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Abstract(s)
A presente dissertação, cuja amostra é constituída por 28 empresas cotadas na Euronext Lisbon, entre 2018 e 2022 (inclusive), visa estudar se (a) existe uma relação entre a remuneração dos executivos e o desempenho financeiro das empresas; (b) a remuneração dos executivos é menor quando estes são do sexo feminino e maior quando estes são do sexo masculino; (c) existe uma relação entre a remuneração dos executivos e a dimensão das empresas. Os resultados obtidos indicam a não existência de uma relação estatisticamente significativa entre a remuneração dos executivos e o ROA, mas uma relação estatisticamente significativa, e negativa, entre a remuneração dos executivos e o ROE, ou seja, à medida que o desempenho financeiro das empresas diminui, a remuneração dos seus executivos tende a aumentar. Estes resultados indicam um desalinhamento dos interesses entre os gestores e os acionistas, demonstrando a necessidade de uma revisão dos pacotes de remuneração dos gestores destas empresas. Adicionalmente, identificou-se uma relação estatisticamente significativa, e negativa, entre os executivos do sexo feminino e a remuneração dos executivos, verificando-se que, nesta amostra, as mulheres são menos remuneradas do que os homens, ou seja, existe discriminação salarial entre sexos. Por último, não foi possível, verificar uma relação estatisticamente significativa entre a remuneração dos executivos e a dimensão das empresas significando que, nesta amostra, as empresas de maior dimensão não remuneram melhor os seus executivos. Isto pode sugerir que estas empresas não estão a contratar os executivos mais qualificados. Assim, os pacotes de remuneração estão desajustados a três níveis.
This dissertation, whose sample consists of 28 companies listed on Euronext Lisbon, between 2018 and 2022 (inclusive), aims to study whether (a) there is a relationship between executive remuneration and companies' financial performance; (b) executive remuneration is lower when they are female and higher when they are male; (c) there is a relationship between executive remuneration and company size. The results obtained indicate the non-existence of a statistically significant relationship between executive remuneration and ROA, but a statistically significant, and negative, relationship between executive remuneration and ROE, that is, as the companies' financial performance decreases, the remuneration of its executives tends to increase. These results indicate a misalignment of interests between managers and shareholders, demonstrating the need for a review of the remuneration packages of managers in these companies. Additionally, a statistically significant and negative relationship was identified between female executives and executive remuneration, verifying that, in this sample, women are paid less than men, that is, there is salary discrimination between sexes. Finally, it was not possible to verify a statistically significant relationship between executive remuneration and company size, meaning that, in this sample, larger companies do not pay their executives better. This may suggest that these companies are not hiring the most qualified executives. Therefore, remuneration packages are out of adjustment at three levels.
This dissertation, whose sample consists of 28 companies listed on Euronext Lisbon, between 2018 and 2022 (inclusive), aims to study whether (a) there is a relationship between executive remuneration and companies' financial performance; (b) executive remuneration is lower when they are female and higher when they are male; (c) there is a relationship between executive remuneration and company size. The results obtained indicate the non-existence of a statistically significant relationship between executive remuneration and ROA, but a statistically significant, and negative, relationship between executive remuneration and ROE, that is, as the companies' financial performance decreases, the remuneration of its executives tends to increase. These results indicate a misalignment of interests between managers and shareholders, demonstrating the need for a review of the remuneration packages of managers in these companies. Additionally, a statistically significant and negative relationship was identified between female executives and executive remuneration, verifying that, in this sample, women are paid less than men, that is, there is salary discrimination between sexes. Finally, it was not possible to verify a statistically significant relationship between executive remuneration and company size, meaning that, in this sample, larger companies do not pay their executives better. This may suggest that these companies are not hiring the most qualified executives. Therefore, remuneration packages are out of adjustment at three levels.
Description
Keywords
Remuneração Desempenho financeiro Discriminação salarial Teoria da agência Governança corporativa Empresas portuguesas Administradores executivos Remuneration Financial performance Salary discrimination Agency theory Corporate governance Portuguese companies Executive directors