CEO compensation is a relevant topic in today's society that touches both political and economic questions which are of interest for the whole general public. It affects people indirectly through CEOs actions and how these actions affect company performances. Due to the fact that there is a financial crisis, this thesis has its aim to catch some light over CEO compensation and its relation to company performances, if there is one. The purpose was to investigate if we could find a relation between CEO compensation and company performances by using variables which we considered significant for this study. These variables are collected from each company's annual reports and which we have chosen to focus on the two past years 2007 and 2008, as it is the most recent data. For the principle of our thesis a combination of qualitative and quantitative methods was applied, to best suite the purpose. When finding a sustainable and significant result, regressions of different variables from the annual reports were drawn and the outcomes of these were interpreted and analyzed. Our findings show that turnover is the only variable which indicated any significant p-value in the regressions drawn. Of all regressions three show significance and all arerelated to turnover. Given these results we can conclude that the other variables are not related to the CEO compensation in this case study.

Leadership appointment during mergers has a logical and established precedent when there is a clear target and acquirer. However, in the extraordinary case of Merger Of Equals (MOEs) – where this is relative equal ownership, board representation, earnings contribution etc - this process is much less defined and can often have serious consequences on the merger, both in closing negotiations as well as post-merger performance. Intuition assumes the better performing CEO should and will be appointed. In practice, however, that is often not the case. It is arguable that performance can be defined through objective means (financially & operationally), yet CEO appointment usually is resolved through political negotiations and financial concessions. Building upon previous studies of mergers and employing public information and reported financial data in multivariate statistical analyses, this study examines two research questions pertinent to MOE leadership appointment. First – is prior performance of merger CEOs a significant predictor for leadership selection in MOEs, and second - what metrics of past performance by merger CEOs, if any, are significantly correlated with short-term financial and operational success of the merged company? Determining whether or not a relationship exists between past performance and leadership selection, as well as post-merger success can have significant influence on the leadership appointment process for Mergers of Equals.

The implementation of IFRS 2 led to significant changes in the accounting practices for corporations regarding stock related compensation. The new regulations required firms to account for the stock based compensation as an expense in the financial statements, rather than merely disclosing the information in the notes section to the statements. Following prior research on the area; specifically studies made in the U.S., where researchers find that companies change their use of stock based compensation due to the increased accounted expenses, this study hypothesizes that the same pattern may be found among companies listed on the Swedish stock market. The results of this study show that the use of option incentives has decreased during the studied period 2001-2008 and that the decrease in part can be derived from IFRS 2 and in part from other factors. The results are useful to future research, as they provide an overview of the effects that IFRS 2 had on companies, and various factors that influence the behavior of corporations, as well as in a larger perspective be a factor to take into account for future modifications of the IFRS.

In this thesis, I explore the topic of chief executive officer (CEO) compensation in UK publicly traded firms. My objective is threefold. First of all, I investigate debt-holders‟ reaction to CEO compensation in terms of the cost of debt financing. Secondly, I examine the possible link between CEO compensation and expectation management. Thirdly, I examine whether and how the interactive relation between CEO career horizon and compensation package affects a firm‟s research and development spending. Multiple regression is employed in this thesis to investigate the causal relationship between these above mentioned aspects I‟m interested (the cost of debt, expectation management and research and development spending) and CEO compensation. I consider all major compensation components for a typical CEO in UK publicly traded firms: defined benefit pension, bonus, restricted shares, traditional stock options and performance-vested stock options. The accumulated equity incentives, such as ownership, are also examined. My major findings are as follows. First of all, I find that an increase in defined benefit pension and bonus in CEO compensation are associated with a lower bond yield spread, while an increase in stock options and ownership intensifies it. Secondly, I document that CEO equity incentives that will be vested in the following year are positively associated with the probability of employing expectation management to meet or beat financial analysts‟ forecasts about a firm‟s reporting earnings. Thirdly, I demonstrate that older CEOs will not spend less in research and development expenditures in general. However, older CEOs with more defined benefit pensions and ownership are reluctant to engage in such an investment. iii My results generate several implications for CEO compensation research. First of all, I show that debt-holders rationally incorporate the information of CEO compensation about risk-taking and risk-avoiding incentives when pricing a firm‟s publicly traded debts. Secondly, I provide the evidence that CEO compensation motivates top managers to manipulate information disclosure by employing expectation management for personal gains. Thirdly, the joint influence of CEO career horizon and compensation package on a firm‟s research and development spending is highlighted. CEO compensation motivates a short-sighed and risk-averse investment policy when top managers have a short career horizon. The first novel contribution in this thesis is the coverage of CEO pension, which is overlooked by the most of previous literature on compensation studies. Secondly, I provide the evidence that the popularity of expectation management in the UK, which is well documented in the literature, can be partly explained by CEO compensation. Finally, the interactive relation between CEO compensation and career horizon on a firm‟s investment policy is re-examined. It provides further material in the debate of career horizon problem, which has no consensus in the previous literature. Overall, this thesis generates some empirical evidence about the influence of CEO compensation on managerial behaviour. Some adverse effects of CEO compensation highlighted in this thesis may help remuneration committee to design a better pay package for top managers in the future.

