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Previous issue date: 2017-03-10 / Os estudos sobre remunera??o de executivos t?m sido foco de bastante discuss?o no meio acad?mico e no mercado. Esta pesquisa busca analisar se a remunera??o dos executivos exerce influ?ncia na persist?ncia do desempenho das empresas listadas na BM&FBOVESPA. Para atingir este objetivo, foi utilizado um modelo econom?trico com as vari?veis ? lucro operacional, remunera??o fixa, b?nus, participa??o nos lucros, pagamento baseado em a??es, tamanho, alavancagem e grau de responsabilidade social, para uma amostra de cento e quatro empresas abertas, no per?odo de 2011 a 2015, cujas informa??es est?o dispon?veis na base de dados da Bloomberg. Utilizou-se, como ferramenta estat?stica, uma abordagem de painel din?mico por estima??o pelo M?todo dos Momentos Generalizados de Sistema (GMM-SYS), de Arellano e Bover (1995) e Blundell e Bond (1998). Os resultados mostram que apenas as empresas de controle governamental n?o apresentaram resultados persistentes. Quanto ? remunera??o, observou-se que a parcela fixa contribui para o aumento da persist?ncia no desempenho das companhias de controle institucional, familiar e difuso. Al?m disso, verificou-se, em todos os tipos de controle, a n?o signific?ncia do pagamento de b?nus, apesar de ter apresentado coeficientes relevantes. Por outro lado, a participa??o nos lucros apresentou uma rela??o positiva com o lucro operacional no ano anterior nas companhias de controle governamental. J? o pagamento baseado em a??es influencia na gera??o de lucros mais persistentes apenas quando o controle ? do tipo difuso, divergindo dos achados de Baber, Kang e Kumar (1998) e Ashley e Yang (2004), em que n?o foi observada signific?ncia de tal vari?vel. Constatou-se, ainda, que vari?veis como tamanho e alavancagem contribuem para elevar a persist?ncia dos lucros, enquanto a responsabilidade social contribui para a sua redu??o. / Studies on business executives? compensation have been the focus of much discussion in academia and in the market. This research seeks to analyze whether executive compensation influences the performance persistence of the companies listed on BM&FBOVESPA. To achieve this objective, an econometric model was used with the variables - operating profit, fixed compensation, bonus, profit sharing, share-based payment, size, leverage and social responsibility level - for a sample of one hundred and four open companies, in the period from 2011 to 2015, whose information are available in the Bloomberg database. As a statistical tool, a dynamic panel approach was used by Arellano and Bover (1995) and Blundell and Bond (1998) to estimate the system Generalized Moments of Time (GMM-SYS) method. The results show that only the governmental control companies did not present persistent results. Regarding the compensation, it was observed that the fixed compensation contributes to increase the performance persistence on institutional, family and diffuse controlled companies. In addition, it was found, in all types of control, the non-significance of the payment of bonuses, despite the relevant coefficients. On the other hand, profit sharing had a positive outcome with operating profit in the previous year in government-owned companies. The stock-based payment influences the generation profit in a more persistent way only when the control is diffuse, differing from the findings of Baber, Kang and Kumar (1998) and Ashley and Yang (2004), in which there was no significant variable change. It was also observed that variables such as size and leverage contributes to increase the persistence of profits, while social responsibility contributes to their reduction.
| Identifer | oai:union.ndltd.org:IBICT/oai:repositorio.ufrn.br:123456789/23481 |
| Date | 10 March 2017 |
| Creators | Melo, Cec?lia Maria Medeiros Dantas de |
| Contributors | 22584935287, http://lattes.cnpq.br/0428428556686066, Mol, Anderson Luiz Rezende, 03040553607, http://lattes.cnpq.br/4968429773311336, Lucena, Wenner Glaucio Lopes, 02221978463, http://lattes.cnpq.br/8131572207239842, Tavares, Adilson de Lima |
| Publisher | PROGRAMA DE P?S-GRADUA??O EM CI?NCIAS CONT?BEIS, UFRN, Brasil |
| Source Sets | IBICT Brazilian ETDs |
| Language | Portuguese |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Source | reponame:Repositório Institucional da UFRN, instname:Universidade Federal do Rio Grande do Norte, instacron:UFRN |
| Rights | info:eu-repo/semantics/openAccess |
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