câmara de
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Brasil; UFRN; PROGRAMA DE PÓS-GRADUAÇÃO EM CIÊNCIAS CONTÁBEIS
• Palavras-chave em Português: Remuneração de executivos; Remuneração fixa; Remuneração variável; Determinantes; Brasil; CNPQ::CIENCIAS SOCIAIS APLICADAS:
• Link de acesso: https://repositorio.ufrn.br/jspui/handle/123456789/25729

The executive compensation has been constituted as interest object of actors like academy, government, investors and media. In the literature, compensation is perceived as a mechanism capable of aligning the interests between the principal and the agent, as well as acting as a corporate governance structure aimed at counteracting transaction costs. Nevertheless, remuneration can also be used as an instrument of discretionary actions. This study aims to investigate the main determinants that influence the composition of executives’ remuneration in the period 2011-2016, in the companies listed in [B]³. We collected data on reference forms and in Bloomberg® data base. The sample was restricted to 162 companies that provided the necessary data to estimate the determinants of executive compensation. To achieve the objective of this search, we estimated FGLS, PCSE e Logit models, which were arranged in randomized unbalanced panel data. The results show that, at the firm’s level variables such as age and size of the company Q de Tobin ௧ିଵ, Market-to-book, Market-to-book ௧ିଵ, ROA, ROA ௧ିଵ and on the presence of differentiated levels of corporate governance have influenced different forms of executive compensation. Concerning to Administrative Council level, the influence rested on the independence and size of the Board, Board Interlocking, existence of a compensation committee, duality of the CEO and presence of a former director of the Board. Finally, at the staff’s level, we fund significant factors: he average time that executives work in the company, age, academic education and gender, shareholding, presence of founding directors or relatives with the founder, size, existence of members who are related to members of the Board and number of members indicated by the controlling shareholder. We concluded that the analysis of the determinants of executive compensation is a complex subject, requiring for your understanding reflect on the different elements inherent in the structures of companies. It also requires take into consideration the objectives of the forms of remuneration granted.