NDLI: Sustentabilidade Empresarial e Governança Corporativa: Uma Análise da Relação do ISE da BM&FBOVESPA com a Compensação dos Gestores de Empresas Brasileiras

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Sustentabilidade Empresarial e Governança Corporativa: Uma Análise da Relação do ISE da BM&FBOVESPA com a Compensação dos Gestores de Empresas Brasileiras

Content Provider	Semantic Scholar
Author	Guimarães, Thayse Machado Peixoto, Fernanda Maciel Carvalho, Luciana Freire De
Copyright Year	2017
Abstract	The objective in this article was to identify the influence of corporate sustainability on the compensation of the managers of Brazilian non-financial companies listed on BM&FBOVESPA from 2009 to 2013. The study of manager compensation and corporate sustainability arouses reflections on the problems arising from the Agency Theory, and also permits the visualization of stakeholder theory and the search for value in the long term. To develop this study, it is expected that the companies that are listed in the Corporate Sustainability Index (ISE) of BM&FBOVESPA will grant better remunerations to their managers. Thus, the regression method with panel data, with fixed effects estimation, was used to test the relationship between the proposed variables. As the main results, we noticed a positive and statistically significant relationship between managers’ total remuneration with the ISE, the corporate governance quality variable (companies listed in the Novo Mercado) and the market-to-book value. In addition, a negative relation was observed between the total remuneration of the managers and the volatility of the returns. Thus, it can be inferred that the more sustainable companies tend to grant higher remunerations to their managers, which corroborates the central hypothesis of the research and the assumptions of the Stakeholder theory.
Starting Page	134
Ending Page	149
Page Count	16
File Format	PDF HTM / HTML
DOI	10.17524/repec.v11i2.1418
Volume Number	11
Alternate Webpage(s)	http://www.repec.org.br/repec/article/download/1418/1233/
Alternate Webpage(s)	https://doi.org/10.17524/repec.v11i2.1418
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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