本研究主要探討裁量性紅利對企業未來財務績效之激勵效果，而本研究係以2010年美國S&P500公司作為研究對象，研究期間為2006年至2010年。實證結果顯示：(1)依據主觀績效衡量所發放的裁量性紅利確實可以對企業未來財務績效產生激勵效果；(2)獎酬契約運用主觀與客觀績效衡量時，主觀績效衡量所發放的裁量性紅利佔總紅利比重愈高，對於企業未來財務績效激勵效果愈高；(3)裁量性紅利對於企業未來後續財務績效具有長期激勵效果；(4)績效較低之企業發予高階經理人主觀績效衡量之裁量性紅利，對於企業未來財務績效仍具有激勵效果。 / The study investigate the impact of discretionary bonus on the future firm financial performance. Based on a sample of 2010 S&P500 companies spanning from 2006 and 2010. I find : (1) Discretionary bonus, which was measured subjectively, can improve future firm financial performance. (2) The more proportion of discretionary bonus to total bonus can improve more future firm financial performance. (3) Discretionary bonus can improve the long-term future firm financial performance. (4) Using subjectively discretionary bonus to CEOs on low-profit-company can improve the future firm financial performance.

<p class="MsoNormal" style="">The study shows the financial impacts on costs per student at academic module level, at departmental level, at faculty level, and at institutional level, thereby showing the effects of cross-subsidisation at all levels of management. The reports were developed in termsof the guidelines compiled in terms of Llewellyn's five levels of theorisation.</p> <p class="MsoNormal" style=""><span style="font-family: Garamond / "><o:p></o:p></span></p>

For management to perform its functions of planning, organizing, leading and controlling effectively, a control process has to be in place. This control process should incorporate a target or standard measures and compares performance with the standard, evaluates results and takes any necessary corrective action. Hence, the introduction of the control process, including the measurement and evaluation of performance, has been recognized as a significant progression to ensure organizations achieve their objectives and goals.There are a number of performance measurement tools for management to select but one that stands out as possibly the preferred method is Value-based management (VBM). Value-based management, a relatively new concept, offers management a better way to measure performance in today’s business environment. The application of VBM links business strategy, finance, performance measurement and management processes all together to create value. VBM tells how the value of an organization is maximized, while developing corporate value is the best long-term measure to show how good the present management is doing its job. Therefore, VBM indicates the current situation as well as future prospects of an organization. Further, VBM helps managers and employees to obtain a sharper focus of the corporate vision and objectives based on one leading measurement indicator – that is to enhance corporate value. Unlike many performance measurement tools that may focus on many objectives, which may cause the lack of single focus for accountability for shareholder value, VBM provides a clearer objective focusing on the financial objectives across the organization. More importantly, VBM includes the cost of all capital required, while many performance measurement tools still provide incomplete information about cost.The purpose of this research is to study what organization factors influence the choice of performance measurement tools, such as VBM selected by management. This research also studies the manner in which the selection and the use of VBM might affect the performance of organizations in Thailand. A number of studies were made in the past dealing with the effectiveness of VBM.These studies analyzed how VBM assisted management in their administration and measurement of organizational activities. These researches add significantly to the body of knowledge and advance the concept of VBM. However, most researchers ignored an important aspect and that is, what factors influence the management to select and utilize VBM tools in their organization. This research attempts to address this knowledge gap, and answer the following questions: • What are the organization factors that could influence the selection and the use of VBM tools to measure organization performance? Then importantly,• Do the selection and the use of VBM tools improve organization performance?To examine and to properly evaluate the above questions, this research study identifies four key objectives. First, factors that influence management in selecting value based management tools to measure performance and set standards are to be identified. Second, identify the relationship between organization performance, the use of VBM and certain organization factors such as organization size, market share position and product life cycle stages. Third, study the impact of VBM on organization performance in the Thai environment. Fourth, provide information on how VBM is selected and used in the electrical and electronic industry in Thailand.The following three hypotheses were proposed to study the behaviour of variables:Hypothesis 1: Organization factors are not the determining factors for selecting and using VBM tools for performance measurement.Hypothesis 2: VBM tool selected and used by an organization do not influence its organization performance.Hypothesis 3: The relationship between organization factors and organization performance are not mediated by the VBM tools selected and used by an organization to measure organization performance.To test the hypotheses empirically, a mailed-survey questionnaire was used to collect data. A stratified sampling technique on a population of 462 Head of Finance/Accounting Departments of the Electrical and Electronics Industry of Thailand was employed. The above hypotheses were tested using several analytical techniques including regression model, correlation coefficient and factor analysis.The result of this research indicates that none of the chosen organization factors studied directly influences the selection and the use of VBM tools. In addition, the findings indicated a significant relationship between independent variables, which are organization size and market share position. But these two factors do not establish significantly relationship with the VBM or an organization performance. Further, although the product life cycle stage was not a factor that influenced the selection and the use of VBM tools, it showed a significant negative relationship with organization performance. This was regardless of whether or not