Variação da remuneração total da diretoria executiva (∆REMT) |
Diferença entre a remuneração total da diretoria em t e em t-1 (em R$ unidades) ponderada pelo ativo total em t-1 (em R$ mil) |
Item 13.2 do Formulário de Referência da B3. |
Amzaleg et al. (2014Amzaleg, Y., Azar, O. H., Ben-Zion, U., & Rosenfeld, A. (2014). CEO control, corporate performance and pay-performance sensitivity. Journal of Economic Behavior & Organization, 106, 166-174. https://doi.org/10.1016/j.jebo.2014.07.004 https://doi.org/10.1016/j.jebo.2014.07.0...
); Brandão et al. (2019Brandão, I. D. F., Vasconcelos, A. C. D., De Luca, M. M. M., & Crisóstomo, V. L. (2019). Composição do conselho de administração e sensibilidade da remuneração executiva ao desempenho de mercado. Revista Contabilidade & Finanças, 30(79), 28-41. https://doi.org/10.1590/1808-057x201806610 https://doi.org/10.1590/1808-057x2018066...
); Ferrell et al. (2016Ferrell, A., Hao, L., & Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122(3), 585-606. https://doi.org/10.1016/j.jfineco.2015.12.003 https://doi.org/10.1016/j.jfineco.2015.1...
); Gillan et al. (2010Gillan, S., Hartzell, J. C., Koch, A., & Starks, L. T. (2010). Firms’ environmental, social and governance choices, performance and managerial motivation. Working Paper, 1-45. Retrieved from: https://sites.pitt.edu/~awkoch/ESG%20Nov%202010.pdf https://sites.pitt.edu/~awkoch/ESG%20Nov...
); Iglesias et al. (2022Iglesias, T. M. G., Silva, T. D., Jesuka, D., & Peixoto, F. M. (2022). Reflexos da Governança Corporativa sobre a Pay-Performance Sensitivity: uma nova perspectiva. Revista de Administração Mackenzie, 23(1), 1-27. https://doi.org/10.1590/1678-6971/eRAMF220088 https://doi.org/10.1590/1678-6971/eRAMF2...
); Jensen e Murphy (1990Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives. Journal of Political Economy, 98(2), 225-264. https://doi.org/10.1086/261677 https://doi.org/10.1086/261677...
); Jian e Lee (2015Jian, M., & Lee, K. W. (2015). CEO compensation and corporate social responsibility. Journal of Multinational Financial Management, 29, 46-65. https://doi.org/10.1016/j.mulfin.2014.11.004 https://doi.org/10.1016/j.mulfin.2014.11...
); Lei et al. (2019Lei, Q., Lu, R., & Ren, L. (2019). Non-CEO top managers’ monitoring power and CEO pay-performance sensitivity in state-owned enterprises: Evidence from Chinese state-owned listed firms. China Journal of Accounting Research, 12(4), 411-430. https://doi.org/10.1016/j.cjar.2019.10.001 https://doi.org/10.1016/j.cjar.2019.10.0...
); Ouyang et al. (2019Ouyang, C., Xiong, J., & Fan, L. (2019). Do insiders share pledging affect executive pay-for-performance sensitivity? International Review of Economics & Finance, 63, 226-239. https://doi.org/10.1016/j.iref.2018.10.019 https://doi.org/10.1016/j.iref.2018.10.0...
); Rath et al. (2020Rath, C., Kurniasari, F., & Deo, M. (2020). CEO Compensation and Firm Performance: The Role of ESG Transparency. Indonesian Journal of Sustainability Accounting and Management, 4(2), 278-293. https:// doi.org/10.28992/ijsam.v4i2.225 https:// doi.org/10.28992/ijsam.v4i2.225...
); Zhou et al. (2017Zhou, F., Fan, Y., An, Y., & Zhong, L. (2017). Independent directors, non-controlling directors, and executive pay-for-performance sensitivity: Evidence from Chinese non-state owned enterprises. Pacific-Basin Finance Journal, 43, 55-71. https://doi.org/10.1016/j.pacfin.2017.02.003 https://doi.org/10.1016/j.pacfin.2017.02...
