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A recuperação judicial no Brasil: governança, financiamento extraconcursal e votação do plano; Judicial corporate reorganization in Brazil: governance, post-petition financing and voting in plan

Kirschbaum, Deborah
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 05/05/2009 Português
Relevância na Pesquisa
56.69%
Esta tese trata de três questões fundamentais do instituto da recuperação judicial de empresas no Brasil, inaugurado pela Lei 11.101 de 2005: (i) a relação entre governança corporativa e o regime aplicável à insolvência empresarial; (ii) o financiamento à empresa em recuperação judicial e (iii) a negociação e votação do plano de recuperação. O estudo integra a Teoria de Finanças Corporativas ao Direito tanto para discutir as questões propostas sob uma perspectiva normativa, como para propor uma abordagem de construção dogmática. A pesquisa busca avaliar em que medida a recuperação judicial se adapta à realidade brasileira, considerando as relações entre o regime aplicável à insolvência e os padrões de financiamento e de governança corporativa observados quanto às empresas de médio e grande portes no Brasil. Quanto ao financiamento à empresa em recuperação judicial, a tese defende uma interpretação da lei segundo a qual somente devam ser autorizados empréstimos com potencial de melhorar a capacidade financeira da devedora, sem expropriar valor dos credores. A tese ainda propõe modificação da lei para aprimorar os procedimentos de análise e decisão quanto à tomada de financiamento pela devedora durante a recuperação judicial. No que diz respeito à votação do plano de recuperação...

Governança e responsabilidade social corporativa: perspectivas dos conselheiros de administração no Brasil; Governance and corporate social responsibility: perspectives of board directors

Parente, Tobias Coutinho
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 19/12/2013 Português
Relevância na Pesquisa
56.71%
Este estudo tem por objetivo captar as percepções dos conselheiros de administração no Brasil a respeito das atividades que norteiam o escopo de atuação dos mesmos, em especial da RSC, Responsabilidade Social Corporativa. O intuito é de responder aos seguintes questionamentos: os conselheiros de administração no Brasil possuem uma visão ampliada do seu escopo de atuação, se envolvendo nas questões estratégicas das organizações? Nesse contexto, qual a percepção destes em relação à questão da RSC? O estudo observa a interrelação existente entre RSC, GC, Governança Corporativa, e o papel dos conselheiros. A premissa é de que a agenda da RSC é progressivamente uma extensão da agenda de GC e seria da responsabilidade dos conselhos de administração (ELKINGTON, 2006; INGLEY, 2008; JAMALI et al, 2008). Na pesquisa de campo, foram coletados dados junto a 128 conselheiros certificados pelo BCC, Banco de Conselheiros Certificados do IBGC, Instituto Brasileiro de Governança Corporativa. Os resultados apontam na direção de que os conselheiros não consideram relevantes, dentro do seu escopo de atuação, somente as atividades de cunho monitoramento e controle, mas também as atividades estratégicas e aquelas relacionadas à RSC. A RSC é justificada...

Corporate Social Responsibility, Corporate Governance, And Managerial Risk-Taking

Pyo, Minyoung
Fonte: Brock University Publicador: Brock University
Tipo: Electronic Thesis or Dissertation
Português
Relevância na Pesquisa
56.69%
This dissertation investigates the association between corporate social responsibility (CSR) and managerial risk-taking, as well as the differences in governance structure that affect this association. Using a sample of US public firms from 1995 to 2009, we find that firms with strong CSR records engage in higher risk-taking. Furthermore, we find that this relationship is robust when accounting for differences in governance structure and correcting for endogeneity via simultaneous equations modeling. Additional testing indicates that performance in the employee relations dimension of CSR in particular increases with risk-taking, while high firm visibility dampens the association between CSR and the accounting-based measures of risk-taking. Prior literature establishes that high managerial risk-tolerance is necessary for the undertaking of risky yet value-enhancing investment decisions. Thus, the main findings suggest that CSR, rather than being a waste of scarce corporate resources, is instead an important aspect of shareholder value creation. They contribute to the debate on CSR by documenting that corporate risk-taking is one mechanism among others through which CSR maps into higher firm value.

