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Previous issue date: 2012-11-12 / The executive compensation, recently, attracted the attention of investors and society, specifically the episode \"millionaires bonus\" paid to American executives who received massive amounts of money, even presenting results unprofitable companies that country. However, a problem indeed studied in the finance literature is that of information asymmetry and the relationship between agent and principal. Normative Instruction 480 issued by the CVM which, among other norms, determined the disclosure of remuneration fixed, variable and equity-based components of members of senior management, statutory committees, audit, risk, finance, compensation, beyond the board and tax has made possible the disclosure of empirical studies on executive compensation and performance of companies present in the Brazilian stock market. The distinction of persons, owner and manager of a business is a natural tendency of the global economy in view of the possibility of having highly skilled people at the helm of a company qualified for the tasks assigned to it. Thus arises the agency problem and the problem of this research: there is a relationship between executive compensation and performance of Brazilian companies? Thus, the overall goal of the research was to determine whether there is a relationship between compensation paid to executives of Brazilian companies and the performance of these companies. Specific also aimed to present the composition of executive remuneration in Brazil, check if the variable compensation influences the outcome of Brazilian companies, identify and describe characteristics of such companies which size and sector differences between the average pay per sector, descriptive statistics about the remuneration in Brazil, to investigate the relationship between executive compensation and performance of Brazilian companies and present the literature that addresses the relationship between executive compensation and performance companies. We used panel data with the observation of fixed effects and random effects. The study showed a statistically significant positive between executive compensation and performance of Brazilian companies. Concluded that there is increased executive compensation when there is increasing return to shareholders for the year, in the previous year and second last year / A remunera????o de executivos atraiu nos ??ltimos anos a aten????o da sociedade e de investidores, mais especificamente o epis??dio de \"b??nus milion??rios\" pagos a executivos norte americanos que receberam volumosas somas em dinheiro, mesmo apresentando resultados deficit??rios ??s companhias daquele pa??s. N??o obstante, um problema deveras estudado na literatura de finan??as ?? o da assimetria de informa????o e a rela????o entre o agente e o principal. A Instru????o Normativa 480 publicada pela Comiss??o de Valores Mobiliarios que, entre outras normatiza????es, determinou a divulga????o de remunera????es fixa, vari??vel e baseada em a????es de membros de componentes da alta diretoria, comit??s estatut??rio, de auditoria, de risco, financeiro, de remunera????o, al??m do conselho de administra????o e fiscal, tornou poss??vel a evidencia????o emp??rica dos estudos sobre remunera????o executiva e desempenho de companhias presentes no mercado acion??rio brasileiro. A distin????o das pessoas do propriet??rio e do gestor de um neg??cio ?? uma tend??ncia natural da economia globalizada tendo em vista a possibilidade de se ter pessoas altamente capacitadas no comando de uma companhia, qualificadas para as fun????es que lhe s??o atribu??das. Assim surge o problema de ag??ncia e o problema desta pesquisa: existe rela????o entre remunera????o de executivos e o desempenho de companhias abertas brasileiras? Deste modo, o objetivo geral da pesquisa foi o de verificar se a remunera????o paga aos executivos de companhias abertas brasileiras ?? influenciada pelo desempenho destas empresas. Teve por objetivos espec??ficos tamb??m, apresentar a composi????o da remunera????o executiva no Brasil, verificar se a remunera????o vari??vel influencia no resultado das companhias brasileiras, identificar e descrever caracter??sticas das empresas tais quais tamanho e setor diferen??as entre a remunera????o m??dia por setor, estat??stica descritiva acerca da remunera????o no Brasil, investigar a rela????o existente entre a remunera????o de executivos e o desempenho das companhias abertas brasileiras e apresentar a literatura existente que aborde a rela????o entre remunera????o executiva e desempenho de companhias. Foram utilizadas dados em painel com a observa????o de efeitos fixos e efeitos aleat??rios. A pesquisa apresentou rela????o estatisticamente positiva e significativa entre a remunera????o executiva e desempenho de companhias abertas brasileiras. Concluiu que h?? aumento da remunera????o executiva quando h?? aumento do retorno para o acionista no exerc??cio, no exerc??cio imediatamente anterior e no segundo exerc??cio anterior
| Identifer | oai:union.ndltd.org:IBICT/oai:132.0.0.61:tede/508 |
| Date | 12 November 2012 |
| Creators | Araujo, Juliano Augusto Orsi de |
| Contributors | Parisi, Claudio, Silva, Aldy Fernandes da, Nakamura, Wilson Toshiro |
| Publisher | FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, Mestrado em Ci??ncias Cont??beis, FECAP, BR, Controladoria e Contabilidade |
| Source Sets | IBICT Brazilian ETDs |
| Language | Portuguese |
| Detected Language | Portuguese |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Format | application/pdf |
| Source | reponame:Biblioteca Digital de Teses e Dissertações do FECAP, instname:Fundação Aramando Álvares Penteado, instacron:FAAP |
| Rights | info:eu-repo/semantics/openAccess |
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