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Authors
Abstract(s)
A compensação dos CEOs é um tema de interesse global. Os escândalos empresariais, para além de terem trazido um interesse acrescido a este tema, trouxeram também uma série de requerimentos com os quais as empresas devem cooperar, e divulgações que as empresas devem fazer. Esta tese tem como objectivo verificar quais são as variáveis que definem, e determinam, o nível de compensação dos CEOs das empresas portuguesas cotadas para o período entre 2011 e 2017. Realizámos duas anaálises complementares, uma análise cross-section, e uma análise em painel. As variáveis testadas como determinantes incluem performance, dimensão, anos como CEO, propriedade, conselho de administração, consultores da comissão de remunerações, dualidade e TSR. Os resultados deste estudo revelaram que a compensação dos CEOs é determinada pela performance e pelos anos em que desempenham a função de CEO na empresa. Também foi detetada a existência de impacto, da dimensão e do número de consultores da comissão de remuneração, na determinação do nível de compensação.
CEO compensation is a topic of interest throughout the world. Corporate scandals brought an increased interest in the topic, but also compliance requirements that companies must disclose, such as CEO compensation. This thesis aims to assess what defines and determines the level of CEO compensation in Portuguese listed companies, for the period between 2011 and 2017. We have performed two complementary analysis, a cross section analysis and a panel analysis. The determinants tested included company performance and size, tenure, ownership, Board of Directors, compensation consultants, duality and TSR. Our results show that CEO compensation is determined by company performance, as well as by CEO tenure. It was also found an impact of company size, and number of compensation consultants, on CEO compensation.
CEO compensation is a topic of interest throughout the world. Corporate scandals brought an increased interest in the topic, but also compliance requirements that companies must disclose, such as CEO compensation. This thesis aims to assess what defines and determines the level of CEO compensation in Portuguese listed companies, for the period between 2011 and 2017. We have performed two complementary analysis, a cross section analysis and a panel analysis. The determinants tested included company performance and size, tenure, ownership, Board of Directors, compensation consultants, duality and TSR. Our results show that CEO compensation is determined by company performance, as well as by CEO tenure. It was also found an impact of company size, and number of compensation consultants, on CEO compensation.
Description
Keywords
Compensação do CEO Determinants Portugal Euronext Lisboa PSI 20 CEO Compensation Euronext Lisbon