Ensaios empíricos sobre compensação executiva e dinâmica das greves no Brasil

Abstract

This thesis aims to conduct an empirical study on Labor Economics, with the application of microeconometric techniques. We develop two independent chapters. The first chapter deals with the structure of executive compensation: specifically it tries to estimate the elasticity of executive compensation in relation to the performance of firms, measured by revenues. The estimations are carried out in two stages: at the first stage, we use crosssectional data, allowing the comparison of the annual information and at the second, we employ panel data. The main focus of this chapter is the analysis of results coming from the panel data set, because it has the advantage of eliminating the problem of unobserved heterogeneity, giving greater representativeness to the estimates. We found significant effects of the performance of local companies on the remuneration of its executives, with elasticity values similar to those obtained from studies conducted in European countries. The second chapter focuses on the analysis of strikes in Brazil, with emphasis on the impact of the 1988 Federal Constitution in its dynamics. Two different modeling exercises are conducted. The first examines the determinants of the duration of strikes by means of Cox proportional hazards model, controlling for the effects related to the size and characteristics of firms and macroeconomic indicators. The second exercise evaluates the factors that influence the final results of the demands of the strikers through the development and estimation of an ordered logistic model, controlling for size and business characteristics and duration of outages. The results show that the size of strikes is not conducive to agreement between the parties, being inversely related to duration and reducing the likelihood of meeting the demands of the strikers. Analyzing the direct relationship between duration and outcome of claims, it appears that longer strikes tend to have low probability of agreement between the parties. The study also highlights that the State of São Paulo, place of beginning and development of major strike movements in Brazil, is also more conducive to settlements between workers and firms, since the strikes started on it tend to have lower durations and higher proportions of attendance of strikers claims. Regarding the main objective of the chapter, we highlighted differences in the characteristics of strikes in the post-constitutional period compared with the period before the Constitution. The results suggest that the Federal Constitution had a significant impact on the dynamics of the Brazilian strike movements, especially by expanding its regulations and giving greater bargaining power for workers. So, the legislation appears to favored agreements between parties, resulting in a trend of larger strikes and increasing the likelihood of meeting the demands of the strikers.