). |
Variação da remuneração per capita total da diretoria executiva (∆REMPC) |
Diferença entre a remuneração per capita da diretoria em t e a remuneração em t-1 (em R$ unidades) ponderada pelo ativo total em t-1 (em R$ mil) |
Brandão et al. (2019Brandão, I. D. F., Vasconcelos, A. C. D., De Luca, M. M. M., & Crisóstomo, V. L. (2019). Composição do conselho de administração e sensibilidade da remuneração executiva ao desempenho de mercado. Revista Contabilidade & Finanças, 30(79), 28-41. https://doi.org/10.1590/1808-057x201806610 https://doi.org/10.1590/1808-057x2018066...
); Jensen & Murphy (1990Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives. Journal of Political Economy, 98(2), 225-264. https://doi.org/10.1086/261677 https://doi.org/10.1086/261677...
); Lei et al. (2019Lei, Q., Lu, R., & Ren, L. (2019). Non-CEO top managers’ monitoring power and CEO pay-performance sensitivity in state-owned enterprises: Evidence from Chinese state-owned listed firms. China Journal of Accounting Research, 12(4), 411-430. https://doi.org/10.1016/j.cjar.2019.10.001 https://doi.org/10.1016/j.cjar.2019.10.0...
); Ouyang et al. (2019Ouyang, C., Xiong, J., & Fan, L. (2019). Do insiders share pledging affect executive pay-for-performance sensitivity? International Review of Economics & Finance, 63, 226-239. https://doi.org/10.1016/j.iref.2018.10.019 https://doi.org/10.1016/j.iref.2018.10.0...
); Zhou et al. (2017Zhou, F., Fan, Y., An, Y., & Zhong, L. (2017). Independent directors, non-controlling directors, and executive pay-for-performance sensitivity: Evidence from Chinese non-state owned enterprises. Pacific-Basin Finance Journal, 43, 55-71. https://doi.org/10.1016/j.pacfin.2017.02.003 https://doi.org/10.1016/j.pacfin.2017.02...
). |
Variável Independente - Desempenho de Mercado
|
Variação do valor de mercado (∆VM) |
Diferença entre o valor de mercado da empresa em t e o valor em t-1 (em R$ mil) ponderada pelo ativo total em t-1 (em R$ mil) |
Economática®
|
Brandão et al. (2019Brandão, I. D. F., Vasconcelos, A. C. D., De Luca, M. M. M., & Crisóstomo, V. L. (2019). Composição do conselho de administração e sensibilidade da remuneração executiva ao desempenho de mercado. Revista Contabilidade & Finanças, 30(79), 28-41. https://doi.org/10.1590/1808-057x201806610 https://doi.org/10.1590/1808-057x2018066...
); Ferrell et al. (2016Ferrell, A., Hao, L., & Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122(3), 585-606. https://doi.org/10.1016/j.jfineco.2015.12.003 https://doi.org/10.1016/j.jfineco.2015.1...
); Iglesias et al. (2022Iglesias, T. M. G., Silva, T. D., Jesuka, D., & Peixoto, F. M. (2022). Reflexos da Governança Corporativa sobre a Pay-Performance Sensitivity: uma nova perspectiva. Revista de Administração Mackenzie, 23(1), 1-27. https://doi.org/10.1590/1678-6971/eRAMF220088 https://doi.org/10.1590/1678-6971/eRAMF2...
); Jensen e Murphy (1990Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives. Journal of Political Economy, 98(2), 225-264. https://doi.org/10.1086/261677 https://doi.org/10.1086/261677...
); Rath et al. (2020Rath, C., Kurniasari, F., & Deo, M. (2020). CEO Compensation and Firm Performance: The Role of ESG Transparency. Indonesian Journal of Sustainability Accounting and Management, 4(2), 278-293. https:// doi.org/10.28992/ijsam.v4i2.225 https:// doi.org/10.28992/ijsam.v4i2.225...
). |
Variáveis Independentes Moderadoras - Environmental Social and Governance (ESG)
|
ESG |
Conforme o relatório Refinitiv Eikon® (2022Refinitiv Eikon. (2022). Environmental, Social and Governance scores from Refinitiv. Retrieved from: https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf https://www.refinitiv.com/content/dam/ma...
