<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422024000400108</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2024.4973</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Do corporate governance and managerial power induce abnormal CEO compensation contracts? an analysis of the Brazilian market]]></article-title>
<article-title xml:lang="es"><![CDATA[¿El gobierno corporativo y el poder gerencial inducen contratos anormales de compensación de los CEO? un análisis del mercado brasileño]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Leal]]></surname>
<given-names><![CDATA[Paulo Henrique]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Anjos]]></surname>
<given-names><![CDATA[Luiz Carlos Marques dos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade Federal do Cariri  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidade Federal de Pernambuco  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2024</year>
</pub-date>
<volume>69</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422024000400108&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422024000400108&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422024000400108&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This research investigates the effect of corporate governance and managerial power in determining abnormal CEO´s compensation contracts. For this, we used a regression model with equations that measure the fair compensation of companies for each sector based on the CEO's ability, effort and performance characteristics, and we calculate the compensation, overpayment and underpayment from the residual of the equations. Subsequently, we analyzed the effect of governance practices and managerial power using overpayment and underpayment as dependent variables, over ten years (2011-2020), analysing companies from Brazil Stock Exchange - B3. We found that governance mechanisms and practices which reduce CEO´s power can be effective in obtaining fairer compensation packages regarding the overpayment. However, by analyzing insufficient compensation, we realized that such mechanisms and practices are not capable of adjusting compensation contracts, indicating that CEOs tend to influence compensation contracts to increase their gains, but they do not do so to reduce them to insufficient values.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Esta investigación investiga el efecto del gobierno corporativo y el poder gerencial en la determinación de contratos de compensación anormales de los CEO. Para ello utilizamos un modelo de regresión con ecuaciones que miden la compensación justa de las empresas para cada sector en función de la capacidad, el esfuerzo y las características de desempeño del CEO, y calculamos la compensación, sobrepago y insuficiente pago a partir del residual de las ecuaciones. Posteriormente, analizamos el efecto de las prácticas de gobernanza y el poder de gestión utilizando pagos excesivos y pagos insuficientes como variables dependientes, durante diez años (2011-2020), analizando empresas de la Bolsa de Valores de Brasil - B3. Descubrimos que los mecanismos y prácticas de gobernanza que reducen el poder de los directores ejecutivos pueden ser eficaces para obtener paquetes de compensación más justos en relación con el pago excesivo. Sin embargo, al analizar la compensación insuficiente, nos dimos cuenta de que tales mecanismos y prácticas no son capaces de ajustar los contratos de compensación, lo que indica que los directores ejecutivos tienden a influir en los contratos de compensación para aumentar sus ganancias, pero no lo hacen para reducirlas a valores insuficientes.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[abnormal compensation]]></kwd>
<kwd lng="en"><![CDATA[managerial power]]></kwd>
<kwd lng="en"><![CDATA[corporate governance practices]]></kwd>
<kwd lng="en"><![CDATA[chief executive officer (CEO)]]></kwd>
<kwd lng="es"><![CDATA[compensación anormal]]></kwd>
<kwd lng="es"><![CDATA[poder gerencial]]></kwd>
<kwd lng="es"><![CDATA[prácticas de gobierno corporativo]]></kwd>
<kwd lng="es"><![CDATA[director ejecutivo (CEO)]]></kwd>
</kwd-group>
</article-meta>
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