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Corporate Governance And Company Performance In Brazil
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Book Synopsis Corporate governance and company performance in brazil by :
Download or read book Corporate governance and company performance in brazil written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Surgido incialmente na Inglaterra e EUA, o movimento de governança corporativa ganhou repercussão considerável na última década em função da pressão crescente de investidores e acionistas minoritários por maior transparência na divulgação de informações. No Brasil, só muito recentemente, o tema vem atraindo a atenção de empresas, estudiosos e investidores como consequência emgrande parte da necessidade de profissionalização das companhias com o processo de privatização de estatais e globalização. A partir de uma amostra de 145 empresas brasileiras não financeiras listadas em bolsa em 2002, o estudo busca verificar se existe uma relação estatisticamente significante entre os padrões de governança corporativa observados nas empresas brasileiras e seus respectivos valores de mercado e desempenho, particularmente, através da utilização de uma modelagem estatística de regressão múltipla linear. Os resultados revelam que os modelos propostos são válidos estatisticamente com um nível de confiança de 95% e que a estrutura de governança corporativa influencia desempenho e valor de mercado de forma distinta.
Book Synopsis Corporate Governance and Ownership Structure in Brazil by : Pablo Rogers
Download or read book Corporate Governance and Ownership Structure in Brazil written by Pablo Rogers and published by . This book was released on 2013 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The literature indicates that, mainly in countries with high stock concentration, the ownership structure is an important internal mechanism of control of the corporate governance, with effects in the companies' value and performance. In Brazil, the existing relationship among corporate governance - ownership structure - performance is still not conclusive. The present study investigates if there is any relationship among ownership structure, financial performance and value in the Brazilian non-financial public companies with stocks negotiated in the Satilde;o Paulo Stock Exchange, between the period of 1997 to 2001, as well as the determinant of the level of concentration of the ownership in these companies. In the empiric investigation it was used a multiple regression analysis through the estimators of the Ordinary Least Squares with heteroscedasticity in accordance with White (1980). Concerning the used methodology, the results indicate that the variables of ownership structure as defined do not have influence on the financial performance and value of the companies. Remaining to the determinant of the ownership structure of the Brazilian non-financial public companies, the results indicate that the ownership structure can be explained by the size of the firm, market instability and regulation, being the latter the main determinant of the ownership structure.
Book Synopsis Corporate Governance in Development The Experiences of Brazil, Chile, India, and South Africa by : OECD Development Centre
Download or read book Corporate Governance in Development The Experiences of Brazil, Chile, India, and South Africa written by OECD Development Centre and published by OECD Publishing. This book was released on 2003-12-31 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance matters for national development. These studies of Brazil, Chile, India, and South Africa show that corporate governance is important in helping both to increase financial capital to firms in developing countries and to enhance financial development as a whole.
Book Synopsis Corporate Governance Sustainability Policies and Practices for Corporate Governance in Brazil by : OECD
Download or read book Corporate Governance Sustainability Policies and Practices for Corporate Governance in Brazil written by OECD and published by OECD Publishing. This book was released on 2022-06-21 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report analyses sustainability policies and practices for corporate governance, both in Brazil and globally. It serves to support the development of Brazil’s legal and regulatory framework for sustainability disclosure, the responsibilities of company boards and shareholder rights.
Book Synopsis Corporate Governance and Risk Management in Financial Institutions by : Robert C. Gericke
Download or read book Corporate Governance and Risk Management in Financial Institutions written by Robert C. Gericke and published by Springer. This book was released on 2018-03-27 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an overview of corporate governance and risk management, analyzing their interdependence and particularly their relevance in banking. It discusses current trends in corporate governance, such as stakeholder management, financial performance and the cost of equity, compensation schemes, board structures and shareholder activism. Further, it reviews some of the most important regulatory changes introduced since the latest financial crisis and highlights their impact on the annual reports of the banks under analysis. Lastly, the book assesses and compares major banks in Brazil and Germany with special emphasis on the aspects mentioned above, revealing surprising similarities between the banking systems of these otherwise disparate countries.