), refere-se a uma pontuação geral, abrangendo aspectos ambientais, sociais e de governança corporativa. |
Refinitiv Eikon®
|
Cho e Ibrahim (2021Cho, M., & Ibrahim, S. (2021). Non-financial performance measures and pay-performance sensitivity. Journal of Financial Reporting and Accounting, 1-30. https://doi.org/10.1108/JFRA-01-2021-0018 https://doi.org/10.1108/JFRA-01-2021-001...
); Ferrell et al. (2016Ferrell, A., Hao, L., & Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122(3), 585-606. https://doi.org/10.1016/j.jfineco.2015.12.003 https://doi.org/10.1016/j.jfineco.2015.1...
); Gillan et al. (2010Gillan, S., Hartzell, J. C., Koch, A., & Starks, L. T. (2010). Firms’ environmental, social and governance choices, performance and managerial motivation. Working Paper, 1-45. Retrieved from: https://sites.pitt.edu/~awkoch/ESG%20Nov%202010.pdf https://sites.pitt.edu/~awkoch/ESG%20Nov...
); Jian & Lee (2015Jian, M., & Lee, K. W. (2015). CEO compensation and corporate social responsibility. Journal of Multinational Financial Management, 29, 46-65. https://doi.org/10.1016/j.mulfin.2014.11.004 https://doi.org/10.1016/j.mulfin.2014.11...
); Rath et al. (2020Rath, C., Kurniasari, F., & Deo, M. (2020). CEO Compensation and Firm Performance: The Role of ESG Transparency. Indonesian Journal of Sustainability Accounting and Management, 4(2), 278-293. https:// doi.org/10.28992/ijsam.v4i2.225 https:// doi.org/10.28992/ijsam.v4i2.225...
); |
Divulgação Ambiental (AMB) |
Conforme o relatório Refinitiv Eikon® (2022Refinitiv Eikon. (2022). Environmental, Social and Governance scores from Refinitiv. Retrieved from: https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf https://www.refinitiv.com/content/dam/ma...
), refere-se à pontuação ambiental. Abrange aspectos relativos ao uso de recursos, emissões e inovação para temas ambientais. |
Ferrell et al. (2016Ferrell, A., Hao, L., & Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122(3), 585-606. https://doi.org/10.1016/j.jfineco.2015.12.003 https://doi.org/10.1016/j.jfineco.2015.1...
); Gillan et al. (2010Gillan, S., Hartzell, J. C., Koch, A., & Starks, L. T. (2010). Firms’ environmental, social and governance choices, performance and managerial motivation. Working Paper, 1-45. Retrieved from: https://sites.pitt.edu/~awkoch/ESG%20Nov%202010.pdf https://sites.pitt.edu/~awkoch/ESG%20Nov...
); Rath et al. (2020Rath, C., Kurniasari, F., & Deo, M. (2020). CEO Compensation and Firm Performance: The Role of ESG Transparency. Indonesian Journal of Sustainability Accounting and Management, 4(2), 278-293. https:// doi.org/10.28992/ijsam.v4i2.225 https:// doi.org/10.28992/ijsam.v4i2.225...
). |
Divulgação Social (SOC) |
Conforme o relatório Refinitiv Eikon® (2022Refinitiv Eikon. (2022). Environmental, Social and Governance scores from Refinitiv. Retrieved from: https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf https://www.refinitiv.com/content/dam/ma...
), refere-se à pontuação social. Abrange aspectos relativos aos direitos humanos, força de trabalho, comunidade e responsabilidade pelo produto. |
Ferrell et al. (2016Ferrell, A., Hao, L., & Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122(3), 585-606. https://doi.org/10.1016/j.jfineco.2015.12.003 https://doi.org/10.1016/j.jfineco.2015.1...
); Gillan et al. (2010Gillan, S., Hartzell, J. C., Koch, A., & Starks, L. T. (2010). Firms’ environmental, social and governance choices, performance and managerial motivation. Working Paper, 1-45. Retrieved from: https://sites.pitt.edu/~awkoch/ESG%20Nov%202010.pdf https://sites.pitt.edu/~awkoch/ESG%20Nov...
); Rath et al. (2020Rath, C., Kurniasari, F., & Deo, M. (2020). CEO Compensation and Firm Performance: The Role of ESG Transparency. Indonesian Journal of Sustainability Accounting and Management, 4(2), 278-293. https:// doi.org/10.28992/ijsam.v4i2.225 https:// doi.org/10.28992/ijsam.v4i2.225...
