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A relação do conselho fiscal como componente de controle no gerenciamento de resultados contábeis; The relation of fiscal council as a control component in the earnings management

Trapp, Adriana Cristina Garcia
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 16/06/2009 Português
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46.73%
O gerenciamento de resultados surge nas organizações no momento em que os gestores responsáveis pelas informações contábeis fazem uso de julgamento para alterar os relatórios financeiros externos, com o intuito de intervenção proposital no processo e obtenção de algum ganho pessoal. Nesse contexto, tornam-se necessários mecanismos que possam assegurar que os interesses dos acionistas não sejam preteridos pelos interesses dos administradores, mecanismos estes que formam a governança corporativa. A estrutura de propriedade e controle, o conselho de administração, o conselho fiscal, a auditoria independente são alguns exemplos dos instrumentos que compõem referida governança. Sendo o conselho fiscal responsável pela fiscalização dos atos dos administradores e tendo que oferecer sua opinião quanto aos demonstrativos financeiros examinados pelo auditor externo, verifica-se claramente sua intersecção com práticas de governança corporativa e, conseqüentemente, com possíveis níveis de gerenciamento de resultados. Dessa forma, esta tese tem por objetivo avaliar se a existência de conselho fiscal nas empresas de capital aberto brasileiras influencia no nível de gerenciamento de resultados praticados, e também analisar se a qualificação contábil dos conselheiros fiscais também exerce influência sobre os números reportados. Ademais...

Board of directors and top management team : a study on CEO relative power and financial return

Schalka, Beatriz
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Dissertação
Português
Relevância na Pesquisa
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Best corporate governance practices published in the primers of Brazilian Securities and Exchange Commission and the Brazilian Corporate Governance Institute promote board independence as much as possible, as a way to increase the effectiveness of governance mechanism (Sanzovo, 2010). Therefore, this paper aims at understanding if what the managerial literature portraits as being self-evident - stricter governance, better performance - can be observed in actual evidence. The question answered is: do companies with a stricter control and monitoring system perform better than others? The method applied in this paper consists on comparing 116 companies in respect to the their independence level between top management team and board directors– being that measured by four parameters, namely, the percentage of independent outsiders in the board, the separation of CEO and chairman, the adoption of contingent compensation and the percentage of institutional investors in the ownership structure – and their financial return measured in terms return on assets (ROA) from the latest Quarterly Earnings release of 2012. From the 534 companies listed in the Stock Exchange of Sao Paulo – Bovespa – 116 were selected due to their level of corporate governance. The title “Novo Mercado” refers to the superior level of governance level within companies listed in Bovespa...

Corporate Governance and Its Political Economy

Roe, Mark J.; Vatiero, Massimiliano
Fonte: Harvard University Publicador: Harvard University
Tipo: Research Paper or Report
Português
Relevância na Pesquisa
46.69%
To fully understand governance and authority in the large corporation, one must attend to politics. Because basic dimensions of corporate organization can affect the interests of voters, because powerful concentrated interest groups seek particular outcomes that deeply affect large corporations, because those deploying corporate and financial resources from within the corporation to buttress their own interests can affect policy outcomes, and because the structure of some democratic governments fits better with some corporate ownership structures than with others, politics can and does determine core structures of the large corporation. In this review piece for the Oxford Handbook on Corporate Governance, we analyze the generalities and then look at core aspects of corporate governance that have been, and continue to be, politically influenced and sometimes politically driven: first, the historically fragmented ownership of capital in the United States; second, the postwar power of labor in Europe and its corporate impact; and, third, the ongoing power of the American executive and the American board as due in part to their influence on political and legal outcomes.

Corporate Governance and Executive Compensation for Corporate Social Responsibility

Hong, Bryan; Zhichuan (Frank), Li; Minor, Dylan Blu
Fonte: Harvard University Publicador: Harvard University
Tipo: Research Paper or Report
Português
Relevância na Pesquisa
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We link the corporate governance literature in financial economics to the agency cost perspective of Corporate Social Responsibility (CSR) to derive theoretical predictions about the relationship between corporate governance and the existence of executive compensation incentives for CSR. We test our predictions using novel executive compensation contract data, and find that firms with more shareholder-friendly corporate governance are more likely to provide compensation to executives linked to firm social performance outcomes. Also, providing executives with direct incentives for CSR is an effective tool to increase firm social performance. The findings provide evidence identifying corporate governance as a determinant of managerial incentives for social performance, and suggest that CSR activities are more likely to be beneficial to shareholders, as opposed to an agency cost.

