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Title: Governança corporativa, remuneração dos gestores e produtividade da firma
Keywords: Governança corporativa
Salários e produtividade do trabalho
Empresas - Pesquisa - Brasil - 2006-2008
Produtividade do trabalho
Corporate governance
Wages and labor productivity
Business enterprises - Research - Brazil - 2006-2008
Labor productivity
Issue Date: Dec-2011
Publisher: Banco Nacional de Desenvolvimento Econômico e Social
Abstract: This paper examines the impact of variable compensation policy of the managers on the productivity of the firm. For this, a sample of 142 Brazilian companies has been used during the period 2006-2008, organized by panel data. This work innovates by choosing to measure firm performance using productivity of capital and labor factors, since the existing literature, by studying the relationship between governance and performance, has focused especially on rates of return or value of shares. The main control variables are related to capital structure, the nature of the firm, and market discipline. The results suggest a positive and significant correlation between variable remuneration and productivity. Moreover, empirical research has concluded that the payment of options proved to be the main instrument of management incentive related to the Brazilian firms’ performance.
Other Identifiers: LARRATE, Marco Antonio Rodrigues; OLIVEIRA, Fernando Nascimento; CARDOSO, Alessandra Sleman. Governança corporativa, remuneração dos gestores e produtividade da firma. Revista do BNDES, Rio de Janeiro, n. 36, p. 245-272, dez. 2011
Appears in Collections:Produção BNDES - Artigos

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