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Author: OECD
Publisher: OECD Publishing
ISBN: 9264116052
Category :
Languages : en
Pages : 78
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Book Description
This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264116052
Category :
Languages : en
Pages : 78
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Book Description
This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Author:
Publisher:
ISBN:
Category :
Languages : pt-BR
Pages :
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Book Description
A separação entre propriedade e controle abre espaço paraimportante assimetria de informação e, consequentemente, surge o problema de risco moral associado à perspectiva de expropriação dos investidores (outsiders ou principais) pelos controladores e executivos da empresa (insiders ou agentes). O objetivo desta tese é, por meio de umaanálise qualitativa, ilustrar em que medida os Fundos de Pensão, enquanto importantes investidores institucionais no Brasil, são capazes de mitigar o chamado risco de agência incentivando as chamadas boas práticas de Governança Corporativa e agregando valor nas empresas que compõem seus portfólios.
Author: Cia Josilmar Cordenonssi
Publisher:
ISBN:
Category :
Languages : en
Pages : 11
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Book Description
The aim of this paper is to analyze the influence of institutional investors (funds, banks, insurance companies, etc.) in corporate governance through stock valuation, and analyze their own performance as stock portfolio managers. The study includes 161 companies listed in BOVESPA (Sao Paulo Stock Exchange) from December/1994 to March/2000. The companies were classified according to the level of equity share held by institutional investors, and these were classified in 9 classes. The parameters used to evaluate stocks and institutional investors performance are based on CAPM (Capital Asset Pricing Model).
Author: OECD Development Centre
Publisher: OECD Publishing
ISBN: 9264106596
Category :
Languages : en
Pages : 260
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Book Description
Corporate governance matters for national development. These studies of Brazil, Chile, India, and South Africa show that corporate governance is important in helping both to increase financial capital to firms in developing countries and to enhance financial development as a whole.
Author: P. Nix
Publisher: Springer
ISBN: 1137327030
Category : Business & Economics
Languages : en
Pages : 302
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Book Description
What role do independent institutional investors play in the corporate governance of listed German companies? The authors provide insight into an empirical and qualitative research study, exploring the importance of communication and the role, independence and expertise, responsibilities, influence and monitoring of institutional investors.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264822194
Category :
Languages : en
Pages : 90
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Book Description
This report analyses sustainability policies and practices for corporate governance, both in Brazil and globally. It serves to support the development of Brazil’s legal and regulatory framework for sustainability disclosure, the responsibilities of company boards and shareholder rights.
Author: Eduardo Schiehll
Publisher:
ISBN: 9781606497562
Category : Business & Economics
Languages : en
Pages : 100
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Book Description
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.
Author: Jonathan Callund
Publisher: Springer Nature
ISBN: 3030857808
Category : Business & Economics
Languages : en
Pages : 424
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Book Description
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.
Author: Robert C. Gericke
Publisher: Springer
ISBN: 3319673114
Category : Business & Economics
Languages : en
Pages : 237
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Book Description
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.
Author: Mariana Pargendler
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Brazil is a main exemplar of contemporary pursuit of state capitalism by a Western economy. Major state-owned enterprises (SOEs) have survived the prior wave of privatizations, but they are by no means the only avenue for state influence over corporate governance in Brazil. As scholars have recently highlighted, the state increasingly acts as a minority, rather than majority, investor in Brazil as elsewhere. The particular variety of state capitalism prevailing in Brazil today reflects a combination of governmental control of traditional SOEs with the conspicuous exercise of shareholder activism by state-controlled institutional investors (SCIIs). This chapter provides a picture of the various instruments for state influence in Brazilian corporate governance, and examines the role of law in enabling and constraining this evolving variety of state capitalism. Despite their economic significance, the role of legal institutions in the governance of state capitalism has only recently begun to receive scholarly attention. With a few notable exceptions, case studies have focused primarily on transition and Asian economies. The influential OECD Guidelines on Corporate Governance of State-Owned Enterprises are, as their name suggests, prescriptive rather than descriptive in nature. Our analytical framework posits that state capitalism entails a significant degree of governmental discretion in guiding economic activity. Consequently, the governance of state capitalism calls for a particularly intricate balance. On the one hand, the very choice for government ownership is premised on the benefits of discretionary state action; otherwise, arm's-length regulation and subsidies could arguably achieve similar results in curing market failures or promoting developmental objectives. On the other hand, excessive state discretion raises the specter of abuse and cronyism, and, if taken to an extreme, may not only undermine performance but also pose a threat to the rule of law itself. The analysis that follows examines how the legal conformation of state capitalism in Brazil strikes this balance.
