Variáveis dependentes |
Hipótese 1 |
Retorno sobre os ativos (ROA) |
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Duffhues e Labor (2008)Duffhues, P., & Kabir, R. (2008). Is the pay-performance relationship always positive? Evidence from the Netherlands. Journal of Multinational Financial Management, 18(1), 45-60. https://doi.org/10.1016/j.mulfin.2007.02.004
https://doi.org/10.1016/j.mulfin.2007.02...
; Tsao et al. (2015)Tsao, S. M., Lin, C. H., & Chen, V. Y. (2015). Family ownership as a moderator between R&D investments and CEO compensation. Journal of Business Research, 68(3), 599-606. https://doi.org/10.1016/j.jbusres.2014.09.001
https://doi.org/10.1016/j.jbusres.2014.0...
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Economática®
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Retorno sobre o patrimônio líquido (ROE) |
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Wet (2012)Wet, J. H. (2012). Executive compensation and the EVA and MVA performance of South African listed companies. Southern African Business Review, 16(3), 57-80. Retrieved from: https://www.ajol.info/index.php/sabr/article/view/85467
https://www.ajol.info/index.php/sabr/art...
; Kuo et al. (2014)Kuo, H-C., Lin, D., Lien, D., Wang, L-H., & Yeh, L-J. (2014). Is there an inverse U-Shaped relationship between pay and performance? North American Journal of Economics and Finance, 28(1), 347-357. https://doi.org/10.1016/j.najef.2014.03.007
https://doi.org/10.1016/j.najef.2014.03....
; Cheng (2014)Cheng, Q. (2014). Family firm research-A review. China Journal of Accounting Research, 7(3), 149-163. https://doi.org/10.1016/j.cjar.2014.03.002
https://doi.org/10.1016/j.cjar.2014.03.0...
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Economática®
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Hipótese 2 |
Pesquisa e desenvolvimento (P&D) |
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Kim et al. (2008)Kim, H., Kim, H., & Lee, P. M. (2008). Ownership structure and the relationship between financial slack and R&D investments: Evidence from Korean firms. Organization Science, 19(3), 404-418. https://doi.org/10.1287/orsc.1080.0360
https://doi.org/10.1287/orsc.1080.0360...
; Tsao et al. (2015)Tsao, S. M., Lin, C. H., & Chen, V. Y. (2015). Family ownership as a moderator between R&D investments and CEO compensation. Journal of Business Research, 68(3), 599-606. https://doi.org/10.1016/j.jbusres.2014.09.001
https://doi.org/10.1016/j.jbusres.2014.0...
; Chen et al. (2017)Chen, L. Y., Chen, Y. F., & Yang, S. Y. (2017). Managerial incentives and R&D investments: The moderating effect of the directors’ and officers’ liability insurance. The North American Journal of Economics and Finance, 39(1), 210-222. https://doi.org/10.1016/j.najef.2016.10.007
https://doi.org/10.1016/j.najef.2016.10....
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Notas explicativas, relatório da administração ou formulário de referência |
Crescimento do ativo fixo (CAF) |
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Proposição diferenciada de mensuração |
Economática®
|
Variáveis independentes |
Remuneração variável de curto prazo (RVCP) |
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Proposição diferenciada de mensuração |
Formulário de referência |
Dummy de remuneração variável de curto prazo (D_RVCP) |
onde Dummy = 0 se empresa familiar; e 1 se empresa não familiar |
Formulário de referência |
Remuneração variável de longo prazo (RVLP) |
|
Formulário de referência |
Dummy de remuneração variável de longo prazo (D_RVLP) |
onde Dummy = 0 se empresa familiar; e 1 se empresa não familiar |
Formulário de referência |
Variáveis de controle - Específicas da empresa |
Tamanho (TAM) |
Log dos ativos totais |
Kuo, Lien, Lien e Yeh(2014)Kuo, H-C., Lin, D., Lien, D., Wang, L-H., & Yeh, L-J. (2014). Is there an inverse U-Shaped relationship between pay and performance? North American Journal of Economics and Finance, 28(1), 347-357. https://doi.org/10.1016/j.najef.2014.03.007
https://doi.org/10.1016/j.najef.2014.03....
