sexta-feira, 4 de janeiro de 2013

The Best-Performing CEOs in the World

The Best-Performing CEOs in the World - Harvard Business Review:

Temos vários CEOs brasileiros nas lista dos 100 melhores. Entre estes Roger Agnelli (ex-CEO da Vale) foi qualificado o quarto entre os Top Five. Os três primeiros são o falecido Seve Jobs (Apple), Jeffrey Bezos (Amazon) e o ex-CEO da Samsung Yun Jong-Yong.

O Ranking é da INSEAD em Fontainbleau França.

O Scorecard para criar o Ranking seguiu a seguintes fontes, indicadores e análises.

Veja o artigo no site da HBR

Os CEOs de melhor desempenho do mundo | Harvard Business Review Brasil:

We selected the CEOs we tracked from the following indexes:
  • S&P Global 1200, 1997–2010
  • S&P CNX 500, 1998–2010 (for India)
  • Shanghai and Shenzhen Stock Exchanges, 1998–2010
  • MSCI Emerging Markets Latin America Index and AméricaEconomía 500, 2002–2010
  • S&P BRIC 40, 1997–2010
To make sure we had reliable and sufficient data, we excluded CEOs who had assumed their role before 1995 or after August 31, 2010. (For example, Tim Cook of Apple is not eligible because he became CEO in 2011.) And we included only those whose tenure lasted more than two years. All told, we ended up with 3,143 CEOs from 1,862 companies, of whom 1,007 were still in office on the date we stopped measuring performance. The entire group represented 64 nationalities and came from companies based in 37 countries.

Metrics. We pulled financial data from Datastream and Worldscope and calculated daily company returns for the entire length of each CEO’s tenure (or until August 31, 2012, if the CEO was still in office). We calculated three sets of numbers:
Country-adjusted company returns. We computed a company’s total shareholder return (including dividends reinvested) for the CEO’s tenure. We then computed the average return for other firms from the same country over the same period and subtracted that figure from the company’s return. This measure thus excludes any increase in stock return that is merely attributable to an improvement in the general stock market of a country.
Industry-adjusted company returns. We also deducted the average return for the industry, to exclude any increases that were the result of rising fortunes for the overall industry.
Market capitalization change. We measured the change in the company’s equity market capitalization over the CEO’s tenure. We adjusted this figure for inflation in each country and translated values into U.S. dollars, using 2011 exchange rates. We added to this number the inflation-adjusted value of the dividends and shares repurchased, and subtracted the adjusted value of shares issued.
We then ranked all CEOs for each metric—from 1 (best) to 3,143 (worst)—and calculated the average of the three rankings for every CEO to create the final overall ranking. Using three metrics is a balanced and robust approach: While the first two metrics risk being skewed toward smaller companies (it’s easier to get large returns if you start from a small base), the third is skewed toward larger companies.
Analysis. We performed regression analysis on the data set of 3,143 CEOs. This allowed us to “control” for some factors and isolate the effect that one factor (such as having an MBA) had on a CEO’s standing in the ranking. Significant effects are reported in this article.
Nana von Bernuth, project manager, led the effort to create and analyze the ranking.