A Reader in International Corporate Finance, Volume One

Claessens, Stijn; Laeven, Luc
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
Português
Relevância na Pesquisa
56.69%
The Reader in International Corporate Finance offers an overview of current thinking on six topics: law and finance, corporate governance, banking, capital markets, capital structure and financing constraints, and the political economy of finance. This collection of 23 of the most influential articles published in the period 2000-2006 reflects two new trends: 1) interest in international aspects of corporate finance, particularly specific to emerging markets, and 2) awareness of the importance of institutions in explaining global differences in corporate finance.

A Reader in International Corporate Finance, Volume Two

Claessens, Stijn; Laeven, Luc
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
Relevância na Pesquisa
56.69%
The Reader in International Corporate Finance offers an overview of current thinking on six topics: law and finance, corporate governance, banking, capital markets, capital structure and financing constraints, and the political economy of finance. This collection of 23 of the most influential articles published in the period 2000-2006 reflects two new trends: 1) interest in international aspects of corporate finance, particularly specific to emerging markets, and 2) awareness of the importance of institutions in explaining global differences in corporate finance.

Governance Arrangements for State Owned Enterprises

Vagliasindi, Maria
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
56.67%
The aim of this paper is to shed new light on key challenges in governance arrangements for state owned enterprises in infrastructure sectors. The paper provides guidelines on how to classify the fuzzy and sometimes conflicting development goals of infrastructure and the governance arrangements needed to reach such goals. Three policy recommendations emerge. First, some of the structures implied by internationally adopted principles of corporate governance for state owned enterprises favoring a centralized ownership function versus a decentralized or dual structure have not yet been sufficiently "tested" in practice and may not suit all developing countries. Second, general corporate governance guidelines (and policy recommendations) need to be carefully adapted to infrastructure sectors, particularly in the natural monopoly segments. Because the market structure and regulatory arrangements in which state owned enterprises operate matters, governments may want to distinguish the state owned enterprises operating in potentially competitive sectors from the ones under a natural monopoly structure. Competition provides not only formidable benefits...

Czech Republic : Pilot Assessment of Governance of the Insurance Sector

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
56.88%
This assessment of the governance of the Czech insurance sector has three objectives: (1) develop a set of best practice benchmarks for assessing the governance of insurance sectors in the Europe and Central Asia Region and elsewhere, (2) conduct a trial assessment of the Czech insurance governance framework against these benchmarks, and (3) provide recommendations on ways of further improving the corporate governance of the Czech insurance sector. The benchmarks and the assessment are found in Annex I and a list of recommendations is presented in Annex II. As this is a pilot assessment, the final report should be seen as no more than a work-in-progress. Nevertheless, it is expected that it will play a useful role in contributing to guidelines for strong corporate governance of insurers in both developed and emerging markets. It could also lay the basis for further governance-based reforms of the Czech insurance sector and provide a baseline assessment for measurement of the reforms.

Slovenia : Pilot Diagnostic Review of Governance of the Banking Sector

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
56.92%
The financial crises of the late 1990s in East Asia and Eastern Europe, as well as the recent corporate governance scandals in Europe and America, have highlighted the need for strong corporate governance in ensuring a sound and stable financial sector. The governance practices of banks are important because banks accept deposits from the public, whose funds the government has an implicit (and often an explicit) obligation to protect. Banks are also subject to information asymmetries and high leverage, both of which make banks vulnerable to a sudden run on deposits where public confidence fails. The Slovenian bank governance review has three objectives to: 1) conduct a review of the Slovenian bank governance framework, 2) make recommendations on provisions that would help to strengthen the governance structure of banks in Slovenia, and 3) refine the good practices developed for the pilot banking governance review program. In addition, the international community has encouraged the strengthening of governance in the banking sector. The Slovenian banking sector has successfully weathered the financial crisis seen in other countries in 1997-1998...

Redefining Value : The Future of Corporate Sustainability Ratings

White, Allen L
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
56.85%
Corporate sustainability ratings are a potentially powerful but still underused tool for building a competitive, socially purposeful, and financially sound enterprise. In a globalizing world replete with business opportunities and risk, corporate boards continually need to reappraise what constitutes good governance. Traditional board duties pertaining to strategic oversight, executive compensation, and financial auditing will remain integral for the foreseeable future. But these alone will not suffice in a time when the prosperity of companies is inextricably linked to issues such as reputation, brands, supply chain management, quality and quantity of human and intellectual capital, protection of human and labor rights, and climate change. Such emergent issues are part of a historical moment in which the role of companies in fostering societal and ecological well-being at the global, national, and local levels is under increasing scrutiny. These are conditions that fuel intensifying public discourse concerning corporate social responsibility...