Syfte: Syftet med studien är att med statistiska mått undersöka om företags aktiekurs reagerar på ett vd-byte samt se hur ledarskap påverkar företagets rörelseresultat ur ett genusperspektiv. Metod: Undersökningen är en eventstudie som innefattar åtta stycken företag. Eventstudiens estimeringsfönster omfattar 56 dagar innan eventfönstrets 29 dagar, där aktiekursens rörelse undersöks. Varje företags enskilda procentuella förändring i rörelseresultatet kommer att studeras två år innan och två år efter ett vd-byte har inträffat. Teori: Undersökningen utgår från effektiva marknadshypotesen, agentteorin och signalteorin. Empiri: Resultaten för aktiekursens abnormala genomsnittliga avkastning (AAR) och den kumulativa genomsnittliga avkastningen (CAAR) visas i diagram, detsamma gäller för företagens procentuella förändring i rörelseresultatet. En jämförelse dras mellan företag som har genomfört ett kvinnligt vd-byte mot företag som har genomfört ett manligt vd-byte. Slutsats: Aktiekursen för företag som har genomfört ett kvinnligt vd-byte har cirka 10 procent högre förändring i AAR än för företag som har genomfört ett manligt vd-byte. Aktiekursens lutning på CAAR för företag med en kvinnlig vd är starkare än för företag där det har skett ett manligt vd-byte. Vid undersökning av CAAR är även kvinnornas procentuella förändring högre. Den totala genomsnittliga procentuella förändringen i rörelseresultatet visar att i tre av fyra fall har de företag där en kvinna tillträtt vd-posten haft bättre procentuella förändringar än företagen där en man har tillträtt som vd. / Purpose: This study is to examine the statistical measures how a company's stock price reacts to a CEO change and how leadership affects the firm's operating results from a gender perspective.  Methods: The survey is an event study involving eight companies. The estimated window in the event study includes 56 days before the event window of 29 days, where the stock price movement is examined. Each company's individual percentage change in operating results will be studied two years before and two years after a CEO change has occurred  Theoretical: The study is based on efficient market hypothesis, the agency theory, and signal theory.  Empirical: The results for AAR, CAAR and the percentage change in operating result are shown in diagrams. A comparison is drawn between companies that have changed to a female CEO versus companies that have changed to a male CEO.  Conlusion:    The stock price of companies that have change to a female CEO is 10 percent higher in AAR than companies that have change to a male CEO. The gradient of the stock price of CAAR for firms with a female CEO is stronger than for companies with a male CEO. The study of CAAR is also higher for women than for men. The total average percentage change in operating results shows that in three of four cases, the companies with a woman as CEO had better percentage changes than firms with a male CEO

abstract: In spite of the existence of successful humble CEOs, the current strategic leadership literature has little understanding regarding what humility is and how humble CEOs influence organizational effectiveness by creating a context to motivate managers. After applying the self-concept framework to integrate the humility literature, I proposed four mechanisms through which CEO humility were related to middle manager ambidextrous behaviors and job performance: CEO empowering leadership, empowering organizational climate, top management team integration and heterogeneity. After developing and validating a humility scale in China, I collected survey data from a sample of 63 organizations with 63 CEOs, 327 top management team members and 645 middle managers to test the research model. Except for top management team heterogeneity, the other three CEO-middle manager mediating mechanisms received moderate support. Specifically, I found that humble CEOs were empowering leaders; their empowering leadership behaviors were positively associated with top management team integration and empowering organizational climate, which in turn correlated positively with middle manager ambidexterity and job performance. / Dissertation/Thesis / Ph.D. Business Administration 2011

