Much Sweat, Much Pay - Less Sweat, Less Pay? Evidências de “Coleguismo” na Determinação da Remuneração dos Executivos Brasileiros

Cleber Roberto de Sena Veloso; Thaisa Renata dos Santos; Daiana Paula Pimenta; Moisés Ferreira da Cunha; Aletheia Ferreira da Cruz

doi:10.51341/1984-3925_2019v22n2a2

Authors

Cleber Roberto de Sena Veloso Universidade Federal de Goiás FACE - Faculdade de Administração, Ciências Contábeis e Ciências Econômicas PPGCC - Programa de Pós-Graduação em Ciências Contábeis IF Goiano - Campus Trindade GAP - Gerência de Administração e Planejamento
Thaisa Renata dos Santos Universidade Federal de Goiás FACE - Faculdade de Administração, Ciências Contábeis e Ciências Econômicas PPGCC - Programa de Pós-Graduação em Ciências Contábeis http://orcid.org/0000-0002-0437-0215
Daiana Paula Pimenta Universidade Federal de Goiás FACE - Faculdade de Administração, Ciências Contábeis e Ciências Econômicas PPGCC - Programa de Pós-Graduação em Ciências Contábeis http://orcid.org/0000-0003-1111-4778
Moisés Ferreira da Cunha Universidade Federal de Goiás FACE - Faculdade de Administração, Ciências Contábeis e Ciências Econômicas PPGCC - Programa de Pós-Graduação em Ciências Contábeis http://orcid.org/0000-0002-7142-9475
Aletheia Ferreira da Cruz Universidade Federal de Goiás FACE - Faculdade de Administração, Ciências Contábeis e Ciências Econômicas PPGCC - Programa de Pós-Graduação em Ciências Contábeis http://orcid.org/0000-0001-7816-998X

DOI:

https://doi.org/10.51341/1984-3925_2019v22n2a2

Keywords:

Performance of the Company, Executive Compensation, Board of Directors.

Abstract

Objective: This study verifies the relationship between the remuneration of the board of directors and the remuneration of executives, as well as the relationship between these remunerations, and the economic and financial performance of Brazilian publicly-held companies.

Method: The work promotes the analysis by estimating two regression models with panel data, pooled independent cross-sections and fixed effects.

Originality/Relevance: Scientific studies on remuneration in Brazil have focused on the relationship of remuneration with the economic-financial performance of companies and/or with the characteristics of corporate governance. However, there is still room to investigate possible mechanisms of reciprocity between salary increase of statutory directors and the remuneration increase among members of the boards of directors.

Results: The results indicate that the remuneration of the board of directors is positively related to the remuneration of executives; that these remunerations do not present a significant relation with the economic-financial performance of the companies; and that cash flow risk is negatively related to executive compensation.

Theoretical/Methodological Contributions: The study provides evidence of a synchronism between remuneration of executives and directors, a fact that may explain why the remuneration of these agents is not related to the economic-financial performance of the companies. Also, it shows that executive compensation packages contribute to reducing the risk of the cash flows to which companies are exposed.

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