Évolution de la rémunération des dirigeants et transformation de leur légitimité

Chapas, Benjamin

doi:10.1051/larsg:2005012

Cited by 7 publications

(5 citation statements)

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“…A este propósito, a tendência das políticas de remuneração dos gestores assenta no aumento da componente variável da remuneração ligada ao desempenho das empresas (JENSEN; MURPHY, 2004) e na divulgação das remunerações específicas de cada administrador (COMUNIDADE EUROPEIA, 2004;CHAPAS, 2005).…”

Section: Sistemas De Remuneração Dos Administradoresunclassified

“…A remuneração dos gestores mede o investimento destes (nomeadamente em capital humano) e é consequência da criação de valor -o princípio da remuneração variável é a técnica que assegura a eficácia dos gestores (CHAPAS, 2005).…”

Section: O Desempenho Das Empresas Como Justo Critériounclassified

“…O sistema de remuneração deve, num contexto de conflito de interesses e de assimetria de informação, favorecer a criação de valor e assegurar a equidade da sua redistribuição em função do esforço e das competências de cada um (ALCHIAN; DEMSETZ, 1972;CHAPAS, 2005). Ou seja, como existe um mercado de trabalho dos gestores que selecciona os desempenhos que se traduzem em remunerações, podemos intuir, que a remuneração será tanto maior quanto melhor for o desempenho das empresas (GÓMEZ, 1996).…”

Section: O Desempenho Das Empresas Como Justo Critériounclassified

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Board Compensation of Portuguese Banks in Psi20

Rodrigues

Seabra

2011

RUC

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RESUMOO tema do valor da remuneração dos administradores é um dos mais sensíveis de ser tratado. A remuneração, no seu conjunto, deve ser percepcionada como justa e não estar directamente relacionada com os resultados a curto prazo, evitando deste modo situações embaraçosas. A crise financeira iniciada em 2007 promoveu normas legais mais apertadas, para o sector financeiro, em geral, e para as políticas de remuneração e de divulgação da remuneração dos administradores das instituições do sector financeiro, em particular. Seguindo uma metodologia de estudo de casos, como complemento da dimensão teórica que constitui a primeira parte desta comunicação, estudámos a remuneração dos conselhos de administração dos bancos portugueses cotados na NYSE Euronext Lisbon (Índice PSI20). Os resultados deixam perceber que não existe um conjunto coerente de boas práticas, no que respeita à remuneração dos administradores das instituições bancárias, em Portugal. É de esperar,

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Section: Sistemas De Remuneração Dos Administradoresunclassified

Section: O Desempenho Das Empresas Como Justo Critériounclassified

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Board Compensation of Portuguese Banks in Psi20

Rodrigues

Seabra

2011

RUC

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“…French companies (Chapas, 2005;Liu and Taylor, 2008). This change is felt at the level of regulations, choke the manager; as it requires the disclosure of more and more information (biography-detailed compensation) (Nerantzidis and Tsamis, 2017).…”

Section: Introductionmentioning

confidence: 99%

“…The managers will try to entrench themselves more and more in the company to face any forms of control (Petra and Dorata, 2008). Like, Chapas (2005), we will try to verify the theoretical predictions of Hayes and Hillegeist (2006) in relation to the impact on the financial distress of the remuneration of executives through an empirical validation in the context of French companies. To meet these objectives, we will build our study on quantitative research relying on the Thomson Reuters database and a manual collection of missing data from the referenced documents of companies, published on their websites.…”

Section: Introductionmentioning

confidence: 99%

Governance failure and its impact on financial distress

Hazami‐Ammar

Gafsi

2021

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Purpose The purpose of this paper is to examine the effects of corporate governance failure, excess remuneration and entrenchment of managers, company variables and corporate governance variables on the company’s financial distress risk (DETR) in the French context. Design/methodology/approach Using the regression analysis, this paper is based on 201 observations about 67 companies of SBF 120 from 2015 to 2017. Data are collected on the Thomson Reuters database and in the referenced documents, which are published on the internet. Findings The research findings reveal that firm’s DETR is influenced negatively by excess remuneration and entrenchment of managers. In addition, there is a positive and significant relationship between DETR and company variables (performance and ownership structure) and corporate governance variables (power structure). However, a company’s size and board of directors’ independence do not affect firms’ DETR. Practical implications The impact highlighted between remuneration and entrenchment of managers and the financial distress of the company is explained by the intention of managers to work for announcing good short-term performance indicators that are most favorable to them. Originality/value The shareholder/manager agency problem can be changed when business performance tends to decline. Certainly, the managerial latitude adopted by the managers is used as an external careerism strategy. Its positive impact on the reduction of the firm’s financial distress can benefit shareholders who aim to sell their securities in the short term.

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An analysis of corporate board compensations in the Portuguese energy sector

Rodrigues

Seabra²

2011

Management of Env Quality

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If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -The aim of this paper is to investigate how the corporate board compensations as a whole, must be perceived as fair and not directly related to the short-term results, thus avoiding embarrassment and misunderstanding. Design/methodology/approach -The study analyzed the theoretical issues associated with the question of corporate board compensation and developed a research applied to two companies in the Portuguese energy sector, listed on stock exchanges. Findings -The findings reveal that total remuneration paid to board of directors is in line with the values involved in the business, which is not always well perceived by Society. Practical implications -The Portuguese energy sector is based on a concentrated market structure. The boards of the companies seem to be composed of independent directors, their pay systems consisting of a fixed and a variable component; this seems supported by a capitalist logic of value creation for shareholders. Originality/value -This is the first time that corporate board compensations have been publicly revealed. The analysis of systems of remuneration of directors is made using the public information provided by the respective companies in the year 2009. The total remuneration is compared with the size of their respective companies.

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Évolution de la rémunération des dirigeants et transformation de leur légitimité

Cited by 7 publications

References 0 publications

Board Compensation of Portuguese Banks in Psi20

Board Compensation of Portuguese Banks in Psi20

Governance failure and its impact on financial distress

An analysis of corporate board compensations in the Portuguese energy sector

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