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Corporate Governance Stock Market And Economic Growth In Brazil
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Book Synopsis Corporate Governance, Stock Market and Economic Growth in Brazil by : Pablo Rogers
Download or read book Corporate Governance, Stock Market and Economic Growth in Brazil written by Pablo Rogers and published by . This book was released on 2013 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Literature points that the development of the stock market depends on the introduction of good practices of corporate governance, what in its own would make the country economic growth more dynamic. This work aims to investigate to which extent the institution of better practices of corporate governance is related to the economic growth. To reach the objective, it were performed comparative sensibilities analysis of the Index of Corporate Governance (IGC) and of the Ibovespa (Satilde;o Paulo's Stock Exchange Index) in relation to the macroeconomic variables present in the literature that influence the most the national stock market, including one proxy of the real economic growth. In methodological terms, it was developed a quantitative descriptive research: it were estimated models in differences by the use of the Ordinary Least Squares Method (OLS) and models in quasi-differences by the use of the Feasible Generalized Least Squares Method (FGLS). By the methodology adopted there are evidences that companies who adopt better practices of corporate governance have better performances (collect more benefits) in the economic growth cycle than those companies that do not adopt them.
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.
Book Synopsis Corporate Governance in Development by : Charles Oman
Download or read book Corporate Governance in Development written by Charles Oman and published by OECD Publishing. This book was released on 2003 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Poor corporate governance can have significant implications for the lives of ordinary people, whether in the most highly developed countries or in developing world, as illustrated by recent failures at Enron and WorldCom. This publication, based on case studies in Brazil, Chile, India, and South Africa, illustrates the importance of good corporate governance in developing countries, in helping to increase financial capital to firms and to achieving sustained productivity growth. However, its value cannot be considered in isolation, since financial sector measures are required to strengthen the banking sector and financial institutions as a whole, as well as focusing on competition policy and reforms of sector-specific regulatory practices.
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 Transaction taxes and the brazilian stock market: effects on corporate governance and investment styles by :
Download or read book Transaction taxes and the brazilian stock market: effects on corporate governance and investment styles written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Em 1993, o governo federal adotou um tributo IPMF (1993,1994) e CPMF (1997-2002) sobre transações financeiras no Brasil. Usando uma amostra de 545 ações da Bovespa, mostra-se que, sob a alíquota máxima (0,38 por cento), o tributo implicou uma perda de 19 por cento do volume negociado. A queda do volume de transações afetou mais fortemente ações que se enquadram no estilo deinvestimento crescimento e ações de firmas que pagam menos dividendos. Este último resultado sugere que, ao gerar incentivos para uma maior distribuição de dividendos, a CPMF protegeu acionistas minoritários, apesar do aumento doscustos de transação.
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 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 Quality by : Gianni De Nicoló
Download or read book Corporate Governance Quality written by Gianni De Nicoló and published by International Monetary Fund. This book was released on 2006-12 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper constructs a composite index of corporate governance quality, documents its evolution from 1994 through 2003 in selected emerging and developed economies, and assesses its impact on aggregate and corporate growth and productivity. Our investigation yields three main findings. First, corporate governance quality in most countries has overall improved, although to varying degrees and with a few notable exceptions. Second, the data exhibit cross-country convergence in corporate governance quality with countries that score poorly initially catching up with countries with high corporate governance scores. Third, the impact of improvements in corporate governance quality on traditional measures of real economic activity-GDP growth, productivity growth, and the ratio of investment to GDP- is positive, significant, and quantitatively relevant, and the growth effect is particularly pronounced for industries that are most dependent on external finance.
