Executive board compensation variation (∆COM) |
Total compensation variation (∆TCOM) |
Difference between total executive board compensation in t and t-1 (in R$ units) weighted by market value in t-1 (in thousand R$) |
Reference Form, item 13.2, SInc |
Jensen and Murphy (1990Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives.Journal of Political Economy, 98(2), 225-264.) Víctor (2013Víctor, F. S. (2013). Estrutura de propriedade e remuneração executiva: efeitos diretos e indiretos da regulamentação (Tese de doutorado). Porto Alegre: Universidade Federal do Rio Grande do Sul.) |
Per capita pay variation (∆PCCOM) |
Difference between per capita executive board compensation in t and compensation in t-1 (in R$ units) weighted by market value in t-1 (in thousand R$) |
Reference Form, item 13.2, via SInC |
Jensen and Murphy (1990Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives.Journal of Political Economy, 98(2), 225-264.) Víctor (2013Víctor, F. S. (2013). Estrutura de propriedade e remuneração executiva: efeitos diretos e indiretos da regulamentação (Tese de doutorado). Porto Alegre: Universidade Federal do Rio Grande do Sul.) |
Performance (∆MV) |
Market value variation (∆MV) |
Difference between company’s market value in t and value in t-1 (in thousand R$) weighted by market value in t-1 (in thousand R$) |
Economática®
|
Jensen and Murphy (1990Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives.Journal of Political Economy, 98(2), 225-264.) |
Composition of the BoD (COMPBD) |
CEO duality (DUALBD) |
Accumulation of positions of CEO and chairman of the BoD (dummy variable) |
Reference Form, item 12.6/8 |
Conyon, (1997Conyon, M. J. (1997). Corporate governance and executive compensation.International Journal of Industrial Organization, 15(4), 493-509.) Lippert and Porter (1997Lippert, R. L., & Porter, G. (1997). Understanding CEO pay: a test of two pay-to-performance sensitivity measures with alternative measures of alignment and influence.Journal of Business Research, 40(2), 127-138.) |
Members of the BoD participating in the executive board (INTBD) |
Proportion of effective members of the BoD that hold an executive board position |
Reference Form, item 12.6/8 |
Lippert and Porter (1997Lippert, R. L., & Porter, G. (1997). Understanding CEO pay: a test of two pay-to-performance sensitivity measures with alternative measures of alignment and influence.Journal of Business Research, 40(2), 127-138.) |
Minority members of the BoD (MINBD) |
Proportion of effective members of the BoD not indicated by the controlling shareholder |
Reference Form, item 12.6/8 |
Víctor (2013Víctor, F. S. (2013). Estrutura de propriedade e remuneração executiva: efeitos diretos e indiretos da regulamentação (Tese de doutorado). Porto Alegre: Universidade Federal do Rio Grande do Sul.) |
Independente members of the BoD (INDBD) |
Proportion of members of the BoD regarded as independent |
Reference Form, item 12.6/8 |
Chhaochharia and Grinstein (2009Chhaochharia, V., & Grinstein, Y. (2009). CEO compensation and board structure.The Journal of Finance, 64(1), 231-261.) |
Control variables (CONT) |
Compensation committee (COMPCOM) |
Presence of a compensation committee in the BoD (dummy variable) |
Reference Form, item 12.1 |
Guthrie et al. (2012Guthrie, K., Sokolowsky, J., & Wan, K. M. (2012). CEO compensation and board structure revisited.The Journal of Finance , 67(3), 1149-1168.) |
Return on equity (ROE) |
Ratio between company’s net income in t and the company’s equity in t-1 |
Economatica®
|
Aguiar and 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.) |
Size (SIZE) |
Natural logarithm of total company assets in t-1 |
Economatica®
|
Aguiar and 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.) |
Concentration of voting rights (OWNER) |
Percentage of ordinary shares held by the company's three biggest shareholders in t
|
Economatica®
|
Correia et al. (2014Correia, L. F., Amaral, H. F., & Louvet, P. (2014). Remuneração, composição do conselho de administração e estrutura de propriedade: evidências empíricas do mercado acionário brasileiro.Advances in Scientific and Applied Accounting, 7(1), 2-37.) |
Activity sector (SECTOR) |
Company’s activity sector according to the Economatica® (dummy variable) |
Economatica®
|
Aguiar and 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.) |
Time period (YEAR) |
Year of observation (dummy variable) |
- |
- |