The aim of this thesis is to investigate the effect of two specific external, to the principal-agent relationship, influences on executive pay practices in the UK, namely pay consultants and the introduction of the International Financial Reporting Standards (IFRS). The thesis consists of three essays. In the first essay, I examine the role of pay consultants in UK CEO pay practices. The results illustrate that their role is not consistent with the predictions of the managerial power theory. More specifically, pay consultants do not try to help managers towards the expropriation of shareholders' wealth; on the contrary I show strong indications that pay consultants urge firms towards the adoption of more incentive based CEO compensation. Moreover, I report that economic characteristics (e.g. firm size, complexity of the contract) rather than CEO power explain the firm's choice to hire a compensation consultant. These results are robust to selection bias controls. The results of this essay indicate that pay consultants play a less "sinister" role than what the managerial power theory suggests and that their advice and expertise can assist firms design an optimal executive pay contract. In the second essay, I examine the existence of managerial opportunism at the switch from UK GAAP to IFRS. I find strong indications that the restatements from UK GAAP to IFRS have not been manipulated by managers. I examine the existence of such behaviour under different specifications and for different types of CEOs that one would expect to engage in opportunistic behaviour to maximise the expected personal wealth. The research design that I adopt makes the results less prone to methodological issues common in studies in this area. Positive Accounting Theory literature has established that managerial opportunism seriously affects accounting choice. The results of this essay imply that with respect to IFRS restatements, where managers had strong incentives to manage future earnings, I find no signs of manipulation. This essay thus puts into question the Positive Accounting Theory Paradigm. In the third essay, I examine the effect of IFRS on the use of performance measures for evaluating and rewarding managers. This essay illustrates that firms make less use of accounting based performance measures due to the introduction of IFRS. I explain these results based on the predictions of optimal contacting theory. I claim that IFRS adds unnecessary "noise" to accounting numbers not relevant to the managers' actions. This is mainly due to the adoption of "fair value" accounting, which makes accounting earnings more value relevant and therefore useful for firm valuation purposes; however, "fair value" accounting also makes accounting numbers more volatile and sensitive to market movements. If this increase in volatility is related to events outside the managers' control, this makes the use of accounting based performance measures less useful for evaluating and rewarding managers. The results of this essay imply that IFRS might have made accounting earnings more useful for stock market purposes, e.g. firm valuation, but this has happened at the expense of other purposes that accounting serves, e.g. contracting.

Syfte: Syftet med denna studie är att bidra till ökad kunskap om huruvida extern granskning har någon påverkan på den eventuella användningen av impression management i VD-ordet i noterade svenska företags hållbarhetsredovisningar. Design och metod: Kvantitativ innehållsanalys där 30 dokumentstudier av VD-ord i hållbarhetsredovisningar har genomförts. Resultat: Studien visar att impression management är vanligast i form av större betoningar på positiva nyheter framför negativa, samt att företag i stor utsträckning väljer att ta åt sig äran för positiva nyheter än negativa. Studien visar däremot att extern granskning av hållbarhetsredovisningar inte har någon signifikant påverkan på hur företag eventuellt använder sig av impression management i VD-ordet. Praktiska implikationer: Genom studiens resultat kan företag och deras VD få en tankeställare gällande hur hållbar deras process för att skapa legitimitet egentligen är, eftersom presentationen av fördelaktig och ofördelaktig information ofta är i obalans. Studiens resultat kan också hjälpa investerare och andra intressenter att ha ett kritiskt förhållningssätt till VD-ordet och till värdet av extern granskning av hållbarhetsredovisningar. Med tanke på att den externa granskningen inte verkar fylla någon kvalitetsförbättrande funktion för företagen själva finns det utrymme för svenska lagstiftare att reflektera huruvida den nuvarande lagstiftningen angående den externa granskningen av hållbarhetsredovisningar är tillräcklig. Begränsningar och förslag till framtida forskning: En begränsning i studien är att resultatet inte är generaliserbart för alla svenska noterade företags hållbarhetsredovisningar, eftersom urvalet inte är slumpmässigt. En annan begränsning i studien är att den endast tar hänsyn till svenska noterade företag, vilket innebär att den inte tar hänsyn till andra stora svenska företag. Framtida forskning kan fokusera på att göra liknande jämförelser mellan företag i olika branscher som är intressanta ur ett hållbarhetsperspektiv, som exempelvis oljeoch drivmedelsindustrin. Framtida forskning skulle även kunna studera djupare hur extern granskning påverkar eventuell användning av impression management i hållbarhetsredovisningar.