the organization selected and used VBM tools. This indicates that the selection and the use of VBM tools are less preferable when the product of an organization is at the early stages such as emerging and growth stages. On the other hand, VBM tools are more preferred by an organization when its product reaches maturity. Finally, these research findings demonstrate that the selection and the use of VBM tools are significantly related to an improvement in organization performance. In other words, the performance of an organization improved with the use of the VBM tool.It is believed that this research is a first attempt to delineate factors that influence management to select and utilize VBM tools in their organizations. One nation, Thailand and one Industry, the electrical and electronic industry were used as the laboratory to test the hypotheses. It is hoped that future research will replicate this study in other industries and countries that would help to confirm the results of this study. Such studies will not only substantiate this research but also offer new insights into understanding the factors influencing the selection and the use of VBM tools. Different organizational factors, different performance measurement tools, and/or different methodologies in conducting the research showed further contribute to knowledge in this area. The research opportunities are considerable, especially in relation to cross-country comparisons based on performance measurements, using VBM tools and it is this type of research that will improve our understanding of the subject and lead to adoption of these measures in organizations.

For management to perform its functions of planning, organizing, leading and controlling effectively, a control process has to be in place. This control process should incorporate a target or standard measures and compares performance with the standard, evaluates results and takes any necessary corrective action. Hence, the introduction of the control process, including the measurement and evaluation of performance, has been recognized as a significant progression to ensure organizations achieve their objectives and goals.There are a number of performance measurement tools for management to select but one that stands out as possibly the preferred method is Value-based management (VBM). Value-based management, a relatively new concept, offers management a better way to measure performance in today’s business environment. The application of VBM links business strategy, finance, performance measurement and management processes all together to create value. VBM tells how the value of an organization is maximized, while developing corporate value is the best long-term measure to show how good the present management is doing its job. Therefore, VBM indicates the current situation as well as future prospects of an organization. Further, VBM helps managers and employees to obtain a sharper focus of the corporate vision and objectives based on one leading measurement indicator – that is to enhance corporate value. Unlike many performance measurement tools that may focus on many objectives, which may cause the lack of single focus for accountability for shareholder value, VBM provides a clearer objective focusing on the financial objectives across the organization. More importantly, VBM includes the cost of all capital required, while many performance measurement tools still provide incomplete information about cost.The purpose of this research is to study what organization factors influence the choice of performance measurement tools, such as VBM selected by management. This research also studies the manner in which the selection and the use of VBM might affect the performance of organizations in Thailand. A number of studies were made in the past dealing with the effectiveness of VBM.These studies analyzed how VBM assisted management in their administration and measurement of organizational activities. These researches add significantly to the body of knowledge and advance the concept of VBM. However, most researchers ignored an important aspect and that is, what factors influence the management to select and utilize VBM tools in their organization. This research attempts to address this knowledge gap, and answer the following questions: • What are the organization factors that could influence the selection and the use of VBM tools to measure organization performance? Then importantly,• Do the selection and the use of VBM tools improve organization performance?To examine and to properly evaluate the above questions, this research study identifies four key objectives. First, factors that influence management in selecting value based management tools to measure performance and set standards are to be identified. Second, identify the relationship between organization performance, the use of VBM and certain organization factors such as organization size, market share position and product life cycle stages. Third, study the impact of VBM on organization performance in the Thai environment. Fourth, provide information on how VBM is selected and used in the electrical and electronic industry in Thailand.The following three hypotheses were proposed to study the behaviour of variables:Hypothesis 1: Organization factors are not the determining factors for selecting and using VBM tools for performance measurement.Hypothesis 2: VBM tool selected and used by an organization do not influence its organization performance.Hypothesis 3: The relationship between organization factors and organization performance are not mediated by the VBM tools selected and used by an organization to measure organization performance.To test the hypotheses empirically, a mailed-survey questionnaire was used to collect data. A stratified sampling technique on a population of 462 Head of Finance/Accounting Departments of the Electrical and Electronics Industry of Thailand was employed. The above hypotheses were tested using several analytical techniques including regression model, correlation coefficient and factor analysis.The result of this research indicates that none of the chosen organization factors studied directly influences the selection and the use of VBM tools. In addition, the findings indicated a significant relationship between independent variables, which are organization size and market share position. But these two factors do not establish