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The Evolution Of Corporate Governance In Brazil
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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 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 and Capital Markets in Brazil by : Alexandre Di Miceli da Silveira
Download or read book Corporate Governance and Capital Markets in Brazil written by Alexandre Di Miceli da Silveira and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a PDF file with a presentation about the history and panorama of Corporate Governance and Capital Markets in Brazil, as of earlier 2014. It intends to help foreign researchers and practitioners to understand the evolution of the debates about corporate governance in Brazil, as well as its current state. The presentation is divided in five topics: 1. A big picture about Brazil, including a brief comparison against other BRICs; 2. Historical perspective and main corporate governance landmarks in Brazil; 3. The evolution of the Brazilian corporate governance model; 4. Current data on Brazilian capital markets, 5. Concluding remarks.
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 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 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 Corporate Governing in Latin America by : Jonathan Callund
Download or read book Corporate Governing in Latin America written by Jonathan Callund and published by Springer Nature. This book was released on 2023-01-01 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: Grounded in institutional theories, this volume offers a framework for understanding the evolution of corporate governance in the six leading Latin American countries, namely Argentina, Brazil, Chile, Colombia, Mexico, and Peru. Applying inductive qualitative methods, it postulates the notion of governing as a dynamic, emergent and contextual process and traces its evolution and adaption to the different configurations of institutional logics in each country and the region as a whole over several decades. Adopting corporate governance scandals as the lens through which to observe institutional change in each country, this book reveals the sources of societal transformations, identifying key lessons as well as meaningful setbacks along the way. This edited collection helps appreciate the role and interactions of corporate elites, stakeholders and watchdogs, including the visible hands of government and multinational corporations, presenting comparisons across the countries, the region and the broader evolution of governing practices around the globe. The result is a book combining scholarly rigor and practical relevance, looking to serve as an emerging markets benchmark guide for practitioners, researchers and thinktanks alike.
Book Synopsis CORPORATE Governance in Development by : Charles P. Oman
Download or read book CORPORATE Governance in Development written by Charles P. Oman and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Corporate Social Responsibility: Emerging Markets Focus by : Sabri Boubaker
Download or read book Corporate Governance And Corporate Social Responsibility: Emerging Markets Focus written by Sabri Boubaker and published by World Scientific. This book was released on 2014-09-26 with total page 613 pages. Available in PDF, EPUB and Kindle. Book excerpt: While emerging market economies do not have a mature market structure yet, there is a need for research on corporate governance practices in these economies from different perspectives, including corporate social responsibility. Corporate Governance and Corporate Social Responsibility: Emerging Markets Focus fills the gap with a collection of high-quality research and policy-based papers addressing these issues, using various market cases as illustrations.Unlike previous books that often focused on one or several emerging markets, this book covers a much broader set of countries and tackles ethical, legal and societal aspects of corporate governance, beyond financial issues. It also discusses how companies work towards best corporate governance practices, particularly, in the aftermath of recent financial and economic crises. Readers will benefit from the wide range of theoretical, empirical, and case analyses, selected with care to reflect cutting-edge corporate governance and corporate social responsibility issues in countries with emerging markets.
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 Social Responsibility in Brazil by : Christopher Stehr
Download or read book Corporate Social Responsibility in Brazil written by Christopher Stehr and published by Springer. This book was released on 2018-08-01 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the practice of corporate social responsibility (CSR) in Latin America, with a particular focus on Brazil. Drawing on historical developments and theoretical reflections alike, it introduces readers to the state of the art in Brazilian CSR. The authors present a range of regulatory and entrepreneurial frameworks that form the basis for business and CSR activities in Brazil. In a number of detailed case studies from various Brazilian institutions and enterprises, the book provides revealing insights into the practice of sustainable and responsible business conduct in this country. Subsequent chapters show the effects of anti-corruption laws, which have since informed corporations’ compliance agendas, and discuss recent, massive corruption scandals. Generally speaking, the book provides a highly informative and practice-oriented resource that successfully reconciles an ostensible contradiction – corporate social responsibility and Brazil.
Book Synopsis OECD Public Governance Reviews Brazil's Federal Court of Accounts Insight and Foresight for Better Governance by : OECD
Download or read book OECD Public Governance Reviews Brazil's Federal Court of Accounts Insight and Foresight for Better Governance written by OECD and published by OECD Publishing. This book was released on 2017-08-07 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report suggests concrete steps Brazil’s Federal Court of Accounts can take to adapt its own strategies, approaches and audit programming to provide valuable insight and foresight to policy makers in the centre of government.
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 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 Corporate Governance Country Assessment by :
Download or read book Corporate Governance Country Assessment written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Comparative Corporate Governance by : Afra Afsharipour
Download or read book Comparative Corporate Governance written by Afra Afsharipour and published by Edward Elgar Publishing. This book was released on 2021-06-25 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research handbook provides a state-of-the-art perspective on how corporate governance differs between countries around the world. It covers highly topical issues including corporate purpose, corporate social responsibility and shareholder activism.
