Executive compensation and intangible assets
a study of brazilian publicly traded companies
DOI:
https://doi.org/10.16930/2237-766220253546Keywords:
Intangible Assets, Executive Compensation, Corporate GovernanceAbstract
This study investigates the relationship between corporate governance mechanisms, focusing on executive compensation, and intangibility in Brazilian publicly traded companies. The sample comprises 377 firms listed on B3 between 2010 and 2020. The analysis includes three distinct metrics for measuring intangible assets: Intangible Asset Representativeness (IAR), Degree of Intangibility (DI), and Tobin’s Q. Using panel data regression models, the results indicate a statistically significant and positive association between CEO compensation and firms’ intangibility levels. Conversely, board of directors’ compensation showed a significant negative relationship with some of the metrics analyzed. The findings contribute to the advancement of the literature by proposing different approaches to measuring intangibility and suggest that executive compensation practices are associated with investment in intangible assets, carrying relevant implications for corporate governance, information transparency, and firms’ market value.
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