Corporate governance and insider trading

Rozanov, Konstantin A
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 77 p.
Português
Relevância na Pesquisa
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I investigate the relation between corporate governance and insider trading by corporate executives. Despite the general view that trade on non-public information adversely affects capital market participants, the impact of corporate governance on such trading remains relatively unexplored in prior research. I propose an empirical measure that relies on a predicted pattern in stock returns to identify transactions that are more likely to be based on private information and provide evidence to validate the construct. Using this measure, I find that good corporate governance, identified through board and ownership characteristics that have been linked to more effective monitoring of management in prior research, is negatively related to opportunistic insider trading. In supplementary analysis, I provide evidence on the robustness of this relation to an alternative hypothesis and to potential endogeneity. Overall, I conclude that good corporate governance helps to attenuate opportunistic insider trading.; by Konstantin A. Rozanov.; Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2008.; Includes bibliographical references (p. 58-64).

Governança corporativa, internacionalização e off-shore companies: o caso Parmalat

Deus, Fagner Oliveira de
Fonte: Universidade Federal de Uberlândia Publicador: Universidade Federal de Uberlândia
Tipo: Dissertação
Português
Relevância na Pesquisa
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Os últimos cinco anos foram marcados pela ocorrência de escândalos corporativos que abalaram a credibilidade do mercado de capitais. Situações como as vivenciadas pelas empresas Enron, Wolrdcom, Tyco e Parmalat suscitaram discussões e motivam mudanças significativas na postura de investidores e credores. Além disso, elas contribuíram para reacender os debates em torno do tema governança corporativa, que visa, entre outras coisas, a contribuir para assegurar o retorno sobre o investimento àqueles que fornecem recursos para as organizações. Desse modo, esta dissertação investiga a origem, o crescimento e a estrutura patrimonial e produtiva do grupo Parmalat, bem como o escândalo que envolveu a empresa e suas conseqüências, com o objetivo de alertar investidores para o risco inerente à inobservância de recomendações relevantes de governança corporativa. Além disso, procura explorar o caso em detalhes, analisando elementos que possam suscitar o desenvolvimento de reflexões associadas ao tema. Para isso, utiliza-se de pesquisa documental, pesquisa bibliográfica e entrevistas, com as quais é realizada uma triangulação que fundamenta a descrição cronológica do caso Parmalat. Os acontecimentos que envolveram a empresa são analisados à luz dos estudos de Governança Corporativa...

Governança corporativa, mercado de capitais e crescimento econômico no Brasil

Silva, Pablo Rogers
Fonte: Universidade Federal de Uberlândia Publicador: Universidade Federal de Uberlândia
Tipo: Dissertação
Português
Relevância na Pesquisa
46.71%
A literatura aponta que o desenvolvimento do mercado de capitais depende da instituição de boas práticas de governança corporativa, o que em si dinamizaria o crescimento econômico do país. A adoção de modelos de governança corporativa eficazes pode aumentar a liquidez, o volume de negociação, a valorização e reduzir a volatilidade das ações das empresas, diminuindo assim a exposição dos retornos das ações a fatores macroeconômicos. Este trabalho tem por objetivo investigar se práticas de governança corporativa superiores reduzem a exposição dos retornos das ações a fatores macroeconômicos, e em que medida a instituição de tais práticas se relaciona com o crescimento econômico. Para o alcance dos objetivos foram feitas análises comparativas do Índice de Governança Corporativa (IGC) e do Ibovespa em relação às variáveis macroeconômicas constantes na literatura que mais influenciam o mercado de capitais nacional. Em termos metodológicos, procedeu-se a uma pesquisa descritiva do tipo quantitativa: foram estimados modelos em diferenças por Mínimos Quadrados Ordinários (MQO), modelos em quase-diferenças por Bootstrap, modelos nãolineares por Quase-máxima Verossimilhança e Vetores Autoregressivos (VAR) com a ferramenta de Decomposição de Variância. Pela metodologia empregada há indícios que melhores práticas de governança corporativa...