Book Synopsis A Primer on Corporate Governance by : Eduardo Schiehll
Download or read book A Primer on Corporate Governance written by Eduardo Schiehll and published by . This book was released on 2015-03-15 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firm-level corporate governance practices vary widely according to country-level factors. Understanding national institutions and the interrelationships among economic players is therefore fundamental to assessing firm-level corporate governance outcomes. More importantly, these governance enforcements have been driven not only by the globalization of markets, but also by internal economic and political forces, resulting in a very particular governance system. The main goal of this book is to describe these particularities and examine the main features that have shaped Brazil's corporate governance system. In the first part, the book will present Brazil's legal system, with a focus on how its corporate law, which differs from that of the U.S. and most European countries, has influenced shareholder rights, ownership concentration, and management accountability in Brazilian listed companies. This is followed by a historical overview of the most important corporate governance landmarks in Brazil, in which the most influential institutions responsible for promoting sound governance in Brazil are identified. Special attention will be paid to private and public initiatives that have embraced governance best practices of developed markets, such as the Sao Paulo stock exchange's (BOVESPA) premium segment, with voluntary governance standards. The second part will appraise into specific firm-level governance features of Brazilian companies. Ownership structures of Brazilian listed companies will be examined, including the roles of the state, family, and large institutional shareholders. Data on ownership structures of Brazilian companies will also be presented to illustrate recent changes and the decline of ownership concentration. Moreover, like ownership structure, the role and composition of boards of directors of Brazilian companies have evolved. Therefore, board structure and the meaning of board independence will be explored in the Brazilian context. Public disclosure of financial information and executive compensation are also salient governance features that have undergone significant enforcement in Brazil in the last decade. The final chapter will consider these improvements and discuss the role of public disclosure in the governance of Brazilian listed companies.
Book Synopsis Is There Some Association between the Board Composition and the Financial Performance? Evidences of Companies Listed in Brazil by : Wesley Mendes-Da-Silva
Download or read book Is There Some Association between the Board Composition and the Financial Performance? Evidences of Companies Listed in Brazil written by Wesley Mendes-Da-Silva and published by . This book was released on 2014 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The corporate governance has been reason of research in some areas of knowledge, amongst them, the Financial area, which has dedicated a considerate amount of papers published recently. In the national scope, the literature concerning the results which the corporate governance can bring for the financial performance of the companies, is relatively discrete. Taking for base the works developed for Bhagat amp; Black (1999 and 2002), this objective work to verify the existence of associations between the board composition and the financial performance shown by Brazilian companies. The research consisted of one multiple cross section which analyzed the subject from 1997 up to 2001, and were lead a set of data of 176 manufacturing companies of capital opened in actions negotiated in the Stock exchange of Sao Paulo. The analysis of data discloses that, for the studied period, it did not have an only of relationship, statistically significant standard, for all the explanatory variable (corporate governance) and the dependent variable (financial performance). However, it was verified that, for two of the five studied years, the independence of the administration advice (INDCO), as well as the independence of the chairman of the board of administration (INDPR) had also been positively associates to the financial performance and still that, the size of the administration advice showed, in one of the five years, an excellent amount of members (lnTAMC)2 in relation to the firm value (Tobin's Q index).Keywords: Corporate Governance, Board Composition, Financial Performance, Brazilians Companies.
Book Synopsis Corporate Governance in Brazil by : Alexandre Di Miceli da Silveira
Download or read book Corporate Governance in Brazil written by Alexandre Di Miceli da Silveira and published by . This book was released on 2009 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a qualitative and in-depth discussion of corporate governance in Brazil. It is divided into five sections: i) historical perspective and corporate governance landmarks; ii) main recommendations of the two Brazilian codes of best practices; iii) Bovespa's Novo Mercado; iv) current level of compliance of Brazilian firms with main local and international recommendations; and, v) next issues and challenges on corporate governance in Brazil. Based on empirical evidence from recent researches, we draw three mains qualitative conclusions: 1) Brazilian codes of best practices have been useful in educating corporate players on the so-called quot;good governance practicesquot;. However, few companies already adopt most part of their recommendations, and a even smaller number of companies publicly disclose their level of compliance with any code; 2) given the totally voluntary nature of compliance with such codes (not even a quot;comply or explainquot; approach is required) the evaluation of the corporate governance quality of local firms is still a challenge to outsiders. 2) given both the outstanding performance of local stock markets and the IPO boom in place from 2004 to 2007, the market didn't really test the quality of corporate governance practices of listed companies, including the practices of companies listed at Novo Mercado, the most requiring listing segments. This should happen in the coming years.