Book Synopsis Investment Opportunities in Brazil by : Thorsten Müller
Download or read book Investment Opportunities in Brazil written by Thorsten Müller and published by GRIN Verlag. This book was released on 2013-02-07 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2010 in the subject Business economics - Business Management, Corporate Governance, grade: A15, European College of Business and Management (ECBM) London, language: English, abstract: 1. Brazil today In the mainstream European media world Brazil ́s economy is rarely a topic though experts consider Brazil as the country with the best chances among the emerging BRIC (Brazil, Russia, India, China) states. The presidents Cardoso and his successor Lula de Silva have stabilized the country and led it into bright and better future – due their reforms inflation rates have slowed to around 5% in the recent years from dizzying 15% in 2003 and since then the currency very much stabilized, economical growth maximised to a status of which western nations only can dream of (an average of around 5% each year since 2004) and brought more people than ever for the first time into the consumer market by growing formal jobs. Furthermore credit laws have changed in a way which boosts & encourages the banking sector to become active on the consumer mass market. All these facts function like an admission ticket to the modern economy, but the big question is: Where are the exact chances for good business investments in the near future. But before actually looking into the investment opportunities linked to the further development of Brazil, first let ́s take a look at the demographics: When comparing population figures from the Brazilian statistical office quoted by the German statistical office (Destatis 2006, n.p.) directly with western countries one can clearly see that the majority of the Brazilians (65%+) are in the working age between 15 and 64. Only around 5% of the population is in the age of 65+. Having a look at Germany for example, this age group forms approximately 20% of the whole German population. The GDP per capita is at the moment at roughly 8.000 $ with an increase each year since 2002 according to the Deutsche Bank (Busch 2009, p.250). Only in the recent credit crunch crisis, which had its origin in the USA, Brazil was not able to manage a growth (like no country else in the world). However Brazil was/is much lesser affected by the crisis as other countries, due to the fact that it is mainly autonomous in its resources and that trade connections with the USA are the minority. So overall one can say by only looking at these outlines of Brazilian economy & demographics that Brazil as a country, the Brazilians as a population and the businesses in this country have a lot of potential for future development. 2. Investing in the next billion consumers 3. Future development & investment in infrastructure and the energy sector 4. ...
Book Synopsis Corporate Governance and Capital Structure in Brazil by : Alexandre Ripamonti
Download or read book Corporate Governance and Capital Structure in Brazil written by Alexandre Ripamonti and published by . This book was released on 2016 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose: To study the Brazilian bond and stock markets for testing the stock market development theory of Demirgüc-Kunt and Maksimovic (1996).Originality/gap/relevance/implications: This paper tests the substitution hypothesis of stock market development, from debt to stocks, in a context of improved corporate governance, by analyzing the data with cointegration techniques. The findings show that the rejection of substitution hypothesis, as the bond market has a positive and significant association with stock market improvements. The findings also show that improving the quality of corporate governance could lead equity capital and borrower capital sources to be complementary and not substitutes, suggesting that Brazilian stock market reform has created a virtuous development cycle.Key methodological aspects: Positivist research using quantitative methodology. Data from a sample of 171 firms during 20 years, analyzed with cointegration. The null was a negative association between bond and stock markets.Summary of key results: Null rejection, non-consistent to theoretical framework. The results have shown a positive and significant association between stock and debt in an improved corporate governance context.Key considerations/conclusions: Improving the quality of corporate governance could lead equity capital and borrower capital sources to be complementary, and not substitutes, suggesting that Brazilian stock market reform has created a virtuous development cycle.
Book Synopsis Law, Planning and the Development of the Brazilian Capital Market by : David M. Trubek
Download or read book Law, Planning and the Development of the Brazilian Capital Market written by David M. Trubek and published by . This book was released on 1971 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook on International Corporate Governance by : Chris A. Mallin
Download or read book Handbook on International Corporate Governance written by Chris A. Mallin and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Throughout the world there is conflict between the desire to reap wealth from strong corporate functioning and the imperative of preserving the integrity of the sovereign state. Christine Mallin has assembled a collection of delightful essays describing the current circumstances of corporate governance in a variety of different countries. The volume reads like a story, fascinating, accessible and informative. The book can be read for information in each article or as a totality giving insight into the critical balancing of interests required in particular countries. Anyone buying this book – and you should – will have a fine experience.' – Robert Monks, Lens Governance Advisors, US The second edition of this major Handbook provides a thoroughly revised and extensive analysis of the development of corporate governance across a broad range of countries including Australia, China, Germany, India, Italy, Japan, Poland, Russia, South Africa, Spain, Turkey and the UK. Additional coverage in this second edition includes Brazil, Hungary, Malaysia, and Norway. The Handbook reveals that whilst the stage in the corporate governance life cycle may vary from country to country, there are certain core features that emerge such as the importance of transparency, disclosure, accountability of directors and protection of minority shareholders' rights. With contributions by leading academics and practitioners in the field of corporate governance, this important Handbook provides a comprehensive insight into the evolution of corporate governance in countries with diverse cultural, economic and legal systems.