Governance of Indian State Power Utilities : An Ongoing Journey

Pargal, Sheoli; Mayer, Kristy
Fonte: Washington, DC: World Bank Group Publicador: Washington, DC: World Bank Group
Português
Relevância na Pesquisa
56.81%
By the late 1990s, the technical and financial performance of the power sector in India had deteriorated to the point where the Government of India had to step in to bail out the state utilities, almost all of which were vertically integrated state electricity boards (SEBs). Considering that the dismal performance of state utilities reflected internal and external shortfalls in governance, the new Electricity Act of 2003 (EA 2003) mandated the unbundling and corporatization of the SEBs, along with the establishment of independent regulators. This was expected to bring about a more accountable and commercial performance culture, with concomitant results in improved utility performance. The rest of this review is organized as follows. Chapter two summarizes the institutional context and relevant developments over the past two decades. Chapter three focuses on the corporate governance agenda adopted by the government and its implementation, specifically relating to the structure and functioning of utility boards of directors. Chapter four reviews SERC regulatory governance. Chapter five analyzes the correlation between key indicators of the quality of regulatory and corporate governance and utility financial performance. And chapter six concludes.

Essays on Corporate Reputation: Antecedents and Consequences

Soleimani, Abrahim
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica Formato: application/pdf
Português
Relevância na Pesquisa
56.67%
This dissertation studied the determinants and consequences of corporate reputation. It explored how firm-, industry-, and country-level factors influence the general public’s assessment of a firm’s reputation and how this reputation assessment impacted the firm’s strategic actions and organizational outcomes. The three empirical essays are grounded on separate theoretical paradigms in strategy, organizational theory, and corporate governance. The first essay used signaling theory to investigate firm-, industry-, and country-level determinants of individual-level corporate reputation assessments. Using a hierarchical linear model, it tested the theory based on individual evaluations of the largest companies across countries. Results indicated that variables at multiple analysis levels simultaneously impact individual level reputation assessments. Interactions were also found between industry- and country-level factors. Results confirmed the multi-level nature of signaling influences on reputation assessments. Building on a stakeholder-power approach to corporate governance, the second essay studied how differences in the power and preferences of three stakeholder groups – shareholders, creditors, and workers – across countries influence the general public’s reputation assessments of corporations. Examining the largest companies across countries...

Post-Asian financial crisis reforms: an emerging new embedded-relational governance model

Loftus, J.; Purcell, J.
Fonte: Routledge Publicador: Routledge
Tipo: Artigo de Revista Científica
Publicado em //2008 Português
Relevância na Pesquisa
56.68%
The late 1980s and early 1990s saw rapid economic growth and subjugation of social policy and environmental concerns, as development was driven through the corporate and financial sectors in East and Southeast Asian economies, fuelled by free market reforms as societies edged towards neo-liberalism. The Asian financial crisis was the catalyst for the emergence of a new embedded-relational governance model, which emphasises the social and environmental dimensions of the welfare state, while relying on decentralised civil society initiatives and business self-regulation in implementing corporate social responsibility. This study focuses on corporate governance and financial system reforms introduced in the aftermath of the Asian financial crisis.; Janice A. Loftus and John A. Purcell

How to Accelerate Corporate and Financial Sector Restructuring in East Asia

Claessens, Stijn; Djankov, Simeon; Klingebiel, Daniela
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Viewpoint; Publications & Research
Português
Relevância na Pesquisa
56.68%
Resolving systemic banking and corporate distress is not easy. The large scale of the East Asian financial crisis has made the task even more daunting in Indonesia, the Republic of Korea, Malaysia, and Thailand. Two years into the process, bank and corporate restructuring is still a work in progress. Governments should act to accelerate it. Besides adopting common policy prescriptions - improving financial regulation, corporate governance, and bankruptcy procedures and shoring up banks' capital positions - governments could take three additional steps: Set up competitive, privately managed specialized funds, to hold nonperforming loans and depoliticize restructuring. Allow auctions as an alternative to negotiations, to speed debt restructuring. And allow employee ownership participation schemes, to reduce workers' resistance to changes in ownership.