significantly relationship with the VBM or an organization performance. Further, although the product life cycle stage was not a factor that influenced the selection and the use of VBM tools, it showed a significant negative relationship with organization performance. This was regardless of whether or not the organization selected and used VBM tools. This indicates that the selection and the use of VBM tools are less preferable when the product of an organization is at the early stages such as emerging and growth stages. On the other hand, VBM tools are more preferred by an organization when its product reaches maturity. Finally, these research findings demonstrate that the selection and the use of VBM tools are significantly related to an improvement in organization performance. In other words, the performance of an organization improved with the use of the VBM tool.It is believed that this research is a first attempt to delineate factors that influence management to select and utilize VBM tools in their organizations. One nation, Thailand and one Industry, the electrical and electronic industry were used as the laboratory to test the hypotheses. It is hoped that future research will replicate this study in other industries and countries that would help to confirm the results of this study. Such studies will not only substantiate this research but also offer new insights into understanding the factors influencing the selection and the use of VBM tools. Different organizational factors, different performance measurement tools, and/or different methodologies in conducting the research showed further contribute to knowledge in this area. The research opportunities are considerable, especially in relation to cross-country comparisons based on performance measurements, using VBM tools and it is this type of research that will improve our understanding of the subject and lead to adoption of these measures in organizations.

Submitted by Milena Rubi (milenarubi@ufscar.br) on 2017-08-16T13:37:34Z No. of bitstreams: 1 COTOMACIO_Andre_2017.pdf: 38758195 bytes, checksum: aab77ac02b3eb518fa373423e880c0f0 (MD5) / Approved for entry into archive by Milena Rubi (milenarubi@ufscar.br) on 2017-08-16T13:37:42Z (GMT) No. of bitstreams: 1 COTOMACIO_Andre_2017.pdf: 38758195 bytes, checksum: aab77ac02b3eb518fa373423e880c0f0 (MD5) / Approved for entry into archive by Milena Rubi (milenarubi@ufscar.br) on 2017-08-16T13:37:47Z (GMT) No. of bitstreams: 1 COTOMACIO_Andre_2017.pdf: 38758195 bytes, checksum: aab77ac02b3eb518fa373423e880c0f0 (MD5) / Made available in DSpace on 2017-08-16T13:37:52Z (GMT). No. of bitstreams: 1 COTOMACIO_Andre_2017.pdf: 38758195 bytes, checksum: aab77ac02b3eb518fa373423e880c0f0 (MD5) Previous issue date: 2017-03-24 / Não recebi financiamento / There are many studies in the literature that have shown the relationship between stock levels and financial performance, through profitability indicators, mostly to US manufacturing firms. However, the influence of the stock and its discrete components (raw material, inventory, production and finished product) in shareholder wealth has not been determined, particularly in the case of companies in Brazilian industrial sector. The present study aims to assess how the maintenance of inventory levels may affect profitability, returns and share performance in order to maximize shareholder wealth. For this purpose, panel data regressions were applied for fixed and random effects, based on financial data from companies which represents Brazilian manufacturing sector, listed in the BM&FBOVESPA Industrials Index (INDX). From the concept that a correct inventory and working capital management are directly linked to a better financial performance, the results show that this hypothesis confirmation or refutation vary according to the financial and inventory management metrics used, respectively, as dependent or independent variables. Another conclusion is that shareholder value creation has greater influence or is better able to isolate the effect of a correct inventory management, when compared to profitability and return metrics, only if linked to raw material or finished products indicators. Although the divergences regarding the influence of inventory and working capital management on financial performance still persist, this is one of the first studies that discuss this issue for Brazilian companies, and more specifically, for manufacturing sector, which represent an important stock portfolio index in the country. / Muitos são os trabalhos na literatura que mostraram a relação entre os níveis de estoque e o desempenho financeiro, por meio de indicadores de lucratividade, em sua grande maioria para empresas de manufatura dos EUA. Entretanto, a influência do estoque e de seus componentes discretos (matéria prima, estoque em produção e produto acabado) na riqueza do acionista ainda não foi determinada, principalmente em se tratando de empresas do setor industrial brasileiro. O presente estudo avaliou como a manutenção dos níveis de estoque podem afetar a lucratividade, rentabilidade e o desempenho das ações na maximização da riqueza do acionista. Para tanto, foram feitas regressões de dados em painel, testando-se para efeitos fixos e aleatórios, a partir de dados financeiros de empresas que representam o setor de manufatura brasileiro, listadas no Índice do Setor Industrial (INDX) da BM&FBOVESPA. Partindo da premissa de que uma correta gestão do estoque e do capital de giro estará diretamente ligada a um melhor desempenho financeiro, as conclusões apontam que a confirmação ou refutação dessa hipótese variam conforme a métrica financeira e de gestão de estoque utilizadas, respectivamente, como variáveis dependentes e independentes. Outra conclusão observada é que a criação de valor ao acionista sofre maior influência ou é capaz de isolar melhor o efeito de uma correta gestão de estoques, se comparada a métricas de lucratividade e de rentabilidade, somente quando atrelada aos indicadores de estoques de matéria prima e de produtos acabados. Apesar de as divergências quanto à relação da influência do desempenho do estoque e do capital de giro no desempenho financeiro ainda persistirem, este é um dos primeiros trabalhos a trazer esta discussão para análises em empresas brasileiras e, mais especificamente, para empresas do setor de manufatura, que representam um importante índice de carteira de ações no país.