Book Synopsis Information Asymmetry in Stock Trading, Economic and Financial Characteristics and Corporate Governance in the Brazilian Stock Market by : Orleans Silva Martins
Download or read book Information Asymmetry in Stock Trading, Economic and Financial Characteristics and Corporate Governance in the Brazilian Stock Market written by Orleans Silva Martins and published by . This book was released on 2014 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study sought to investigate the relationship between information asymmetry in the stock trading, economic and financial characteristics and corporate governance of listed companies in the Brazilian stock market in 2010 and 2011. To this end, the study relied on a theoretical framework for information asymmetry in the capital market to measure the asymmetry's magnitude based on the intraday stock-trading data of 194 companies. The primary results demonstrated that the informational asymmetry in the stock trading was positively related to the risk, return and liquidity of the shares as well as the cost of equity and the size of the companies. In addition, the asymmetry was negatively related to the abnormal return of shares. During the investigated period, the information asymmetry relationship with the liquidity and size (positive) and the abnormal return (negative) were at odds with previous research. The reasons for our results may be related to specific aspects of the Brazilian market, for example, in the case of abnormal returns, the deceleration of the Bovespa Index (IBovespa) or the reflection of the average return to negotiators without insider information during the period. In case of liquidity and size, the high index of issuance and negotiation of preferred shares may have influenced the results. Thus, this research contributes to the analysis of idiosyncratic characteristics of the capital market of a developing country, such as information asymmetry in stock trading and its association with the economic and financial characteristics and corporate governance of companies in the Brazilian stock market.
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 Corporate Governance and Volatility in the Capital Markets by : Pablo Rogers
Download or read book Corporate Governance and Volatility in the Capital Markets written by Pablo Rogers and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2001, with the São Paulo Stock Exchange (Bovespa) creation of the “New Market and Governance Levels I and II”, Brazil became a unique country for corporate governance studies. From this date on it became possible to distinguish, in the same macroeconomic and institutional environment, companies that formally adopt good practices of corporate governance from those that don't. This article objective, considering Brazil as a case study, was to assess the impact of higher levels of governance on the volatility term structure of the stocks. In methodological terms, it were developed two indexes of daily returns in the Brazilian stock market called IEPG-I and IEPG-S, and it was analyzed the volatility term structure with adjustments on the GARCH family models. The results were statistically surprisingly, highlighting: 1) higher levels of governance had positive effect in the reduction of the short and long term volatility; 2) the volatility of the companies with the worst practices of corporate governance seems to be more reactive to the market; 3) the persistence of the volatility of the companies with good practices is higher than that of the companies with worse practices; 4) the convergence speed of the volatility of the companies with good practices is lower than that of the companies with worse practices; and 5) the presence of information asymmetry or leverage effect in companies with worse practices of corporate governance and absence in companies with better practices of governance.
Book Synopsis (How) Does Self-Regulation Work? Evidence from Brazilian Corporate Governance Listing Segments by : Angela Rita Franco Donaggio
Download or read book (How) Does Self-Regulation Work? Evidence from Brazilian Corporate Governance Listing Segments written by Angela Rita Franco Donaggio and published by . This book was released on 2018 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the enforcement of the Brazilian Stock Exchange (B3) self-regulation on companies listed on its special corporate governance segments: Levels 1, 2 and the New Market. From the theoretical perspective, I discuss the main doctrines and international experiences on the subject. The legal analysis shows the contract between the B3 and listed companies being an instrument of this relation. This relation, in turn, is grounded on legal based disciplinary power aimed to be used in the public interest. From the empirical perspective, I analyze fourteen years of data of the sanctions applied by the B3 for companies listed on the special segments. The results show that: (i) sanctions imposed by the B3 have procedural nature instead of substantive; (ii) the number of sanctions did not grow proportionally to the number of listed companies; (iii) there is a negative correlation between the number of fines and the stock market momentum (“bear” or “bull market”); and (iv) on average, companies that receive more fines are smaller, younger, with lower profitability, lower stock returns and higher indebtedness. I present solutions to increase public oversight of the enforcement of the listing segments' rules, such as: enhancing transparency and accountability; strengthening the state supervision over the private regulator's enforcement activities; and, implementing mechanisms to mitigate the risks of under-enforcement caused by conflicts of interests. The Brazilian case is relevant to the global debate because its results suggest responses to the following issues: (i) the limitations of Stock Exchanges to enforce its own rules; (ii) the discussion whether listing rules lead to a “race to the bottom” or “race to the top”; and, (iii) whether “bull” or “bear markets” are related to the enforcement activity. These results highlight the relevance of more research and debates on this issue in the academic world. Taken together, the debate and proposals have the ultimate goal of improving investor protection and strengthen the credibility of the stock markets in order to contribute to greater economic and social development.
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.
