Thirty Years of Research on Executive Compensation and Return to Shareholders

Abstract

Objective: In this paper, we investigate the bibliographic production on executive compensation and return to shareholders in the Brazilian and international scenarios, aiming to constitute a theoretical basis for the development of empirical research involving the theme. We chose the research by Jensen and Murphy (1990) as the starting point of the discussions on the subject. Method: Descriptive study with a bibliometric design. The elaboration of the research was was based on keyword searches through EndNote™ and SPELL - Scientific Electronic Library Periodicals, maintained in Brazil by ANPAD (“Associação Nacional de Pós-Graduação e Pesquisa em Administração”), as follows: i) Executive Compensation; ii) CEO Compensation; iii) Company performance, combined with the word Compensation and the corresponding terms in Portuguese in the Brazilian database. Results: The main studies published focus on the North American and British scenarios, especially professors Michael C. Jensen (Harvard University), Kevin M. Murphy (University of Southern California) and Martin J. Conyon (University of Pennsylvania). Professor Jensen participated in the study that marked the discussion on the agency problem (Jensen & Meckling, 1976). Murphy conducts research on the theme beginning in the 1980s, on the North American scenario, a period that also marks the beginning of Professor Conyon's studies, who focused on the British scenario. The three authors are a reference on the subject and, based on this highlight, studies were developed in other economic scenarios, such as Canada, Germany and most recently China. Contributions: We believe that the findings presented contribute to the development of new empirical studies, especially in countries where the issue is in full development or in areas where the interest in the subject emerges, adding these variables to contribute to a further understanding of the agency problem.