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Type: Relatório
Title: Facing the regulators: non-compliance with detailed mandatory compensation disclosure in Brazil
Author(s)/Inventor(s): Barros, Lucas Ayres B. de C.
Silveira, Alexandre Di Miceli da
Bortolon, Patricia Maria
Leal, Ricardo Pereira Câmara
Abstract: Indisponível
Abstract: A preliminary court injunction based on alleged personal security risks to managers and directors gave Brazilian public companies the option of non-compliance with the most sensitive part of newly mandated compensation disclosure rules. We find, however, no association between state-level crime data and non-compliance, which is possibly motivated by agency conflicts. Non-compliers tend to present lower corporate governance (CG) quality, higher ownership concentration, larger total assets, and less profitability. State and foreign owned companies are significantly less likely non-compliers. Shareholders correctly anticipated that lower CG quality firms were more likely to exercise their non-compliance option, but may have been negatively surprised when some higher CG quality firms did not comply.
Keywords: Governança corporativa
Production unit: Instituto COPPEAD de Administração
Publisher: Universidade Federal do Rio de Janeiro
In: Relatórios COPPEAD
Issue: 414
Issue Date: 2015
Publisher country: Brasil
Language: eng
Right access: Acesso Aberto
ISBN: 9788575081013
ISSN: 1518-3335
Citation: BARROS, Lucas Ayres B. de C.; SILVEIRA, Alexandre di Miceli da; BORTOLON, Patricia Maria; LEAL, Ricardo Pereira Câmara. Facing the regulators: non-compliance with detailed mandatory compensation disclosure in Brazil. Rio de Janeiro: UFRJ, 2015. (Relatórios COPPEAD, 414).
Appears in Collections:Relatórios

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