Book Synopsis Corporate Governance in Brazil by : Bernard S. Black
Download or read book Corporate Governance in Brazil written by Bernard S. Black and published by . This book was released on 2013 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the corporate governance practices of Brazilian public companies. We identify areas where their governance is relatively strong and weak. Many firms have small boards, comprised entirely or almost entirely of insiders or representatives of the controlling family or group. Even some very large firms have no independent directors. Formal board processes are limited. Audit committees are uncommon, but many firms use a substitute body ndash; the fiscal board ndash; which does not require that the firm have independent directors to staff the audit committee. Financial disclosure is mixed. Some firms voluntarily provide English language disclosure, but many do not provide cash flow statements or consolidated quarterly financial statements. Brazilian corporate law often provides limited protection to minority shareholders, but the Brazilian stock exchange, Bovespa, provides optional governance rules which go beyond the legal minimums. These optional rules have become increasingly popular with Brazilian firms.For a more detailed study, see Black, de Carvalho and Gorga, The Corporate Governance of Privately Controlled Brazilian Firms, Revista Brasileira de Financcedil;as vol. 7 (2009), at lt;a href=quot;http://ssrn.com/abstract=1003059quot;gt;http://ssrn.com/abstract=1003059lt;/agt; (Portuguese version at lt;a href=quot;http://ssrn.com/abstract=1528183quot;gt;http://ssrn.com/abstract=1528183lt;/agt.
Book Synopsis One Decade of Evolution of Corporate Governance Practices in Brazil by : Ricardo P. C. Leal
Download or read book One Decade of Evolution of Corporate Governance Practices in Brazil written by Ricardo P. C. Leal and published by . This book was released on 2016 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study presents the evolution of the quality of corporate governance practices of listed Brazilian companies from 2004 to 2013 by means of a broad corporate governance index (CGI). Results indicate that the quality of corporate governance practices improved, notably after the creation of voluntary membership exchange trading lists that require better corporate governance and disclosure practices. The average CGI score of 5.8 (out of 10.0) in 2013 may be considered low and points to the need for further improvement. Moreover, firms score very low in the ethics & conflicts of interest aspects of the CGI, when compared to its disclosure, board composition & functioning, and shareholders rights components. The very small number of firms that ban loans to related parties and that facilitate participation in the shareholder meetings is a concern. The decrease in the use of control enhancement mechanisms, such as non-voting shares and indirect control structures, was a remarkable achievement. Even so, shareholder agreements are increasingly used as instruments to interfere with director independence and leverage the controlling bloc power.
Book Synopsis Corporate Governance, Performance and CEO Turnover by : Wesley Mendes-Da-Silva
Download or read book Corporate Governance, Performance and CEO Turnover written by Wesley Mendes-Da-Silva and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, an increasing share of researches on Finance have placed attention to the study of corporate governance, highlighting its implications to the global performance of companies. One of the ways to assess the structures and practices of the corporate governance is to verify the sensibility of executives' turnover to the company performance. In this article we aim at checking if the determinants of executives' turnover in Brazilian companies may be different between family and non-family businesses from the governance viewpoint. The analysis is conducted having as reference a set of 176 industrial businesses listed at Bovespa, segmented by type (family or non-family), between 1997 and 2001. The contribution of this study is in the peculiarities involving the family businesses and which have not been considered in Brazilian researches, and by offering elements to reflect theoretically about the performance of family businesses and their governance structures. The results reveal the existence of significant differences in performance, value and structures of corporate governance between family and non-family businesses. It has also been observed that the companies which obtained better profitability tended to implement a smaller turnover.
Book Synopsis Corporate Governance Quality and Firm Value in Brazil by : Alexandre Di Miceli da Silveira
Download or read book Corporate Governance Quality and Firm Value in Brazil written by Alexandre Di Miceli da Silveira and published by . This book was released on 2007 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the influence of corporate governance quality on market value of 154 Brazilian listed companies in 2002. In order to obtain a proxy for corporate governance quality, a broad governance index was built. The investigation was carried out by different econometric approaches in increasing order of complexity, including multiple regressions by Ordinary Least Squares (OLS), instrumental variables approach and systems of simultaneous equations. The results obtained in all econometric approaches show a positive and significant influence of corporate governance quality on firm's market value. OLS results with market value variables Tobin's Q and PBV multiple suggest that, ceteris paribus, a worst-to-best change in governance quality would result in a market capitalization increase of around 85% and 100%, respectively. The paper also finds evidence of corporate governance variable endogeneity and proposes different instruments for estimation by instrumental variables approach. Moreover, results by simultaneous equation approach indicate a relation of reverse causality between corporate governance quality and firm valuation.