Made available in DSpace on 2014-12-17T15:36:32Z (GMT). No. of bitstreams: 1 JosePL.pdf: 882497 bytes, checksum: cb18f10b1c9406dc277552138c430082 (MD5) Previous issue date: 2007-12-21 / Reproductive behavior of Dendrocephalus brasiliensis Pesta, 1921(Crustacean: Anostracan). The reproductive behavior of fresh water Anostracan has been poorly investigated in carcinology specialized literature, specifically in relation to Dendrocephlaus brasiliensis Pesta, 1921, with abundant data just about the geographical distribution of that Anostracan. The objective of this work was to know the reproductive behavior of this Anostracan, in different seasons (dry and raine). For this, ripe individuals of both sexes were collected in four pond of the of Fish farming Station of Paulo Afonso (EPPA), through monthly captures in each ponds, from December 2004 to November 2005. The type of reproduction was observed after the placing in aquariums (a) of then with males and (b) other on individually, at the nauplii phase, where they stayed for 15 days until the reproductive age. The sexual proportion was calculated through the relative frequencies of males and females, every month, for the whole collection period during 10 days. the production of cysts was related to the size of the female. The male: female ratio in the study period was 1 male:1,07 female. The proportion male:female was from 48,25% : 51,75% along the year. Concerning the type of reproduction, it was observed that this specie is characteerized by sexual reproduction / O comportamento reprodutivo de anostr?ceos de ?gua doce tem sido pouco divulgado na literatura especializada em carcinologia, especificamente em rela??o a Dendrocephlaus brasiliensis Pesta, 1921, havendo apenas dados abundantes sobre a distribui??o geogr?fica desse anostr?ceo dulciaqu?cola. O objetivo deste trabalho foi conhecer o comportamento reprodutivo deste an?straceo, em diferentes per?odos (seco e chuvoso). Para isto, foram utilizados indiv?duos maduros de ambos os sexos coletados em quatro viveiros da Esta??o de Piscicultura de Paulo Afonso (EPPA), atrav?s capturas mensais em cada viveiro, durante o per?odo de dezembro de 2004 a novembro de 2005. O tipo de reprodu??o foi observado atrav?s da coloca??o simult?nea em aqu?rios de algumas f?meas e machos, e outras individualmente a partir da fase de n?uplios, onde permaneceram por 15 dias at? a idade reprodutiva. A propor??o sexual dos indiv?duos foi calculada atrav?s das freq??ncias relativas de machos e de f?meas, a cada m?s, para todo o per?odo de coleta. Aos 10 dias, ? poss?vel a produ??o de cistos e o n?mero destes est? relacionado ao tamanho da f?mea. A rela??o macho:f?mea no per?odo de estudo foi de 1 macho para 1,07 f?mea. A propor??o macho: f?mea foi de 51,75% de f?mea para 48,25% de machos ao longo do ano. Quanto ao tipo de reprodu??o, foi observado tratar-se de reprodu??o sexuada

