A relação entre o desempenho, remuneração do CEO e a criação de valor para o acionista nas empresas cotadas na Euronext Lisbon: abordagem com base na teoria da agência

A presente investigação nasceu da pertinência de compreender, em Portugal, o comportamento da remuneração total do Chief Executive Officer (CEO) face ao desempenho organizacional, por um lado, e a criação de valor para o acionista face ao desempenho organizacional e à remuneração total do CEO, por outro. Assim, o objetivo do estudo foi dividido em duas partes. A primeira analisou se o desempenho organizacional baseado em indicadores contabilísticos influencia o desempenho organizacional baseado em indicadores de mercado e se o desempenho organizacional, baseado em indicadores contabilísticos e indicadores de mercado, influencia a remuneração total do CEO. A segunda analisou se o desempenho organizacional, baseado em indicadores contabilísticos e indicadores de mercado, e a remuneração total do CEO influenciam a criação de valor para o acionista. Este estudo recorreu às premissas da teoria da agência para construir o modelo de análise. Fizeram parte da amostra as sociedades admitidas à negociação no mercado regulamentado Eurolist by Euronext Lisbon. Os dados foram recolhidos dos Relatórios e Contas Anuais, que incluem as Demonstrações Financeiras Consolidadas, dos Relatórios sobre o Governo Societário e da página web da Euronext Lisbon. Os dados foram tratados com recurso ao método de Análise de Equações Estruturais (AEE). Os resultados obtidos provaram que o desempenho organizacional baseado em indicadores contabilísticos influencia o desempenho organizacional baseado em indicadores de mercado, a remuneração total do CEO e a criação de valor para o acionista.

Modeling height-diameter relationship in pinus pinaster ait. in the forest intervention zone of Lomba, NE-Portugal

In this work, the relationship between diameter at breast height (d) and total height (h) of individual-tree was modeled with the aim to establish provisory height-diameter (h-d) equations for maritime pine (Pinus pinaster Ait.) stands in the Lomba ZIF, Northeast Portugal. Using data collected locally, several local and generalized h-d equations from the literature were tested and adaptations were also considered. Model fitting was conducted by using usual nonlinear least squares (nls) methods. The best local and generalized models selected, were also tested as mixed models applying a first-order conditional expectation (FOCE) approximation procedure and maximum likelihood methods to estimate fixed and random effects. For the calibration of the mixed models and in order to be consistent with the fitting procedure, the FOCE method was also used to test different sampling designs. The results showed that the local h-d equations with two parameters performed better than the analogous models with three parameters. However a unique set of parameter values for the local model can not be used to all maritime pine stands in Lomba ZIF and thus, a generalized model including covariates from the stand, in addition to d, was necessary to obtain an adequate predictive performance. No evident superiority of the generalized mixed model in comparison to the generalized model with nonlinear least squares parameters estimates was observed. On the other hand, in the case of the local model, the predictive performance greatly improved when random effects were included. The results showed that the mixed model based in the local h-d equation selected is a viable alternative for estimating h if variables from the stand are not available. Moreover, it was observed that it is possible to obtain an adequate calibrated response using only 2 to 5 additional h-d measurements in quantile (or random) trees from the distribution of d in the plot (stand). Balancing sampling effort, accuracy and straightforwardness in practical applications, the generalized model from nls fit is recommended. Examples of applications of the selected generalized equation to the forest management are presented, namely how to use it to complete missing information from forest inventory and also showing how such an equation can be incorporated in a stand-level decision support system that aims to optimize the forest management for the maximization of wood volume production in Lomba ZIF maritime pine stands.