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Corporate Governance Quality And Firm Value In Brazil
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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 Evolution and Determinants of Firm-Level Corporate Governance Quality in Brazil by : Alexandre Di Miceli da Silveira
Download or read book Evolution and Determinants of Firm-Level Corporate Governance Quality in Brazil written by Alexandre Di Miceli da Silveira and published by . This book was released on 2012 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the evolution and the determinants of firm-level corporate governance practices in Brazil from 1998 to 2004 using a broad corporate governance index. A key contribution is to examine the voluntary adoption of corporate governance guidelines under an almost quot;no listing requirementsquot; environment in Brazil over a reasonable time span while most studies use cross-section samples over one or a few years. This is probably one of the few papers to investigate the impact of ownership structure on the quality of corporate governance practices segregating control and cash flow rights. Also, we perform regression analyses employing a robust panel-data GMM-based procedure that accounts for the main sources of endogeneity associated with our empirical design. Our data shows that overall firm-level corporate governance quality is steadily improving but is still low and that heterogeneity has increased during the sample period. Voluntarily joining stricter listing requirements, either by cross-listing in the US or by joining Bovespa's New Market, is positively associated with firm-level corporate governance quality. We found no clear evidence of the influence of other potential determinants, such as growth perspectives, firm size, firm value, and ownership structure, and we doubt the methodological reliability of previous findings suggesting that there is a causal relationship from value and ownership to corporate governance practices.
Book Synopsis The impact of corporate governance on firm value and equity cost of capital of listed companies in brazil by :
Download or read book The impact of corporate governance on firm value and equity cost of capital of listed companies in brazil written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: O tema da Governança Corporativa vem ganhando importância recente paraorganizações e pesquisadores mundialmente. Nele, as corporações são analisadascomo uma estrutura de governança, nas quais destacam-se as relações decorrentesda separação entre propriedade e gestão. No Brasil, a partir das mudançasestruturais ocorridas a partir do início dos anos 90, relacionadas à aberturacomercial, aos processos de privatização e estabilização monetária da economia, novos agentes ganharam relevo no cenário nacional, engendrando novas formasde governança corporativa. Observam-se mudanças no controle societário dascorporações no país, tendo como acionistas principalmente investidoresinstitucionais e externos. O propósito deste estudo é verificar se a adoção depráticas de governança corporativa traz benefícios concretos para companhiasabertas no Brasil, especificamente: a transparência e as características doConselho de Administração das companhias abertas no Brasil influenciam o valore o custo de capital próprio destas empresas? Foi realizada uma pesquisadescritiva, documental e bibliográfica, na qual buscou-se verificar se existe umarelação estatística significativa entre variáveis independentes, associadas àtransparência e a características de controle atribuídas ao Conselho deAdministração, e variáveis dependentes, associadas ao valor e ao custo de capitalpróprio. Para tal, utilizou-se um modelo estatístico de regressão linear múltiplacom 95% de nível de confiança aplicado a uma amostra das companhias abertasno Brasil com liquidez significativa no ano de 2004. Apesar de não seremconclusivos, os resultados apontam no sentido proposto pelos códigos demelhores práticas de governança corporativa existentes.
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 The Evolution of Corporate Governance in Brazil by : Bernard S. Black
Download or read book The Evolution of Corporate Governance in Brazil written by Bernard S. Black and published by . This book was released on 2014 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use extensive hand collected surveys reporting governance practices in 2004, 2006, and 2009 to build a broad corporate governance index and analyze the evolution of corporate governance in Brazil and the association between governance and firm value. We find that corporate governance practices improved significantly over this period. This evolution is due to two main factors: 1) growth in Novo Mercado and Level II (NM&L2) listings, mainly through IPOs by new firms, and 2) improved practices at non-NM&L2 firms, principally adopting governance elements required for NM&L2 listing. Governance practices for firms already listed on NM&L2 were stable. Adoption of the elements of our governance index that are required for NM&L2 listing predicts higher firm value. In contrast, adoption of the remaining elements of our index does not predict firm value. Thus, governance changes appear to respond to investor preferences.