Submitted by FERNANDA CASSAB CARREIRA (fernanda.carreira@gmail.com) on 2018-05-18T00:41:48Z No. of bitstreams: 1 Mestrado_TA_FernandaCarreira_2018.vff.pdf: 1733940 bytes, checksum: e06df892b9201e41e41ed83fb817d432 (MD5) / Approved for entry into archive by Simone de Andrade Lopes Pires (simone.lopes@fgv.br) on 2018-05-18T00:49:51Z (GMT) No. of bitstreams: 1 Mestrado_TA_FernandaCarreira_2018.vff.pdf: 1733940 bytes, checksum: e06df892b9201e41e41ed83fb817d432 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-05-18T13:56:59Z (GMT) No. of bitstreams: 1 Mestrado_TA_FernandaCarreira_2018.vff.pdf: 1733940 bytes, checksum: e06df892b9201e41e41ed83fb817d432 (MD5) / Made available in DSpace on 2018-05-18T13:56:59Z (GMT). No. of bitstreams: 1 Mestrado_TA_FernandaCarreira_2018.vff.pdf: 1733940 bytes, checksum: e06df892b9201e41e41ed83fb817d432 (MD5) Previous issue date: 2018-05 / Quando perguntamos aos/às CEOs qual o business case da sustentabilidade, a maior parte das respostas gira em torno de expressões como vantagem competitiva, oportunidades de negócios, redução de custos, gestão de risco e alinhamento a propósito. Nesses casos, reconhece-se que a formação para a sustentabilidade veio se dando de forma pouca estruturada, mais pela prática e com espaço para desenvolvimento. Porém, a partir das entrevistas realizadas para esse trabalho, pode-se constatar que nem todos/todas CEOs conseguem conectar sustentabilidade ao core business da empresa. Mas onde e como eles e elas poderiam se formar para a sustentabilidade? O presente trabalho buscou compreender se existe e, se sim, qual é o papel das Escolas de Negócio na formação de CEOs para a sustentabilidade, de maneira a identificar insights para que a FGV EAESP avance nesse tipo de formação. A revisão da literatura buscou i) compreender o conflito entre a formação executiva tradicional e a para a sustentabilidade e, ii) analisar a oferta do que existe hoje em educação executiva de CEOs para a sustentabilidade. Já a pesquisa empírica buscou criar, utilizando a Teoria Fundamentada em Dados, uma teoria a partir da voz de CEOs de qual seria o papel das Escolas de Negócio na formação de C-Level para a sustentabilidade. Os resultados do trabalho apontam que as Escolas de Negócio têm um papel essencial na formação de gestores/as para a sustentabilidade, principalmente nos primeiros estágios de suas carreiras, e que as instituições que avançarem nesse sentido estarão em vantagem competitiva devido à baixa oferta de cursos nesta linha. Quanto à formação para a sustentabilidade para CEOs, o espaço existe, desde que as Escolas ofereçam um formato que esteja adequado à realidade profissional do C-Level. Por fim, este trabalho traz contribuições para que as escolas repensem sua abordagem de ensino-aprendizagem. Utilizando o espelho como metáfora, se as escolas de negócio foram criadas como um reflexo do avanço do setor empresarial, as transformações pelas quais as empresas estão passando deveriam ser refletidas no ensino e na formação de gestores/as pelas Escolas. / When we ask CEOs about the sustainability business case, most answers revolve around expressions such as competitive advantage, business opportunity, cost reduction, risk management, and alignment on purpose. In these cases, it is recognized that education for sustainability came about in a little structured way, more with the practice and with space for development. However, from the interviews conducted for this work, it can be seen that not all CEOs can connect sustainability to the core business of the company. But where and how could they graduate for sustainability? The present work sought to understand if there is and, if so, what is the role of Business Schools in the formation of CEOs for sustainability, in order to identify insights for FGV EAESP to advance in this type of education. The literature review sought to (i) understand the conflict between traditional executive education and sustainability, and (ii) to analyze the supply of what exists today in CEOs executive education for sustainability. Empirical research has sought to create, using Grounded Theory, a theory based on the CEO voice of what the role of Business Schools in C-Level education for sustainability will be. The results of the study indicate that Business Schools play a key role in educating managers for sustainability, especially in the early stages of their careers, and that institutions that advance in this direction will be in a competitive advantage due to the low supply of courses in this line. As for education for sustainability for CEOs, space exists, as long as the Schools offer a format that is appropriate to the professional reality of the C-Level. Finally, this work contributes to schools rethinking their teaching-learning approach. Using the mirror as a metaphor, if business schools were created as a reflection of the advancement of the business sector, the transformations that business is going through should be reflected in the teaching and education of managers by the Schools.