Submitted by Milena Rubi (milenarubi@ufscar.br) on 2017-09-29T15:21:14Z No. of bitstreams: 1 SILVA_Thiago_2017.pdf: 1181442 bytes, checksum: 4f23a7c4f6982cfaacf64f298b2b15d5 (MD5) / Approved for entry into archive by Milena Rubi (milenarubi@ufscar.br) on 2017-09-29T15:21:28Z (GMT) No. of bitstreams: 1 SILVA_Thiago_2017.pdf: 1181442 bytes, checksum: 4f23a7c4f6982cfaacf64f298b2b15d5 (MD5) / Approved for entry into archive by Milena Rubi (milenarubi@ufscar.br) on 2017-09-29T15:21:46Z (GMT) No. of bitstreams: 1 SILVA_Thiago_2017.pdf: 1181442 bytes, checksum: 4f23a7c4f6982cfaacf64f298b2b15d5 (MD5) / Made available in DSpace on 2017-09-29T15:21:54Z (GMT). No. of bitstreams: 1 SILVA_Thiago_2017.pdf: 1181442 bytes, checksum: 4f23a7c4f6982cfaacf64f298b2b15d5 (MD5) Previous issue date: 2017-05-12 / Não recebi financiamento / Sustainable development raises at present days a number of challenges to manufacturing, precisely in order to make production more sustainable, equating economic and financial issues with environmental and social issues. Cleaner Production represents one of the approaches which can be used by manufacturing companies in the attempt to achieve this purpose, rightfully represent this a strategy oriented to the reduction of negative impacts arising from production processes in all its extension. As a direct result of the implementation of cleaner production practices, enhances the efficiency of the production process, thus increasing competitiveness of enterprises, whether in terms of increases in manufacturing capacity, both in terms of better prospects of generating financial results. However, in the case of the Brazilian context, are relatively sparse theoretical-empirical evidence that greater intensity as the implementation of cleaner production practices on the part of corporations effectively shown able to influence your financial performance. Under such circumstances, the objective of the present study is to assess whether the greater or less intensity about the implementation of cleaner production practices by manufacturing companies listed on the BM&FBOVESPA shown effectively able to provide significant differences in terms of financial performance. To this end, a survey research was undertaken by the manufacturing companies listed on the BM&FBOVESPA, whose research instrument was constituted in the questionnaire. The collected data were subjected to statistical analysis by means of appropriate software to such purpose, by use of Multivariate Statistical technique called multiple Linear Regression. Finally, the survey results point to the perception that some of the cleaner production practices seem to influence corporate financial performance, profitability, and profitability, than be seen to be viable your implementation under the economic-financial point of view. / A temática do desenvolvimento sustentável suscita na atualidade uma série de desafios à manufatura, mais especificamente no sentido de que se faz urgente levar a efeito um modelo de produção mais sustentável, equacionando-se de tal maneira as questões de ordem econômico-financeira com as questões de ordem ambiental e social. A Produção Mais Limpa representa uma das abordagens das quais podem se valer as empresas de manufatura no intento de alcançar o propósito de tornar a produção mais sustentável, na medida em que se configura em uma estratégia orientada à redução dos impactos negativos decorrentes dos processos produtivos em toda a sua extensão. Como resultado direto da implementação de práticas de Produção Mais Limpa, potencializa-se a eficiência global do processo produtivo, ampliando-se assim a competitividade das empresas, seja isso em termos de incrementos na sua capacidade manufatureira, seja em termos de melhores perspectivas de geração de resultados financeiros. No entanto, em se tratando do contexto brasileiro, são relativamente escassas as evidências teórico-empíricas de que maior intensidade quanto à implementação de práticas de Produção Mais Limpa por parte das corporações efetivamente se mostra capaz de influenciar seu desempenho financeiro. Sob tais circunstâncias, o objetivo do presente estudo consiste em avaliar se a maior ou a menor intensidade quanto à implementação de práticas de Produção Mais Limpa por parte das companhias de manufatura listadas na BM&FBOVESPA se mostra efetivamente capaz de proporcionar diferenças significativas em termos de desempenho financeiro. Para tanto, foi