Governance in State-Owned Enterprises Revisited : The Cases of Water and Electricity in Latin America and the Caribbean

Andrés, Luis Alberto; Guasch, José Luis; López Azumendi, Sebastián
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
56.87%
This paper studies the governance structure of state-owned enterprises in the water and electricity sectors of Latin America and the Caribbean. Through a unique dataset, the paper compares 44 leading state companies of the region based on an aggregate measure of corporate governance and six salient aspects of their design: board, chief executive officer, performance orientation, management, legal framework, and transparency/disclosure. The results indicate the need for improvement in areas such as the selection and appointment of directors to the board and the performance-orientation of the enterprises. The paper also highlights the importance of discussing the management of state-owned enterprises in the wider context of public sector governance, with particular focus on accountability. Moreover, it recognizes the role of accountability as central in the management of state-owned enterprises, recommending a better understanding of regulation and performance management. The paper finds a positive correlation between corporate governance and the utilities' performance. Among the different aspects of corporate governance...

Strengthening the Governance and Performance of State-Owned Financial Institutions

Scott, David H.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
56.9%
Corporate governance arrangements define the responsibilities, authorities and accountabilities of owners, boards of directors, and executive managers of a company. Good corporate governance is as important for state financial institutions as for private sector companies. Many of the problems that commonly afflict state financial institutions can be associated with, if not attributed directly to, weaknesses in corporate governance. This note draws on guidelines recently published by the OECD and the Basel Committee for Banking Supervision to compile a comprehensive corporate governance evaluation framework relevant to state-owned commercial and development finance institutions. It highlights aspects of this framework that are considered to be of particular importance to state financial institutions by citing innovative practices in a number of countries. Finally, it presents a detailed case study of the governance arrangements in place at the Development Bank of Southern Africa.

Slovenia : Pilot Diagnostic Review of Governance of the Insurance Sector

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC); Economic & Sector Work
Português
Relevância na Pesquisa
56.91%
This review looks at the governance of the insurance sector in Slovenia, analyzing the legal framework and its enforcement and the adoption of corporate governance principles by firms. It is intended to provide policy makers and insurers in Slovenia, and other countries, with insight into existing corporate practices, and to offer a framework of good practices that can assist lawmakers in their efforts to strengthen governance in the insurance sector. The report may also contribute to the ongoing international debate on good corporate governance practices in insurance sector companies worldwide. It has three objectives: improving the description of good practices related to governance of insurance sectors; conducting a diagnostic review of Slovenian insurance governance against these benchmarks, and providing recommendations on ways of further improving the corporate governance of the Slovenian insurance sector. The review concludes with recommendations for auditing and risk evaluation, and advises that, although Slovenia's three finance regulators have served it well to date...

Promoting while checking self-interest : a conflict-based governance approach to rebalance corporate power disequilibria in Canada and the United States

Maurice, Louis-Philippe
Fonte: Université de Montréal Publicador: Université de Montréal
Tipo: Thèse ou Mémoire numérique / Electronic Thesis or Dissertation
Português
Relevância na Pesquisa
56.68%
La délégation du pouvoir de gestion aux administrateurs et aux gestionnaires, une caractéristique intrinsèque à la gestion efficace de grandes entreprises dans un contexte de capitalisme, confère une grande discrétion à l’équipe de direction. Cette discrétion, si elle n’est pas surveillée, peut mener à des comportements opportunistes envers la corporation, les actionnaires et les autres fournisseurs de capital qui n’ont pas de pouvoir de gestion. Les conflits entre ces deux classes d’agents peuvent émerger à la fois de décisions de gouvernance générale ou de transactions particulières (ie. offre publique d’achat). Dans les cas extrêmes, ces conflits peuvent mener à la faillite de la firme. Dans les cas plus typiques, ils mènent l’extraction de bénéfices privés pour les administrateurs et gestionnaires, l’expropriation des actionnaires, et des réductions de valeur pour la firme. Nous prenons le point de vue d’un petit actionnaire minoritaire pour explorer les méchanismes de gouvernance disponibles au Canada et aux États‐Unis. Après une synthèse dans la Partie 1 des théories sous‐jacentes à l’étude du pouvoir dans la corporation (séparation de la propriété et du contrôle et les conflits d’agence)...

