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El componente de largo plazo de la relación entre la remuneración al ejecutivo y el desempeño de la empresa


  • Di Giannatale, Sonia

    (Centro de Investigación y Docencia Económicas (CIDE))


In this paper we study the effect of short and long-term components of managerial compensation in the relationship between executive compensation and firm performance. We propose a dynamic agency model with capital accumulation to represent the decision making process of the principal regarding the optimal allocation of resources within the firm. From a numerical solution of this model, we produce model-generated data to compute pay-performance sensitivities that can be compared to those obtained in the empirical literature on CEO compensation. Our results are consistent with some of the observations reported in this literature. Our contribution in this article is the finding that past performances affect more the future compensation part of executive pay, while contemporaneous performances influence more the salary component of executive pay.// En este artículo estudiamos el efecto de los componentes de corto y de largo plazos de la compensación gerencial en la relación entre la remuneración de los ejecutivos y el desempeño de la empresa. Proponemos un modelo dinámico de agencia con acumulación de capital para representar el proceso de toma de decisiones del principal respecto a la asignación óptima de los recursos en la empresa. A partir de una solución numérica de este modelo, producimos datos generados por el modelo a fin de computar las sensibilidades del desempeño a la remuneración que pueden compararse con las obtenidas en la bibliografía empírica de la compensación de los ejecutivos principales. Nuestros resultados son congruentes con algunas de las observaciones presentadas en esa bibliografía. Nuestra contribución en este artículo es el hallazgo de que el desempeño anterior de la empresa afecta más a la parte de la compensación futura de la remuneración del ejecutivo, mientras que el desempeño actual influye más en el componente salarial de esa remuneración.

Suggested Citation

  • Di Giannatale, Sonia, 2005. "El componente de largo plazo de la relación entre la remuneración al ejecutivo y el desempeño de la empresa," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(288), pages 735-764, octubre-d.
  • Handle: RePEc:elt:journl:v:72:y:2005:i:288:p:735-764 DOI:

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    References listed on IDEAS

    1. Loungani, Prakash & Sheets, Nathan, 1997. "Central Bank Independence, Inflation, and Growth in Transition Economies," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(3), pages 381-399, August.
    2. Andreas Fischer, 1996. "Central bank independence and sacrifice ratios," Open Economies Review, Springer, vol. 7(1), pages 5-18, January.
    3. Chortareas, Georgios & Stasavage, David & Sterne, Gabriel, 2002. "Monetary Policy Transparency, Inflation and the Sacrifice Ratio," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 7(2), pages 141-155, April.
    4. Manfred Gärtner, 1997. "Central Bank Independence and the Sacrifice Ratio: The Dark Side of the Force," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 133(III), pages 513-538, September.
    5. Haan, Jakob de & Kooi, Willem J., 2000. "Does central bank independence really matter?: New evidence for developing countries using a new indicator," Journal of Banking & Finance, Elsevier, vol. 24(4), pages 643-664, April.
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    More about this item


    información asimétrica; acumulación de capital; contrato dinámico; compensación gerencial;

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity


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