Understanding Sector Performance : The Case of Utilities in Latin America and the Caribbean

World Bank
Fonte: World Bank Publicador: World Bank
Português
Relevância na Pesquisa
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This report provides innovative approaches to better understand infrastructure sector performance by focusing on the links between key indicators for private and public utilities, and changes in ownership, regulatory agency governance, and corporate governance, among other dimensions. By linking inputs and outputs over the last 15 years, the analysis proposes key determinants that have impacted sector performance in infrastructure sectors in Latin America and the Caribbean (LAC). It is about understanding how and to what extent the effect of such elements result in significant changes in the performance of infrastructure service provision. This report focuses on the distribution segment of basic infrastructure services. It covers electricity distribution, water distribution and sewerage, and fixed telecommunications. More specifically, the report does: i) depict sector performance with a broad set of indicators that describes the current situation as well its evolution during the last 15 years; ii) propose analytical frameworks for themes less developed in the literature such as regulatory governance and corporate governance for state-owned enterprises (SOEs); iii) benchmark the institutional designs of the regulatory agencies in the region for the water and electricity sectors; and iv) analyze the relationship between sector performance and regulation...

Aufsichtsräte deutscher Aktiengesellschaften: Zusammensetzung, Interventionsaktivitäten, Performance; Supervisory Boards of German Corporations: Composition, Interventions, Performance

Vetter, Karin
Fonte: Universidade de Tubinga Publicador: Universidade de Tubinga
Tipo: Dissertação
Português
Relevância na Pesquisa
46.74%
Den Aufsichtsräten innerhalb des deutschen Corporate Governance Systems ist in den letzten Jahren erhöhte Aufmerksamkeit zugekommen. Es wurden Empfehlungen und gesetzliche Vorschriften formuliert, die die Zusammensetzung des Aufsichtsratsgremiums sowie dessen Tätigkeiten betreffen. Diesem Reformprozess steht ein Mangel an wissenschaftlichen Studien zu Aufsichtsräten in deutschen Unternehmen gegenüber. Vor dem Hintergrund der aktuellen Entwicklungen und der angesprochenen Forschungslücke leistet die vorliegende Arbeit einen Beitrag dazu, dualistische Aufsichtsräte in Deutschland näher zu beleuchten. Nach der Einführung widmet sich Kapitel 2 der Frage, wie deutsche Aufsichtsräte hinsichtlich ihrer fachlichen Qualifikation und ihrer demographischen Merkmale zusammengesetzt sind und welche systematischen Unterschiede bei der Zusammensetzung der Aufsichtsräte bestehen. Darauf aufbauend befaßt sich Kapitel 3 mit den Einflussfaktoren, die die Heterogenität der Aufsichtsratszusammensetzung bestimmen. Im Detail analysiert Kapitel 3, inwiefern die Größe des Unternehmens die Heterogenität der Aufsichtsratszusammensetzung hinsichtlich fachlicher und demographischer Eigenschaften beeinflußt. Die Effekte einer unterschiedlich heterogenenen Aufsichtsratszusammensetzung auf die Aufsichtsrats- sowie die Unternehmensperformance sind Kern von Kapitel 4. Der Zusammenhang zwischen Aufsichtsratsheterogenität und Aufsichtsrats- bzw. Unternehmensperformance wird zunächst allgemein untersucht...

Indonesia : Private Sector Development Strategy; Indonesia : World Bank Group Private Sector Development Strategy

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
46.73%
The report reviews the Bank's private sector development strategy in Indonesia, stipulating that the country's potential will not be realized without a pattern of private sector activity, - different from the past - but, taking the opportunity offered by the crisis to make fundamental changes in the business environment, and in how business is conducted. The first priority calls for the banking, and corporate sectors to speed up the resolution of corporate debt, and ease financial flows for investment, and working capital to resume. Second, the structural inefficiencies, partly conducive to the crisis, and to its long lasting effect, need to be overcome; therefore, reforms should enable Indonesia to become a modern market economy, able to avoid future crises. This encompasses fighting corruption in the public administration, ensuring the rule of law through the court system, reinforcing property rights, and dispute resolution mechanisms, and, ensuring transparency and corporate governance. Third, broad-based...