empreendida uma pesquisa survey junto às companhias de manufatura listadas na BM&FBOVESPA, cujo instrumento de pesquisa se constituiu no Questionário. Os dados coletados foram submetidos a análises estatísticas por meio de software apropriado a tal finalidade, mediante emprego da técnica de Estatística Multivariada denominada Regressão Linear Múltipla. Finalmente, os resultados da pesquisa apontam para a percepção de que algumas das práticas de Produção Mais Limpa parecem influenciar o desempenho financeiro das corporações, mais especificamente a lucratividade e a rentabilidade, do que se depreende seja viável sua implementação sob o ponto de vista econômico-financeiro.

L’objectif de ce travail de recherche consiste à déterminer l’impact du comité d’audit sur la performance financière des PME libanaises. Ceci dit que l’objectif consiste aussi à étudier l’influence du système de gouvernance sur l’indépendance du comité d’audit. Les variables mobilisées sont relatives aux caractéristiques du conseil d’administration et du comité d’audit. A cela s’ajoute, trois déterminants qui sont relatifs à l’indépendance du comité d’audit, la structure du conseil d’administration et l’impact du système dual. A titre indicatif la rentabilité des PME est relatée notamment à partir des rapports annuels. L’échantillon comprend 58 PME libanaises et l’étude s’étale sur une période de 4 ans, à savoir entre 2011 et 2014. Les résultats font apparaître que le comité d’audit peine à avoir une indépendance totale. Cela peut être expliqué par l’apposement d’un système dual et aussi par le nombre limité au sein du comité. Dans ce sens, le comité d’audit dans les PME libanaises est réprimé notamment à travers le déploiement de ses responsabilités et de sa contribution au niveau de la revue des états financiers. Ce qui s’avère préjudiciable à une meilleure croissance de la performance financière pour les PME / The aim of this research study is to determine the impact of the audit committee on the financial performance of Lebanese SMEs. This research focuses also on the influence of the governance system on the independence of the audit committee. The variables used are related to the characteristics of the board and of the audit committee. Moreover, three other determinants are referred as the independence of the audit committee, the structure of the board and the impact of the dual system in order to bring some elements of answers to our main interrogation. As an indication, SMEs profitability is reported especially from annual reports. The sample includes 58 Lebanese SMEs and the study covers a period of 4 years, from 2011 till 2014. The results show that the audit committee hardly has a total independence. This can be explained by the appeasement of a dual system and also by the presence of a limited number within the committee. In this sense, the audit committee in Lebanese SMEs is repressed and cannot be clearly active through the deployment of its responsibilities and its contribution in reviewing the financial statements. This appears as detrimental to a better growth for the SMEs sector financial performance

Le rôle de l’entrepreneuriat en tant que levier pour les économies a été beaucoup mis en évidence et depuis longtemps (cf. Schumpeter). Dans ce sens, selon l’OCDE (2016) « L’entrepreneuriat est une source importante de création d’emplois et d’innovation ». De plus, « l’entrepreneuriat est considéré comme un moteur essentiel de la reprise économique et de la croissance de l’emploi » (OCDE, 2012Toutefois, l’aspect « économique » de l’entrepreneuriat semble moins évident pour les cas des femmes entrepreneures. En effet, en 2013, les femmes qui travaillaient à leur compte gagnaient entre 13 % et 60 % de moins que les hommes dans la zone OCDE (OCDE, 2016). Ce constat concernant l’écart en matière de performance économique et de caractéristiques des entreprises créées et gérées par des entrepreneures femmes rejoint les résultats de recherches académiques qui ont noté que celles-ci créent des entreprises de très petites tailles et à faible croissance.Dans le cadre de cette thèse nous optons pour une recherche focalisée exclusivement sur les femmes. Nous mettons ainsi l’accent sur la notion de la performance des entreprises telle qu'elle est vue et définie par ces femmes entrepreneures.L’objectif de ce travail de recherche est de mettre en évidence une définition de la performance donnée par les femmes