Transparência de remuneração de executivos e governança
In Brazil, studies on executive compensation are still recent, and mostly focused on qualitative research. Generally, the reason used to justify the absence of research on this topic in Brazil is the lack of available information on executive compensation. This study analyzes the relation between co...
| Autor: | |
|---|---|
| Tipo de documento: | dissertação |
| Estado: | Versão publicada |
| Data de publicação: | 2010 |
| País: | Brasil |
| Recursos: | Fundação Getulio Vargas (FGV) |
| Repositório: | Repositório Institucional do FGV (FGV Repositório Digital) |
| Idioma: | português |
| OAI Identifier: | oai:repositorio.fgv.br:10438/6955 |
| Acesso em linha: | https://hdl.handle.net/10438/6955 |
| Access Level: | Acceso aberto |
| Palavra-chave: | Corporate governance Executive compensation Governança corporativa Remuneração de executivos Economia Executivos - Salários, etc. |
| Resumo: | In Brazil, studies on executive compensation are still recent, and mostly focused on qualitative research. Generally, the reason used to justify the absence of research on this topic in Brazil is the lack of available information on executive compensation. This study analyzes the relation between corporate governance practices and disclosure of executive compensation. Do companies with better governance disclose more information on executive compensation? This paper innovates in the sense that we are the first to construct an index of executive compensation disclosure, which allows us to measure objectively the transparency regarding executive compensation. Our results indicate that Brazilian firms with ADRs in the U.S. are more transparent regarding executive compensation. On the other hand, there is no positive relation between disclosure of executive compensation and the listing on BM&FBovespa New Market. This results makes sense, since the U.S. law requires a detailed disclosure of executive compensation, whereas BM&FBovespa New Market does not have specific rules about executive compensation. |
|---|