Book Synopsis Corporate Governance and Value in Brazil (and in Chile). by : Ricardo P. C. Leal
Download or read book Corporate Governance and Value in Brazil (and in Chile). written by Ricardo P. C. Leal and published by . This book was released on 2009 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: We construct a corporate governance practices index (CGI) from a set of 24 questions that can be objectively answered from publicly available information. Our goal was to measure the overall quality of corporate governance practices of the largest possible number of firms without the biases and low response ratios typical of qualitative surveys. CGI levels have improved over time in Brazil. CGI components demonstrate that Brazilian firms perform much better in disclosure than in other aspects of corporate governance. We find very high concentration levels of voting rights leveraged by the widespread use of indirect control structures and non-voting shares. Control has concentrated between 1998 and 2002. We do not find evidence for either entrenchment or incentives in Brazil using ownership percentages but find that the separation of control from cash flow rights destroys value. The CGI maintains a positive, significant, and robust relationship with corporate value. A worst-to-best improvement in the CGI in 2002 would lead to a .38 increase in Tobin's q. This represents a 95% rise in the stock value of a company with the average leverage and Tobin's q ratios. Considering our lowest CGI coefficient, a one point increase in the CGI score would lead to a 6.8% rise in the stock price of the average firm in 2002. We found no significant relationship between governance and the dividend payout but there are indications that dividend payments are greater when control and cash flow rights concentration are greater. We place our results in context by offering a comparative analysis with Chile. We would offer a sound quot;yesquot; if asked whether good corporate governance practices increase corporate value in Brazil.
Book Synopsis An Exploration of Boards of Directors' Quality by : Jose Elias Feres de Almeida
Download or read book An Exploration of Boards of Directors' Quality written by Jose Elias Feres de Almeida and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an environment with poor quality of Corporate Governance Mechanisms, the quality of directors' attributes might exert an important role to improve firm's value and performance. I developed an index to explore the quality of Board of Directors based on Brazilian and international corporate governance codes to measure directors qualitative attributes. The sample consist in 24 Brazilian firms that traded at NYSE in the period over 1999-2006. The results show us that board of directors with high types of attributes can improve value measured individually and by the quality index. The main results indicate that firm value improved with high types of professionals, accountants seated in boards, directors with high level of education and that participated in executive training.
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 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 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 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 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 Investor Protection and Corporate Governance by : Alberto Chong
Download or read book Investor Protection and Corporate Governance written by Alberto Chong and published by World Bank Publications. This book was released on 2007-06-26 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level the first such data in the region and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.
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 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 What Matters and for Which Firms for Corporate Governance in Emerging Markets? Evidence from Brazil (and Other BRIK Countries). by : Bernard S. Black
Download or read book What Matters and for Which Firms for Corporate Governance in Emerging Markets? Evidence from Brazil (and Other BRIK Countries). written by Bernard S. Black and published by . This book was released on 2018 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: A central issue in corporate governance research is the extent to which “good” governance practices are universal (one size mostly fits all) or instead depend on country and firm characteristics. We report evidence that supports the second view. We first conduct a case study of Brazil, in which we survey Brazilian firms' governance practices at year-end 2004, construct a corporate governance index, and show that the index, as well as subindices for ownership structure, board procedure, and minority shareholder rights, predict higher lagged Tobin's q. In contrast to other studies, greater board independence predicts lower Tobin's q. Firm characteristics also matter: governance predicts market value for nonmanufacturing (but not manufacturing) firms, small (but not large) firms, and high-growth (but not low-growth) firms. We then extend prior studies of India, Korea, and Russia, and compare those countries to Brazil, to assess which aspects of governance matter in which countries, and for which types of firms. Our “multi-country” results suggest that country characteristics strongly influence both which aspects of governance predict firm market value, and at which firms that association is found. They support a flexible approach to governance, with ample room for firm choice.
Book Synopsis Corporate Governance, Market Valuation and Dividend Policy in Brazil by : Andre Carvalhal
Download or read book Corporate Governance, Market Valuation and Dividend Policy in Brazil written by Andre Carvalhal and published by . This book was released on 2009 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the effects of the corporate governance structure on market valuation and dividend payout of Brazilian companies. The empirical results indicate a high degree of ownership and control concentration. We can also note a significant difference between the voting and total capital owned by the largest shareholders, mainly through the existence of non-voting shares, pyramidal structures, and shareholding agreements. These mechanisms seem to be used by controlling shareholders to keep the firm's control without having to own 50% of the total capital. The evidence also reveals that there is a relationship between governance structure, market valuation, and dividend policy in Brazil.