). |
Divulgação de Governança (GOV) |
Conforme o relatório Refinitiv Eikon® (2022Refinitiv Eikon. (2022). Environmental, Social and Governance scores from Refinitiv. Retrieved from: https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf https://www.refinitiv.com/content/dam/ma...
), refere-se à pontuação de governança. Abrange aspectos relativos à gestão, acionistas e estratégia de responsabilidade social corporativa (RSC). |
Ferrell et al. (2016Ferrell, A., Hao, L., & Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122(3), 585-606. https://doi.org/10.1016/j.jfineco.2015.12.003 https://doi.org/10.1016/j.jfineco.2015.1...
); Gillan et al. (2010Gillan, S., Hartzell, J. C., Koch, A., & Starks, L. T. (2010). Firms’ environmental, social and governance choices, performance and managerial motivation. Working Paper, 1-45. Retrieved from: https://sites.pitt.edu/~awkoch/ESG%20Nov%202010.pdf https://sites.pitt.edu/~awkoch/ESG%20Nov...
); Rath et al. (2020Rath, C., Kurniasari, F., & Deo, M. (2020). CEO Compensation and Firm Performance: The Role of ESG Transparency. Indonesian Journal of Sustainability Accounting and Management, 4(2), 278-293. https:// doi.org/10.28992/ijsam.v4i2.225 https:// doi.org/10.28992/ijsam.v4i2.225...
). |
Variáveis de Controle - Governança Corporativa
|
Comitê de remuneração (CREM) |
Presença de comitê de remuneração no CA (variável dicotômica) |
Refinitiv Eikon® e Item 12.1 e 12.7/8 do Formulário de Referência da B3 |
Brandão et al. (2019Brandão, I. D. F., Vasconcelos, A. C. D., De Luca, M. M. M., & Crisóstomo, V. L. (2019). Composição do conselho de administração e sensibilidade da remuneração executiva ao desempenho de mercado. Revista Contabilidade & Finanças, 30(79), 28-41. https://doi.org/10.1590/1808-057x201806610 https://doi.org/10.1590/1808-057x2018066...
); Ferrell et al. (2016Ferrell, A., Hao, L., & Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122(3), 585-606. https://doi.org/10.1016/j.jfineco.2015.12.003 https://doi.org/10.1016/j.jfineco.2015.1...
); Iglesias et al. (2022Iglesias, T. M. G., Silva, T. D., Jesuka, D., & Peixoto, F. M. (2022). Reflexos da Governança Corporativa sobre a Pay-Performance Sensitivity: uma nova perspectiva. Revista de Administração Mackenzie, 23(1), 1-27. https://doi.org/10.1590/1678-6971/eRAMF220088 https://doi.org/10.1590/1678-6971/eRAMF2...
). |
Concentração de direitos de voto (PROP) |
Percentual de ações ordinárias detidas pelo maior acionista da empresa em t. |
Economática®
|
Brandão et al. (2019Brandão, I. D. F., Vasconcelos, A. C. D., De Luca, M. M. M., & Crisóstomo, V. L. (2019). Composição do conselho de administração e sensibilidade da remuneração executiva ao desempenho de mercado. Revista Contabilidade & Finanças, 30(79), 28-41. https://doi.org/10.1590/1808-057x201806610 https://doi.org/10.1590/1808-057x2018066...
); Iglesias et al. (2022Iglesias, T. M. G., Silva, T. D., Jesuka, D., & Peixoto, F. M. (2022). Reflexos da Governança Corporativa sobre a Pay-Performance Sensitivity: uma nova perspectiva. Revista de Administração Mackenzie, 23(1), 1-27. https://doi.org/10.1590/1678-6971/eRAMF220088 https://doi.org/10.1590/1678-6971/eRAMF2...
); Lei et al. (2019Lei, Q., Lu, R., & Ren, L. (2019). Non-CEO top managers’ monitoring power and CEO pay-performance sensitivity in state-owned enterprises: Evidence from Chinese state-owned listed firms. China Journal of Accounting Research, 12(4), 411-430. https://doi.org/10.1016/j.cjar.2019.10.001 https://doi.org/10.1016/j.cjar.2019.10.0...