; Subekti e Sumargo (2015)Subekti, I., & Sumargo, D. K. (2015). Family management, executive compensation and financial performance of Indonesian listed companies. Procedia Social and Behavioral Sciences, 211(1), 578-584. https://doi.org/10.1016/j.sbspro.2015.11.076
https://doi.org/10.1016/j.sbspro.2015.11...
; Alregab (2015)Alregab, H. (2015). CEO pay: The role of performance governance and political connection (Doctoral dissertation), University of Leicester, Laicester, England.
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Economática®
|
Idade (ID) |
Número de anos de existência da empresa |
Yoo e Sung (2015)Yoo, T., & Sung, T. (2015). How outside directors facilitate corporate R&D investment? Evidence from large Korean firms. Journal of Business Research, 68(6), 1251-1260. https://doi.org/10.1016/j.jbusres.2014.11.005
https://doi.org/10.1016/j.jbusres.2014.1...
; Goes et al.(2017)Goes, T. H. M., Martins, H. H., & Machado Filho, C. A. P. (2017). Desempenho financeiro de empresas com características familiares: Análise de empresas brasileiras listadas na BM&F. REGE - Revista de Gestão, 24(3), 197-209. Retrieved from: http://www.revistas.usp.br/rege/article/view/134999
http://www.revistas.usp.br/rege/article/...
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Formulário de referência |
Folga financeira (FF) |
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Kim et al. (2008)Kim, H., Kim, H., & Lee, P. M. (2008). Ownership structure and the relationship between financial slack and R&D investments: Evidence from Korean firms. Organization Science, 19(3), 404-418. https://doi.org/10.1287/orsc.1080.0360
https://doi.org/10.1287/orsc.1080.0360...
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Economática®
|
Crescimento das vendas (CV) |
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Kato e Kubo (2006)Kato, T., & Kubo, K. (2006). CEO compensation and firm performance in Japan: Evidence from the new panel data on individual CEO pay. Journal of the Japanese and International Economies, 20(1), 1-19. https://doi.org/10.1016/j.jjie.2004.05.003
https://doi.org/10.1016/j.jjie.2004.05.0...
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Economática®
|
Estrutura de capital (EC) |
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Duffhues e Kabir (2008)Duffhues, P., & Kabir, R. (2008). Is the pay-performance relationship always positive? Evidence from the Netherlands. Journal of Multinational Financial Management, 18(1), 45-60. https://doi.org/10.1016/j.mulfin.2007.02.004
https://doi.org/10.1016/j.mulfin.2007.02...
; Cheng (2014)Cheng, Q. (2014). Family firm research-A review. China Journal of Accounting Research, 7(3), 149-163. https://doi.org/10.1016/j.cjar.2014.03.002
https://doi.org/10.1016/j.cjar.2014.03.0...
; Subekti e Sumargo (2015)Subekti, I., & Sumargo, D. K. (2015). Family management, executive compensation and financial performance of Indonesian listed companies. Procedia Social and Behavioral Sciences, 211(1), 578-584. https://doi.org/10.1016/j.sbspro.2015.11.076
https://doi.org/10.1016/j.sbspro.2015.11...
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Economática®
|
Variáveis de controle - Efeitos fixos |
Efeito fixo de setor |
Classificação Bovespa, tendo-se: 1. Bens industriais; 2. Consumo cíclico; 3. Consumo não cíclico; 4. Materiais básicos; 5. Petróleo, gás e biocombustíveis; 6. Saúde; 7. Telecomunicações; e 8. Utilidade pública. |
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Economática®
|
Efeito fixo de ano |
Período de estudo, tendo-se: 2012 a 2017 |
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Economática®
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