entrepreneures. Répondre à cette problématique permettrait de contribuer à la littérature en apportant de nouvelles connaissances sur la performance et sur les femmes entrepreneures. En effet, le phénomène dit de « sous-performance » est remis en question, et la performance des entreprises est vue sous un autre angle. En suite, sur un plan plus pratique, comprendre certains phénomènes et comportements permet de mettre en place les dispositifs nécessaires pour mieux les orienter et surtout les encourager. / The role of entrepreneurship has been highlighted as leverage for many economies (see Schumpeter). In this sense, according to the OECD (2016) "Entrepreneurship is an important source of job creation and innovation". In addition, "entrepreneurship is seen as a key driver of economic recovery and employment growth" (OECD, 2012)However, the "economic" aspect of entrepreneurship seems to be less obvious for the case of women entrepreneurs. In 2013, self-employed women earned between 13% and 60% less than men in the OECD area (OECD, 2016). This finding concerning the gap in economic performance and the characteristics of firms created and managed by women entrepreners is consistent with academic research results. Reserchers concluded that women entrepreneurs create smaller and with lower-growth rate firms.In this thesis we opt for a research focused exclusively on women. Thus we emphasize the notion of corporate performance as seen and defined by those women entrepreneurs.The purpose of this research is to highlight a definition of performance given by women entrepreneurs. We aim to contribute to the literature by bringing new knowledge on performance and on women entrepreneurs. Indeed, the phenomenon called "underperformance" is questioned, and the performance of small firms is seen from another angle. Then, on a practical level, politics need to understand certain phenomena and behaviors. That would help them to put in place the necessary devices to better guide women enrepreneurs and especially to encourage them.

Objective of the theses: To design business plan including analysis of options of financing by European funds, to evaluate competitiveness of the business plan by comparison with companies with similar specialization (use database ALBERTINA).

Submitted by Tales Lima Freire (taleslfreire@hotmail.com) on 2016-03-04T17:25:49Z No. of bitstreams: 1 Dissertação Tales Freire V3.docx: 124164 bytes, checksum: f4f7691e9f148153171837b07169785b (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Tales, boa tarde Devido às normas da ABNT, deverá realizar as seguintes alterações para que possamos aceitar seu trabalho junto à biblioteca: O arquivo deve estar em pdf. Retirar a acentuação de Getúlio. Em seguida, realizar uma nova submissão. Att on 2016-03-04T17:45:57Z (GMT) / Submitted by Tales Lima Freire (taleslfreire@hotmail.com) on 2016-03-04T18:31:42Z No. of bitstreams: 1 Dissertação Tales Freire.pdf: 247166 bytes, checksum: c5289dffba6f4285958522e79171dd33 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-03-04T18:39:50Z (GMT) No. of bitstreams: 1 Dissertação Tales Freire.pdf: 247166 bytes, checksum: c5289dffba6f4285958522e79171dd33 (MD5) / Made available in DSpace on 2016-03-04T19:03:41Z (GMT). No. of bitstreams: 1 Dissertação Tales Freire.pdf: 247166 bytes, checksum: c5289dffba6f4285958522e79171dd33 (MD5) Previous issue date: 2016-02-15 / 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. / Este artigo busca compreender melhor a relação entre o desempenho financeiro e de mercado das empresas e a remuneração dos executivos, de modo a verificar se os interesses dos executivos estão alinhados com os dos acionistas. Foram realizadas regressões lineares múltiplas pelo método dos mínimos quadrados ordinários e pelo método TOBIT para uma amostra de 128 empresas listadas na bolsa de valores brasileira, com base nos dados do ano de 2014. As variáveis de desempenho financeiro tiveram correlação positiva com a remuneração executiva total e remuneração fixa, mas elas não foram estatisticamente significantes para explicar a remuneração variável e por meio de stock options, resultado inconsistente com a literatura e o objetivo da própria estrutura de remuneração. Além disso, foi observado que o tamanho da empresa tem influência positiva sobre a remuneração executiva, enquanto que a concentração acionária, controle acionário público e endividamento têm efeito negativo sobre a remuneração executiva.