); Ouyang et al. (2019Ouyang, C., Xiong, J., & Fan, L. (2019). Do insiders share pledging affect executive pay-for-performance sensitivity? International Review of Economics & Finance, 63, 226-239. https://doi.org/10.1016/j.iref.2018.10.019 https://doi.org/10.1016/j.iref.2018.10.0...
); Yang et al. (2021Yang, H. Y., Yao, D., & Qu, X. (2021). How does independent directors’ reputation influence pay‐for‐performance? Evidence from China. Accounting & Finance, 62(1), 959-1007. https://doi.org/10.1111/acfi.12815 https://doi.org/10.1111/acfi.12815...
). |
Variáveis de Controle - Específicas da Empresa
|
Retorno sobre os ativos (ROA) |
Razão entre o lucro líquido e o ativo total da empresa em t. |
Economática®
|
Ghrab et al. (2021Ghrab, M., Gana, M., & Dakhlaoui, M. (2021). Pay-performance sensitivity and corporate governance mechanisms: evidence from Tunisia. Journal of Financial Reporting and Accounting, 1-20. https://doi.org/10.1108/JFRA-06-2020-0152 https://doi.org/10.1108/JFRA-06-2020-015...
); Lei et al. (2019Lei, Q., Lu, R., & Ren, L. (2019). Non-CEO top managers’ monitoring power and CEO pay-performance sensitivity in state-owned enterprises: Evidence from Chinese state-owned listed firms. China Journal of Accounting Research, 12(4), 411-430. https://doi.org/10.1016/j.cjar.2019.10.001 https://doi.org/10.1016/j.cjar.2019.10.0...
); Ouyang et al. (2019Ouyang, C., Xiong, J., & Fan, L. (2019). Do insiders share pledging affect executive pay-for-performance sensitivity? International Review of Economics & Finance, 63, 226-239. https://doi.org/10.1016/j.iref.2018.10.019 https://doi.org/10.1016/j.iref.2018.10.0...
); Rath et al. (2020Rath, C., Kurniasari, F., & Deo, M. (2020). CEO Compensation and Firm Performance: The Role of ESG Transparency. Indonesian Journal of Sustainability Accounting and Management, 4(2), 278-293. https:// doi.org/10.28992/ijsam.v4i2.225 https:// doi.org/10.28992/ijsam.v4i2.225...
); Yang et al. (2021Yang, H. Y., Yao, D., & Qu, X. (2021). How does independent directors’ reputation influence pay‐for‐performance? Evidence from China. Accounting & Finance, 62(1), 959-1007. https://doi.org/10.1111/acfi.12815 https://doi.org/10.1111/acfi.12815...
); Zhou et al. (2017Zhou, F., Fan, Y., An, Y., & Zhong, L. (2017). Independent directors, non-controlling directors, and executive pay-for-performance sensitivity: Evidence from Chinese non-state owned enterprises. Pacific-Basin Finance Journal, 43, 55-71. https://doi.org/10.1016/j.pacfin.2017.02.003 https://doi.org/10.1016/j.pacfin.2017.02...
). |
Folga Financeira (FF) |
Razão entre o ativo circulante e o passivo circulante da empresa em t. |
Economática®
|
Kim et al. (2008Kim, 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...
). |
Tamanho da empresa (TAM) |
Logaritmo natural do ativo total da empresa em t-1 |
Economática®
|
Brandão et al. (2019Brandão, I. D. F., Vasconcelos, A. C. D., De Luca, M. M. M., & Crisóstomo, V. L. (2019). Composição do conselho de administração e sensibilidade da remuneração executiva ao desempenho de mercado. Revista Contabilidade & Finanças, 30(79), 28-41. https://doi.org/10.1590/1808-057x201806610 https://doi.org/10.1590/1808-057x2018066...
); Chang et al. (2018Chang, Y., Chen, T. H., & Shu, M. C. (2018). Corporate social responsibility, corporate performance, and pay-performance sensitivity - evidence from shanghai stock exchange social responsibility index. Emerging Markets Finance and Trade, 54(5), 1183-1203. https://doi.org/10.1080/1540496X.2016.1273768 https://doi.org/10.1080/1540496X.2016.12...
