Remuneração dos executivos no PSI-Geral

Abstract

This dissertation, whose sample consists of 28 companies listed on Euronext Lisbon, between 2018 and 2022 (inclusive), aims to study whether (a) there is a relationship between executive remuneration and companies' financial performance; (b) executive remuneration is lower when they are female and higher when they are male; (c) there is a relationship between executive remuneration and company size. The results obtained indicate the non-existence of a statistically significant relationship between executive remuneration and ROA, but a statistically significant, and negative, relationship between executive remuneration and ROE, that is, as the companies' financial performance decreases, the remuneration of its executives tends to increase. These results indicate a misalignment of interests between managers and shareholders, demonstrating the need for a review of the remuneration packages of managers in these companies. Additionally, a statistically significant and negative relationship was identified between female executives and executive remuneration, verifying that, in this sample, women are paid less than men, that is, there is salary discrimination between sexes. Finally, it was not possible to verify a statistically significant relationship between executive remuneration and company size, meaning that, in this sample, larger companies do not pay their executives better. This may suggest that these companies are not hiring the most qualified executives. Therefore, remuneration packages are out of adjustment at three levels.

Date of Award	24 Oct 2024
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Maria José Martins Lourenço da Fonseca (Supervisor) & Ricardo Ribeiro (Co-Supervisor)