Covariates2
|
F |
C |
Number of executives |
NE |
Log (number of executives) |
Chen et al. (2008)Chen, Q., Goldstein, I., & Jiang, W. (2008). Directors’ ownership in the U.S. mutual fund industry. Journal of Finance, 63(6), 2629–2677. https://doi. org/10.2139/ssrn.685202 https://doi. org/10.2139/ssrn.685202...
, Granzotto and Sonza (2019)Granzotto, A., & Sonza, I. B. (2019). Compensar ou monitorar os execu- tivos? Revista de Administração, Contabilidade e Economia, 18(3), 393–418. https://doi.org/10.18593/race.20740 https://doi.org/10.18593/race.20740...
, and Schmid and Wurster (2016)Schmid, S., & Wurster, D. J. (2016). Are international top executives paid more? Empirical evidence on fixed and variable compensation in manage- ment boards of German MNCs. European Journal of International Manage- ment, 10(1), 25–53. https://doi.org/10.1504/EJIM.2016.073981 https://doi.org/10.1504/EJIM.2016.073981...
|
- |
+ |
Tenure of executives |
TE |
Log (average tenure of the executives) |
Chen et al. (2008)Chen, Q., Goldstein, I., & Jiang, W. (2008). Directors’ ownership in the U.S. mutual fund industry. Journal of Finance, 63(6), 2629–2677. https://doi. org/10.2139/ssrn.685202 https://doi. org/10.2139/ssrn.685202...
, Granzotto and Sonza (2019)Granzotto, A., & Sonza, I. B. (2019). Compensar ou monitorar os execu- tivos? Revista de Administração, Contabilidade e Economia, 18(3), 393–418. https://doi.org/10.18593/race.20740 https://doi.org/10.18593/race.20740...
, and Schmid and Wurster (2016)Schmid, S., & Wurster, D. J. (2016). Are international top executives paid more? Empirical evidence on fixed and variable compensation in manage- ment boards of German MNCs. European Journal of International Manage- ment, 10(1), 25–53. https://doi.org/10.1504/EJIM.2016.073981 https://doi.org/10.1504/EJIM.2016.073981...
|
|
|
Number of directors |
ND |
Log (number of directors) |
Hermalin and Weisbach (2003)Hermalin, B. E., & Weisbach, M. S. (2003). Board of directors as an endog- enously determined institution: A survey of the economic literature. Eco- nomic Policy Review, 9(1). https://papers.ssrn.com/sol3/papers.cfm? abstract_id=794804 https://papers.ssrn.com/sol3/papers.cfm?...
, Jensen (1993)Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831–880. https:// doi.org/10.1111/j.1540-6261.1993.tb04022.x https:// doi.org/10.1111/j.1540-6261.199...
, Granzotto and Sonza (2019)Granzotto, A., & Sonza, I. B. (2019). Compensar ou monitorar os execu- tivos? Revista de Administração, Contabilidade e Economia, 18(3), 393–418. https://doi.org/10.18593/race.20740 https://doi.org/10.18593/race.20740...
, and Conyon et al. (2019)Conyon, M. J., Haß, L. H., Vergauwe, S., & Zhang, Z. (2019). Foreign experi- ence and CEO compensation. Journal of Corporate Finance, 57, 102–121. https://doi.org/10.1016/j.jcorpfin.2017.12.016 https://doi.org/10.1016/j.jcorpfin.2017....
|
+
-
|
- |
Tenure of directors |
TD |
Log (average tenure of directors) |
Chen et al. (2008)Chen, Q., Goldstein, I., & Jiang, W. (2008). Directors’ ownership in the U.S. mutual fund industry. Journal of Finance, 63(6), 2629–2677. https://doi. org/10.2139/ssrn.685202 https://doi. org/10.2139/ssrn.685202...
, Sonza and Kloeckner (2014)Sonza, I. B., & Kloeckner, G. D. O. (2014). Does corporate governance influ- ence the efficiency of Brazilian companies? Revista Contabilidade & Finan- ças, 25(65), 145–160. https://www.scielo.br/j/rcf/a/v4DMSYyNtFyNJWy 3bRRqffC/?lang=en&format=pdf https://www.scielo.br/j/rcf/a/v4DMSYyNtF...
, Granzotto and Sonza (2019)Granzotto, A., & Sonza, I. B. (2019). Compensar ou monitorar os execu- tivos? Revista de Administração, Contabilidade e Economia, 18(3), 393–418. https://doi.org/10.18593/race.20740 https://doi.org/10.18593/race.20740...
, and Conyon et al. (2019)Conyon, M. J., Haß, L. H., Vergauwe, S., & Zhang, Z. (2019). Foreign experi- ence and CEO compensation. Journal of Corporate Finance, 57, 102–121. https://doi.org/10.1016/j.jcorpfin.2017.12.016 https://doi.org/10.1016/j.jcorpfin.2017....
|
+ |
- |
Size |
Size |
Log (total assets) |
Klapper and Love (2004)Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703–728. https://doi.org/10.1016/S0929-1199(03)00046-4 https://doi.org/10.1016/S0929-1199(03)00...
, Krauter (2013)Krauter, E. (2013). Executive remuneration and financial performance: A study of Brazilian companies. Revista de Educação e Pesquisa em Contabili- dade, 7(3)., Aguiar and Pimentel (2017)Aguiar, A. B. D., & Pimentel, R. C. (2017). Remuneração de executivos e desempenho no mercado brasileiro: Relações contemporâneas e defasa- das. Revista de Administração Contemporânea, 21(4), 545–568. http://dx.doi. org/10.1590/1982-7849rac2017160228 http://dx.doi. org/10.1590/1982-7849rac2...
, and Cai et al. (2023)Cai, X., Jiang, F., & Kang, J. K. (2023). Remote board meetings and board monitoring effectiveness: Evidence from China. Review of Financial Studies, Forthcoming. http://dx.doi.org/10.2139/ssrn.3450328 http://dx.doi.org/10.2139/ssrn.3450328...
|
+
-
|
+ |
Leverage |
AL |
|
Rajan and Zingales (1995)Rajan, R., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50, 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x https://doi.org/10.1111/j.1540-6261.1995...
, Lemmon et al. (2008)Lemmon, M., Roberts, M., & Zender, J. F. (2008). Back to the beginning: Persistence and the cross-section of corporate capital structure. The Journal of Finance, 63, 1–37. https://doi.org/10.1111/j.1540-6261.2008.01369.x https://doi.org/10.1111/j.1540-6261.2008...
, and Frank and Goyal (2008)Frank, M. Z., & Goyal, V. K. (2008). Trade-off and pecking order theories of debt. Handbook of Empirical Corporate Finance, 135–202. https://doi. org/10.1016/B978-0-444-53265-7.50004-4 https://doi. org/10.1016/B978-0-444-5326...
|
-
+
|
- |
Sectorial fixed effects |
Sector FE |
Dummies: 1 company belongs to the industrial sector and 0 otherwise |
Sonza and Kloeckner (2014) |
|
|
Time fixed effects |
Time FE |
Dummies: 1 company belongs to the year in which the data is generated and 0 otherwise |
Sonza and Kloeckner (2014) |
|
|