); Iglesias et al. (2022Iglesias, T. M. G., Silva, T. D., Jesuka, D., & Peixoto, F. M. (2022). Reflexos da Governança Corporativa sobre a Pay-Performance Sensitivity: uma nova perspectiva. Revista de Administração Mackenzie, 23(1), 1-27. https://doi.org/10.1590/1678-6971/eRAMF220088 https://doi.org/10.1590/1678-6971/eRAMF2...
); Lei et al. (2019Lei, Q., Lu, R., & Ren, L. (2019). Non-CEO top managers’ monitoring power and CEO pay-performance sensitivity in state-owned enterprises: Evidence from Chinese state-owned listed firms. China Journal of Accounting Research, 12(4), 411-430. https://doi.org/10.1016/j.cjar.2019.10.001 https://doi.org/10.1016/j.cjar.2019.10.0...
); Ouyang et al. (2019Ouyang, C., Xiong, J., & Fan, L. (2019). Do insiders share pledging affect executive pay-for-performance sensitivity? International Review of Economics & Finance, 63, 226-239. https://doi.org/10.1016/j.iref.2018.10.019 https://doi.org/10.1016/j.iref.2018.10.0...
); Rath et al. (2020Rath, C., Kurniasari, F., & Deo, M. (2020). CEO Compensation and Firm Performance: The Role of ESG Transparency. Indonesian Journal of Sustainability Accounting and Management, 4(2), 278-293. https:// doi.org/10.28992/ijsam.v4i2.225 https:// doi.org/10.28992/ijsam.v4i2.225...
); Yang et al. (2021Yang, H. Y., Yao, D., & Qu, X. (2021). How does independent directors’ reputation influence pay‐for‐performance? Evidence from China. Accounting & Finance, 62(1), 959-1007. https://doi.org/10.1111/acfi.12815 https://doi.org/10.1111/acfi.12815...
); |
Variáveis de Controle - Efeitos Fixos
|
Efeitos fixos Setor |
Principal atividade da empresa. Variável dicotômica. Classificação Setor Econômico Bovespa. |
Economática®
|
Aguiar e Pimentel (2017Aguiar, A. B., & Pimentel, R. C. (2017). Remuneração de executivos e desempenho no mercado brasileiro: relações contemporâneas e defasadas. Revista de Administração Contemporânea, 21(4), 545-568. https://doi.org/10.1590/1982-7849rac2017160228 https://doi.org/10.1590/1982-7849rac2017...
); Brandão et al. (2019Brandão, I. D. F., Vasconcelos, A. C. D., De Luca, M. M. M., & Crisóstomo, V. L. (2019). Composição do conselho de administração e sensibilidade da remuneração executiva ao desempenho de mercado. Revista Contabilidade & Finanças, 30(79), 28-41. https://doi.org/10.1590/1808-057x201806610 https://doi.org/10.1590/1808-057x2018066...
); Iglesias et al. (2022Iglesias, T. M. G., Silva, T. D., Jesuka, D., & Peixoto, F. M. (2022). Reflexos da Governança Corporativa sobre a Pay-Performance Sensitivity: uma nova perspectiva. Revista de Administração Mackenzie, 23(1), 1-27. https://doi.org/10.1590/1678-6971/eRAMF220088 https://doi.org/10.1590/1678-6971/eRAMF2...
); Jian e Lee (2015Jian, M., & Lee, K. W. (2015). CEO compensation and corporate social responsibility. Journal of Multinational Financial Management, 29, 46-65. https://doi.org/10.1016/j.mulfin.2014.11.004 https://doi.org/10.1016/j.mulfin.2014.11...
); Lei et al. (2019Lei, Q., Lu, R., & Ren, L. (2019). Non-CEO top managers’ monitoring power and CEO pay-performance sensitivity in state-owned enterprises: Evidence from Chinese state-owned listed firms. China Journal of Accounting Research, 12(4), 411-430. https://doi.org/10.1016/j.cjar.2019.10.001 https://doi.org/10.1016/j.cjar.2019.10.0...
); Ouyang et al. (2019Ouyang, C., Xiong, J., & Fan, L. (2019). Do insiders share pledging affect executive pay-for-performance sensitivity? International Review of Economics & Finance, 63, 226-239. https://doi.org/10.1016/j.iref.2018.10.019 https://doi.org/10.1016/j.iref.2018.10.0...
). |
Efeitos fixos Ano |
Período de análise: 2016 a 2021. Variável dicotômica de ano. |
- |
- |