Download or read book The Effect of Corporate Governance Practices on Company Market Valuation and Payout Policy in Chile written by Fernando Lefort and published by . This book was released on 2008 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we ask whether corporate governance practices at the firm level within a single country affect these firms' market valuation. This question is crucial to asses the potential benefits for firms to change their own practices, even though, they cannot affect their country's rules. In particular, the Chilean case presents at least three interesting features that make its study especially relevant for other emerging economies. First, the Chilean corporate structure presents highly concentrated ownership, widespread use of pyramid structures to separate cash from control rights and opaque ultimate ownership identification. Second, an amendment to Securities Market Law and Corporation Law was recently passed with the intention to improve corporate governance in Chile. Finally, the Chilean capital market is relatively developed with a large participation of institutional investors for more than two decades. We perform regression analysis of measures of firm performance and payout policy on corporate governance indicators at the firm level and a series of control variables. We carefully check that our results are not due to omitted variable bias or to particular specification and samples through an extensive robustness checkout. We also control for reverse causation using two features of Chilean Corporations Law that provide an exogenous instrument for some of the corporate governance practices of Chilean firms. We find that firms that present higher coincidence between cash and control rights tend to be consistently more valued by the market. We interpret this result as an indication that potential conflicts of interest between controllers and minority shareholders are penalized by the Chilean capital market.
Download or read book The effect of corporate governance practices on company market valuation and payout policy in Chile written by Fernando Lefort and published by . This book was released on 2005 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Stock Market Liquidity in Chile written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2016-11-16 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile has a large but relatively illiquid stock market. Global factors such as global risk appetite and monetary policy in advanced economies are key cyclical determinants of liquidity in Chilean equities. Evidence from a cross-section of emerging markets suggests strong protection of minority shareholders can help improve stock market liquitidity. Currently, illiquid in Chilean may have to pay 31⁄2 percent more as cost of equity. Corporate governance should be improved, namely through the adoption of a stewardship code.
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 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.
Download or read book The Impact of Globalization on Argentina and Chile written by Geoffrey Jones and published by Edward Elgar Publishing. This book was released on 2015-09-25 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the first global economy of the late nineteenth century and early twentieth century, Argentina became one of the richest countries on earth, while Chile was an economic backwater. During the contemporary era of globalization, liberalization and institutional reforms in Chile provided a context in which business grew, while in Argentina, institutional dysfunction made productive business hard to sustain. This book explores the complex relationships between corporate behavior, institutions and economic growth through the contrasting experiences of Argentina and Chile. In nine chapters written by prominent business historians, the work addresses the role of business in these two eras of globalization, examining the impact of multinationals, the formation of business groups, and relations between business and governments. It places the regional experience within the context of the worldwide history of globalization.
Download or read book Corporate Governance Value Creation and Growth The Bridge between Finance and Enterprise written by OECD and published by OECD Publishing. This book was released on 2012-08-20 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication examines the role of corporate governance arrangements in providing right incentives to contribute the value creation process within the private enterprises and the implications of the differences in ownership structures on corporate governance practices and frameworks.
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.
Download or read book Family Firms in Latin America written by Claudio G. Müller and published by Routledge. This book was released on 2018-09-03 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is one of the first books of its kind to highlight family firms in a Latin American context, helping students to understand the distinctive nature and challenges of Latin American family businesses and how these issues compare to family businesses around the world. Building on their experience in teaching, research, speaking, and consulting on the subject of family firms in Latin America, the editors explain the need to implement and adapt traditional frameworks in the changing Latin American reality. Each section provides background on the most important topics in the management of family firms, including strategy, entrepreneurship, and performance, followed by illustrative cases and a discussion of how this knowledge is similar to or different from other parts of the world. The book’s clear writing and in-depth approach will appeal to undergraduate and graduate students of international business, business in Latin America, and family business.
Download or read book Handbook of the International Political Economy of the Corporation written by Andreas Nölke and published by Edward Elgar Publishing. This book was released on 2018-09-28 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past few decades, corporations have been neglected in studies of international political economy (IPE). Seeking to demystify them, what they are, how they behave and their goals and constraints, this Handbook introduces the corporation as a unit of analysis for students of IPE. Providing critical discussion of their global and domestic power, and highlighting the ways in which corporations interact with each other and with their socio-political environment, this Handbook presents a thorough and up-to-date overview of the main debates around the role of corporations in the global political economy.
Download or read book Hierarchical Capitalism in Latin America written by Ben Ross Schneider and published by Cambridge University Press. This book was released on 2013-09-02 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book argues that Latin America has a distinctive, enduring form of hierarchical capitalism characterized by multinational corporations, diversified business groups, low skills and segmented labor markets. Over time, institutional complementarities knit features of corporate governance and labor markets together and thus contribute to institutional resiliency. Political systems generally favored elites and insiders who further reinforced existing institutions and complementarities. Hierarchical capitalism has not promoted rising productivity, good jobs or equitable development, and the efficacy of development strategies to promote these outcomes depends on tackling negative institutional complementarities. This book is intended to open a new debate on the nature of capitalism in Latin America and link that discussion to related research on comparative capitalism in other parts of the world.
Download or read book The Left Hand of Capital written by Fernando Ignacio Leiva and published by State University of New York Press. This book was released on 2021-07-01 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Left Hand of Capital, Fernando Ignacio Leiva provides a theoretically grounded analysis of the last thirty years of socioeconomic policies in Chile, beginning at the end of the Pinochet military regime in 1990. He skillfully probes how innovative center-left politico-economic initiatives transformed the state's relationships with the country's urban poor, indigenous peoples, workers, students, and business elites, thereby contributing to institutionalize, legitimize, and renew Chile's neoliberal system of domination. Leiva documents how such politics, progressive in appearance, were pivotal in forging new arts of domestication, "participatory" social control mechanisms, and commodified subjectivities. This landmark book guides us into a deeper awareness about the limitations of center-left politics, not only in Chile, but elsewhere in the Americas and Western Europe as well. At a time when far-right movements seem to be growing in the Global South, Europe, and the United States, this book offers valuable insights into the predicament of social democracy and how, as in Chile and in the context of global neoliberalism, it can become the "left hand of capital."
Download or read book Mandated Corporate Social Responsibility written by Nayan Mitra and published by Springer Nature. This book was released on 2019-08-28 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the Indian mandate for Corporate Social Responsibility (CSR) and its implementations in various individual organizations. Although the mandate is applicable only to certain large and stable companies, many believe that India is poised to become the birthplace of social, economic and environmental transformation, given the immense size of the Indian population and its challenging socio-economic index. The book explores the various facets of CSR investigation and places special emphasis on the Schedule VII of the Indian Companies Act of 2013, which defines specific areas of intervention for these companies. In addition, it provides a wealth of first-hand case studies that exemplify the ongoing developments and the fundamental challenges and opportunities of mandated CSR.
Download or read book A History of Corporate Governance around the World written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-11-01 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
Download or read book OECD Principles of Corporate Governance written by OECD and published by OECD Publishing. This book was released on 1999-10-06 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: These principles of corporate governance, endorsed by the OECD Council at Ministerial level in 1999, provide guidelines and standards to insure inclusion, accountability and abilit to attract capital.
Download or read book Essays on Corporate Governance in Emerging Markets written by Sudarat Bo Ananchotikul and published by . This book was released on 2007 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt:
