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.

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.

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.

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.

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.

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.

Download or read book Overlaps of Private Sector with Public Sector Around the Globe written by John W. Kensinger and published by Emerald Group Publishing. This book was released on 2015-07-06 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contributions assess the benefits to local banks around the Bakken Formation, the effect of corporate governance on valuation in India, and the undermining of real estate investment because of regulatory uncertainties. We also have studies of dividend policy and systemic risk in emerging markets, plus improvements in quantitative methods.

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.

Download or read book Corporate Governance written by Christine Mallin and published by Oxford University Press, USA. This book was released on 2018-12-06 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by leading subject expert Christine A. Mallin, Corporate Governance combines clear, accessible discussion of theory with a wealth of contemporary, global examples to introduce students to both the essential principles of the subject and how they apply in practice. In addition, broad coverage of international attitudes and approaches to governance allow students to develop a wider understanding of business issues in an increasingly globalized world. The complexities of socially responsible investment in Myanmar, L'Oréal's celebrated sustainability programme, and the leadership problems at South Korea's Samsung are just some of the new and updated case studies for the sixth edition, ensuring examples are not just relevant but topical too. In addition, Financial Times articles reporting on issues and events as diverse as the gender pay gap, shareholder rebellions, and legal action on climate change accompany chapters, providing further real-life examples of theory in practice.New to this EditionUpdated and extended coverage of CSR, board diversity, and executive remuneration, including organizations' new responsibilities and directions for change.New and updated case studies on organizations as varied as IKEA, L'Oréal, Volkswagen, and Samsung contextualize key issues in international corporate governance.New Financial Times extracts throughout highlight the most contemporary developments in corporate governance and the world's reactions.Updated national and international codes, guidance, and legislation take into account the latest legal and policy changes.This title is available as an eBook. Please contact your Learning Resource Consultant for more information.

Download or read book Corporate Governance Around the World written by Ahmed Naciri and published by Routledge. This book was released on 2008-02-14 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last Asian financial crisis, coupled with the western series of corporate scandals, has caused investors and citizens to doubt mangers ability to guarantee credible financial information about organizations. Consequently, legislators all over the world have come to realise the necessity of legislating in the area of corporate governance.

Download or read book Doing Business 2020 written by World Bank and published by World Bank Publications. This book was released on 2019-11-21 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.

Download or read book Handbook of Research on Accounting and Financial Studies written by Farinha, Luís and published by IGI Global. This book was released on 2020-03-06 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: The competitive nature of organizations in today’s globalized world has led to the development of various approaches to increasing profitability and maintaining an advantage over rival companies. As technology continues to be integrated into business practices, specifically in the area of accounting and finance, professionals and educators need to be prepared for advancing economic techniques, and they need to maintain a high level of financial literacy. The Handbook of Research on Accounting and Financial Studies is a pivotal reference source that provides vital research on advanced knowledge and emerging business practices and teaching dynamics in the fields of accounting and finance. While highlighting topics such as cost-benefit analysis, risk management, and corporate governance, this publication explores new initiatives in entrepreneurship and performance management. This book is ideally designed for business managers, consultants, entrepreneurs, auditors, tax practitioners, economists, accountants, academicians, researchers, and students seeking current research on modern advancements and recent findings in accounting and financial studies.

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.

Download or read book The Oxford Handbook of Business Groups written by Asli M. Colpan and published by Oxford Handbooks Online. This book was released on 2010-08-05 with total page 828 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook provides a comprehensive analysis of business groups around the world. It focuses on the adaptive and competitive capabilities of business groups and their evolutionary dynamics, as well as considering the historical and theoretical contexts of business groups.

Download or read book Varieties of Capitalism written by Peter A. Hall and published by Oxford University Press. This book was released on 2001 with total page 557 pages. Available in PDF, EPUB and Kindle. Book excerpt: Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.

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.

Download or read book ESG and Responsible Institutional Investing Around the World A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.