Relationship between corporate sustainability and directors' remuneration in companies listed on B3/ Relacao entre a sustentabilidade empresarial e a remuneracao de diretores em companhias listadas na B3

• Published in: GeSec : Revista de Gestão e Secretariado 2024-01, Vol.15 (1), p.1289
• Main Authors: Veras, Deysy Rayany Ma, do Nascimento, Italo Carlos Soares, de Melo, Geison Calyo Varela, Moreira, Caritsa Scartaty
• Format: Article
• Language: Portuguese
• Subjects: Compensation and benefits; Corporate governance; Corporate sustainability; Environmental sustainability; Executives; Publicly held corporations; Stock-exchange
• ISSN: 2178-9010; 2178-9010
• DOI: 10.7769/gesec.v15i1.3422

Supported by the Stakeholder Theory, this study investigates the relationship between corporate sustainability and the remuneration of directors in public companies listed on the Brazilian Stock Exchange. Quantitative in nature, the research used descriptive statistics, averages test and logistic regression. The corporate sustainability proxy is measured based on participation in sustainability indexes or rankings. As a metric for executive compensation, total executive compensation was used. The test of differences between means revealed that there are significant differences between sustainable and unsustainable companies with regard to the executive remuneration variable, which was ratified by applying logistic regression. It should be noted that executive remuneration and size are the variables most likely to exercise this correlation. Thus, from the perspective of the Stakeholder Theory, this research, especially for Brazilian companies, signals that sustainable companies tend to present higher remuneration to their directors, seeking to align interests and contributing to the well-being of all involved. with the firm. Keywords: Corporate Sustainability. Corporate governance. Directors Compensation. Stakeholder Theory. Respaldado pela Teoria dos Stakeholders, o presente estudo investiga a relacao entre a sustentabilidade empresarial e a remuneracao de diretores em companhias abertas listadas na Bolsa de Valores Brasileira. De natureza quantitativa, a pesquisa utilizou-se da estatistica descritiva, teste de medias e regressao logistica. A proxy da sustentabilidade empresarial e mensurada a partir da participacao em indices ou rankings de sustentabilidade. Como metrica da remuneracao dos diretores, utilizou-se a remuneracao total dos executivos. O teste de diferencas entre medias revelou que ha diferencas significativas entre as empresas sustentaveis e as nao sustentaveis no que tange a variavel remuneracao executiva, o que foi ratificado mediante aplicacao da regressao logistica. Destaque-se que a remuneracao executiva e o tamanho sao as variaveis com mais probabilidade de exercer essa correlacao. Destarte, pela otica da Teoria dos Stakeholders, esta pesquisa, especialmente para o caso das empresas brasileiras, sinaliza que as empresas sustentaveis tendem a apresentar maior remuneracao aos seus diretores, buscando o alinhamento de interesses e contribuindo para o bem-estar de todos os envolvidos com a firma. Palavras-chave: Sustentabilidade Empresarial