Abstract
The Agency Theory foresees a misalignment between the interests of shareholders and managers, because of various utilities. A mechanism that can be used to align the interests corresponds to the share-based payment plan, which proposes to create incentives for the management seeking to maximize the value of the company's value. In addition, companies can adopt differentiated corporate governance practices, which imply greater transparency and legal protection to non-controlling shareholders. The implementation of regulatory Technical Pronouncement of this type of incentive plan is recent, being necessary to study your application. According to research on accounting disclosure (VERRECCHIA, 2001), managers have incentives to make decisions about the level of disclosure of accounting information. This study investigated the relationship between the disclosure of share-based payment and the corporate governance levels of the BM&FBOVESPA. The compliance analysis of the 2011 financial statements of companies with based payment followed the disclosure rules of the CPC 10 (R1). The sample consisted of 156 companies listed on the BM&FBOVESPA that has share-based payment, of which 122 belonged to levels of corporate governance and 34 the traditional segment, evaluated by non-parametric test Wilcoxon-Mann-Whitney. It was concluded that companies belonging to segments of corporate governance has higher disclosure score about share-based payment compared with companies belonging to the traditional listing segment of the BM&FBOVESPA. This is due to the incentives given to managers, such as listing the company on the BM&FBOVESPA and instruments of variable remuneration to align interests such as share-based payment.
Highlights
52 RAFAELLA TONANI ▪ RICARDO LUIZ MENEZES DA SILVA accounting information
This study investigated the relationship between the disclosure of share-based payment and the corporate governance levels of the BM&FBOVESPA
The sample consisted of 156 companies listed on the BM&FBOVESPA that has share-based payment, of which 122 belonged to levels of corporate governance and 34 the traditional segment, evaluated by non-parametric test Wilcoxon-Mann-Whitney
Summary
O crescente uso de programas de remuneração de funcionários por meio da concessão de opções de compra de ações e a revisão de normas internacionais de contabilidade sobre o tema trouxeram relevância ao assunto tanto para empresas, quanto para funcionários, gestores e público acadêmico, principalmente, após debates públicos sobre a relação entre estes pacotes e as fraudes ocorridas nos EUA em 2002 (IUDÍCIBUS; MARION; AUGUSTO, 2007). O trabalho torna-se relevante quando se analisa o atual contexto corporativo brasileiro, no qual cada vez mais empresas aderem aos seguimentos diferenciados de governança corporativa e adotam o pagamento baseado em ações, como forma de remuneração. O trabalho pode trazer evidências empíricas sobre o grau de aderência na adoção do CPC 10 (R1) – Pagamento Baseado em Ações, principalmente, diante de incentivos diferentes entre empresas do segmento tradicional e dos níveis de governança corporativa. Como último ponto a salientar, o levantamento bibliográfico realizado no presente trabalho, possibilitou a percepção de que, apesar da vasta discussão do tema na literatura nacional, poucos estudos investigaram a relação entre governança corporativa e pagamento baseado em ações, corroborando à conclusão de Rocha et al (2012), de que a Teoria da Agência e a Assimetria da Informação estão sendo mais pesquisadas no contexto internacional. Por todos os fatores apontados, este artigo vem analisar o pagamento baseado em ações no cenário corporativo brasileiro
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