Book Synopsis Handbook of Business Legitimacy by : Jacob Dahl Rendtorff
Download or read book Handbook of Business Legitimacy written by Jacob Dahl Rendtorff and published by Springer. This book was released on 2020-10-10 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook forms part of wider research in responsibility, ethics and legitimacy of corporations. Through an interdisciplinary perspective with comparative integration of sociological, politological, philosophical, theological, ethical, economic, legal, linguistic and communication theoretical approaches this Handbook will clarify how the interrelation between company and environment is mediated by legitimating notions in public spaces and public relations; how and why these notions have changed radically; how these transformations strike on the epistemological as well as practical dimension of business companies; and the problems involved in these transformations at the macro-, meso- and micro levels. The Handbook begins with a historical introduction and chronology of the development of business legitimacy, providing a comprehensive assessment of the concept’s evolution and identifying the most influential authors and their works. These may be divided into authors who follow (1) a philosophical, sociological, or conceptual tradition in management and leadership in their treatment of legitimacy and those who belong to the research tradition of (2) application of the concept in management science and leadership as well as in organizational theory and business practice in the interdisciplinary perspective of the different approaches. The Handbook continues with systematic approaches and major themes developed in the concept of business legitimacy. Contributions here may be conceptual, empirical/applied or case studies. The different parts of the volume deal with the different topics to which business legitimacy has been applied, with how legitimacy is relevant in the various operational areas of the firm, and with the legitimacy theory’s responses to some of the most important issues that businesses and organizations currently face.
Book Synopsis Richtlinien für Strassenbepflanzung (RPf) by :
Download or read book Richtlinien für Strassenbepflanzung (RPf) written by and published by . This book was released on 1960 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Related Party Transactions by : Alexandre Di Miceli da Silveira
Download or read book Related Party Transactions written by Alexandre Di Miceli da Silveira and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Related Party Transactions (RPTs) are operations with high potential for conflict of interests between shareholders and managers or between controlling and minority shareholders. In environments characterized by concentrated ownership structures, such as in Brazilian, such transactions could be used as a way for reaping private benefits of control by controlling shareholders. This paper undertakes this issue from both legal and empirical point of view. On the legal side, we survey the legal strategies currently employed in Brazil by regulators and self-regulatory bodies aiming at to avoid the problems from the inherently conflict of interests present in such dealings. On the empirical side, we analyze the RPTs reported by all Brazilian companies listed at Bovespa's corporate governance special listing segments in 2006. We also analyze the relation between the use of RPTs and proxies for corporate governance quality, as well as the relation between RPTs and firm market value. As the main qualitative result from our legal survey, we observe that Brazilian legal system makes use of two main legal strategies: definition of expected standards with ex-post analysis, and mandatory disclosure of relevant RPTs. From our quantitative analyses, three results stand out: RPTs are significant and frequent among Brazilian listed companies, there's a negative association between the use of RPTs and corporate governance quality, and there's a negative association between RPTs and firm market value. Overall, the empirical results provide evidence that RPTs are a signal for conflicts of interests taking place, rather than efficient business transactions.
Book Synopsis Corporate Governance, Valuation and Performance by : Marcus V. Braga-Alves
Download or read book Corporate Governance, Valuation and Performance written by Marcus V. Braga-Alves and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In December 2000, the Sao Paulo Stock Exchange launched a new premium market segment for companies that voluntarily commit to "good practices of corporate governance." We construct a composite index (NM6) that combines six proxies for the main governance practices targeted by Bovespa's reform. We find that higher scores for our index are related to greater market value but not to better operating performance. An investment strategy that purchased stocks of firms with high NM6 and sold stocks of firms with low NM6 would have earned abnormal returns of 10.68% per year from 2001 to 2005.
Book Synopsis Experiments in Financial Democracy by : Aldo Musacchio
Download or read book Experiments in Financial Democracy written by Aldo Musacchio and published by Cambridge University Press. This book was released on 2009-09-14 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed historical description of the evolution of corporate governance and stock markets in Brazil in the late nineteenth and twentieth centuries.
