CEO’ turnover justifications: a study in Brazilian public companies with pension funds as shareholders

Authors

  • Ruben Mendes Matos Universidade Federal do Paraná - UFPR
  • Romualdo Douglas Colauto Universidade Federal do Paraná - UFPR

DOI:

https://doi.org/10.11606/rco.v11i30.134430

Keywords:

CEO. Turnover. Justifications. Pension Funds.

Abstract

The article provides the justifications for CEO´s turnover in Brazilian public (listed) companies from 2010 to 2014, and it measures the disclosure intensity of these justifications. An index in two dimensions for justification ‘voluntary and forced’ was proposed according to Parrino (1997). The index reliability was measured by KR-20 test. The sample covered 65 Brazilian public companies which have at least one pension fund as shareholder. Content analysis was applied to identify the CEO´s turnover justifications. Corroborating Kaplan and Minton (2012), the results for Brazilian companies presented a growing trend towards turnover for cases of unsatisfactory performance. The CEOs´ turnover occurred predominantly in companies in which the shareholder was a pension funds from State-owned companies. The main justifications disclosed by specialized press were ‘Unsatisfactory Performance’ and ‘act exclusively as board member’ (do not accumulate executive positions).

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Author Biographies

  • Ruben Mendes Matos, Universidade Federal do Paraná - UFPR

    Mestre em Contabilidade pela UFPR. Especialização em Direito Societário pela UFPR. Possui graduação em DIREITO pela Pontifícia Universidade Católica do Paraná e em CIÊNCIAS CONTÁBEIS pela Pontifícia Universidade Católica do Rio Grande do Sul. Tem experiência na área de Administração, com ênfase em Ciências Contábeis, atuando principalmente nos seguintes temas: auditoria integral, tributária e em Contabilidade. É Professor de graduação no Curso de Ciências Contábeis e de graduação e pós-graduação em Administração de Empresas.

  • Romualdo Douglas Colauto, Universidade Federal do Paraná - UFPR
    Pós-Doutor em Controladoria e Contabilidade pela FEA/USP (2015). Doutor e Mestre em Engenharia de Produção na Área de Gestão de Negócios pela UFSC (2005); Especialista em Consultoria Empresarial pela Faculdade Estadual de Ciências Econômica de Apucarana (1999); Graduado em Ciências Contábeis (1993) e em Letras (1998). Professor Associado II do Departamento de Contabilidade da Universidade Federal do Paraná (UFPR) desde 2010. Coordenador do Programa de Pós-Graduação em Contabilidade PPGOCNT-UFPR ? Mestrado e Doutorado. Editor Adjunto da Revista Universo Contábil; Líder do Laboratório de Pesquisa em Contabilidade Financeira certificado pela Universidade Federal do Paraná. Desde 2009, atua como avaliador Institucional do INEP; Entre 2011-2013 foi Membro da Comissão Coordenadora do ENADE na área de Ciências Contábeis. Ocupou cargos Executivos em Entidade do Terceiro Setor no Estado do Paraná de 1990 a 2001. Foi Coordenador de Cursos de Graduação em Ciências Contábeis em Instituição de Ensino Superior Privada em Florianópolis-SC de 2002 a 2005. De 11/2006 a 07/2010 foi Professor Adjunto do Departamento de Ciências Contábeis, Coordenador do Mestrado em Ciências Contábeis de 2006 a 2009, Editor Científico da Revista de Contabilidade Vista & Revista de 2006 a 2008, Membro do Conselho Diretor da Fundação IPEAD da Universidade Federal de Minas Gerais. Já publicou mais de 90 artigos em periódicos e divulgou 120 artigos em congressos nacionais e internacionais.

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Published

2017-09-29

Issue

Vol. 11 No. 30 (2017)

Section

Paper

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How to Cite

Matos, R. M., & Colauto, R. D. (2017). CEO’ turnover justifications: a study in Brazilian public companies with pension funds as shareholders. Revista De Contabilidade E Organizações, 11(30), 24-35. https://doi.org/10.11606/rco.v11i30.134430