Behind the boardroom's door: the role and contributions of corporate boards

Simões, Ana Cristina Moreira
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Tese de Doutorado
Publicado em //2012 Português
Relevância na Pesquisa
56.77%
Tese de doutoramento de Gestão de Empresas/ JEL classification: G34, G39.; Scholars and practitioners widely accept that spectacular corporate failures and the misuse of managerial power significantly contributed to the rising prominence of the subject of corporate governance and the boards of directors. Triggered by shareholder activism and aiming to solve the governance failures, corporate governance reformists, embodying the shareholder primacy model, have attempted to unify corporate governance mechanisms and practices. Formal regulations and policies are necessary, but they are not enough to fully understand effective governance. Scholars recognise that reforms are contributing to increasing the gap between what firms expect boards of directors to do and what they are actually doing, instead of bridging the difference between board role expectations and actual board role reality and, consequently, affecting board performance. Before normalizing the boards of directors, it is needed to describe and before describing it is needed to observe them in action. So far, academicians have not been able to empirically confirm that boardroom reforms will lead to more effective boards and ultimately positively affect corporate performance. As social actors we all have biased views...

Corporate governance in brazilian companies as a determinant of disclosure for employees benefits; Governança corporativa em empresas brasileiras como determinante da evidenciação de benefícios a empregados

Carneiro, Acimelly Raíza de Araújo; Universidade Federal do Ceará; Mapurunga, Patrícia Vasconcelos Rocha; Tribunal de Contas do Estado do Ceará; Ponte, Vera Maria Rodrigues; Universidade Federal do Ceará; Morais, Cinthya Rachel Firmino de; Universid
Fonte: UFSC Publicador: UFSC
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Formato: application/pdf
Publicado em 28/04/2013 Português
Relevância na Pesquisa
66.49%
The research aimed to raise the degree of compliance with the disclosure guidelines defined in the CPC 33 companies listed on the BM & FBovespa, and investigate whether there was greater compliance with these guidelines by companies participating in the Differentiated Levels of Corporate Governance. Methodologically, were used bibliographic and documentary procedures and nonparametric hypothesis tests and correspondence analysis, gathering a sample of 366 companies. There was low compliance with the disclosure requirements. Furthermore, there was greater compliance with the requirements for companies of different levels, and an association between firms with greater adherence to CPC 33 and those of the New Market.; http://dx.doi.org/10.5007/2175-8069.2013v10n19p157 A pesquisa objetivou levantar os graus de cumprimento das orientações de divulgação definidas no CPC 33 pelas companhias listadas na BM&FBovespa, assim como investigar se houve maior observância dessas orientações pelas empresas participantes dos Níveis Diferenciados de Governança Corporativa. Metodologicamente, utilizaram-se procedimentos bibliográficos e documentais, além de testes de hipóteses não paramétricos e análise de correspondência, reunindo uma amostra de 366 companhias. Observou-se baixa observância das exigências de divulgação. Ademais...

Post-traditional corporate governance

Mason, Michael; O'Mahony, Joan
Fonte: Centre for Environmental Policy and Governance, London School of Economics and Political Science Publicador: Centre for Environmental Policy and Governance, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /05/2007 Português
Relevância na Pesquisa
56.82%
Traditional definitions of corporate governance are narrow, focusing on legal relations between managers and shareholders. More recent definitions extend the boundaries of governance to consider the role that various stakeholders play in shaping the behaviour of firms. While stakeholding theory embraces a broader set of corporate constituencies, our argument in this paper is that even these definitions are too narrow – they lack the analytical capacity to account for the social embeddedness and legitimacy of corporate governance. More specifically, we argue that the spatial contexts of corporate governance are socially constitutive of their governance forms and effects. Different forms of corporate governance emerge in, and co-produce, variable operating contexts, as well as shape the roles and interests of their constituent actors. We distinguish between vertical and horizontal forms of governance in political and economic life, and outline several consequences for businesses of a shift to post-traditional corporate governance.