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Publication
O impacto da remuneração do CEO na performance das empresas cotadas
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Authors
Advisor(s)
Abstract(s)
Nesta dissertação investiga-se o impacto da remuneração do Chief Executive Officer (CEO) na performance das empresas através de modelos de regressão linear dos mínimos quadrados ordinários.
A amostra é composta por empresas não financeiras e não desportivas cotadas em Portugal, no PSI All Share, no período de 2012 a 2021. Como variáveis dependentes foram utilizadas o Return on Assets (ROA), o Return on Equity (ROE) e o Q de Tobin e, como variável independente, a variação da remuneração total do CEO.
Os resultados demonstram que a variação da remuneração do CEO influencia positiva e significativamente o desempenho de mercado das empresas medido pelo Q de Tobin, mas não impacta no desempenho contabilístico medido pelo ROA e ROE. De acordo com a revisão de literatura efetuada, a utilização da variação da remuneração total do CEO, como variável independente, apresenta-se como a principal contribuição desta investigação.
This dissertation investigates the impact of Chief Executive Officer (CEO) remuneration on company performance using ordinary least squares linear regression models. The sample comprises non-financial and non-sporting companies listed in Portugal on the PSI All Share from 2012 to 2021. Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q were used as dependent variables and, as an independent variable, the variation in the CEO's total compensation. The results demonstrate that the variation in the CEO's remuneration positively and significantly influences the market performance of companies measured by Tobin's Q but does not impact the accounting performance measured by ROA and ROE. According to the conducted literature review, using the variation in the CEO's total remuneration as an independent variable is the main contribution of this investigation.
This dissertation investigates the impact of Chief Executive Officer (CEO) remuneration on company performance using ordinary least squares linear regression models. The sample comprises non-financial and non-sporting companies listed in Portugal on the PSI All Share from 2012 to 2021. Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q were used as dependent variables and, as an independent variable, the variation in the CEO's total compensation. The results demonstrate that the variation in the CEO's remuneration positively and significantly influences the market performance of companies measured by Tobin's Q but does not impact the accounting performance measured by ROA and ROE. According to the conducted literature review, using the variation in the CEO's total remuneration as an independent variable is the main contribution of this investigation.
Description
Dissertação, Mestrado, Contabilidade e Fiscalidade, Instituto Politécnico de Santarém, Escola Superior de Gestão e Tecnologia, 2024
Keywords
Governo das sociedades Remuneração do CEO Performance Euronext Lisbon PSI All Share Corporate governance CEO compensation
Citation
Araújo, M. (2024). O impacto da remuneração do CEO na performance das empresas cotadas (Mestrado). Escola Superior de Gestão e Tecnologia, Santarém. Disponível na WWW em: <http://hdl.handle.net/10400.15/4868>