Russia : Financial Sector Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
46.73%
This Financial Sector Assessment (FSA) is a summary of some of the findings of the Financial Sector Assessment Program (FSAP) report for the Russian Federation, which was prepared jointly by the International Monetary Fund (IMF) and the Bank in close cooperation with the Russian authorities. Given the small size of the financial sector, the effects of a potential financial sector distress on the macro-economy would be relatively small. However, there are serious weaknesses in the financial sector per se, hampering the development of the sector, and its ability to allocate resources in the Russian economy. A few interlinked issues cut across the banking, capital markets, and the insurance sectors. In spite of recent improvements, the lack of transparency in the ownership structures, and poor corporate governance, including banks, slowed down the development of the sector, and hindered financial decisions, and prudential supervision. There has been progress in implementing structural reforms in key areas, e.g., the agricultural land market...

Using Development-Oriented Equity Investment as a Tool for Restructuring Transition Banking Sectors

Meigas, Helo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
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Over the past 10 years the three Baltic republics have undertaken significant restructuring of their banking sectors, supported by the World Bank through three projects: the Financial Institutions Development Project in Estonia, the Enterprise and Financial Sector Restructuring Project in Latvia, and the Enterprise and Financial Sector Project in Lithuania. These projects included a credit line, channeled through local commercial banks, to provide long-term funding and complementary technical assistance to private enterprises. In parallel, the government of Sweden injected equity into the commercial banks from Swedfund Financial Markets (SFM). The projects and the accompanying Swedfund equity were aimed at promoting sound banking systems in the three Baltic countries-by strengthening the equity in the banks and thereby expanding medium- and long-term financing. Meigas examines the role of SFM-which provides development-oriented equity investment (DEI) to Baltic banks-in the context of the World Bank programs. She examines the arguments for deploying DEI as a development vehicle by gauging its impact in the three Baltic countries on banking skills and services...

State Financial Institutions : Mandates, Governance, and Beyond

Rudolph, Heinz P.
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
46.7%
There is no doubt that on average the performance of state financial institutions around the world has been below the lowest expectations. Lack of governance, management skills, regulation, and transparency, and misguided incentives have contributed to discredit these institutions for supporting the development of local financial markets. However, the pro-active role that some state financial institutions have played in the recent crisis in allocating credit to sectors cyclically not attractive for commercial banks has brought back the question of whether some state ownership in the banking system would be preferable. This paper analyzes the experience of four state financial institutions that have performed relatively well in the past: Canada's Business Development Bank, Chile's BancoEstado, South Africa's Development Bank of Southern Africa, and Finland's Finnvera plc. The author finds that these institutions have different checks and balances to mitigate eventual mismanagement of resources. The author also finds that little progress has been made in measuring the policy performance of these institutions.

La régie d'entreprise : son évolution face aux bouleversements des marchés financiers

Guay, Caroline
Fonte: Université de Montréal Publicador: Université de Montréal
Tipo: Thèse ou Mémoire numérique / Electronic Thesis or Dissertation Formato: 4045607 bytes; application/pdf
Português
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46.74%
Au cours de la dernière année, la régie d'entreprise a subi des bouleversements majeurs. Autrefois reléguée au second plan comme relevant des affaires internes de la compagnie, les récents scandales financiers aux États-Unis ont poussé à l'avant plan la problématique de la régie d'entreprise et le rôle que doivent assumer les divers intervenants du marché. Le congrès américain a réagi très rapidement aux scandales par l'adoption d'une loi. Les autorités canadiennes durent se questionner sur le type de réforme qui devrait conduire le Canada vers une meilleure régie d'entreprise tout en conservant sa compétitivité dans un contexte de mondialisation. Le présent mémoire se veut une approche pratique à la problématique de la régie d'entreprise. Au-delà des théories élaborées, le contexte actuel requiert une action concrète adaptée au milieu et au contexte économique canadien. En ce sens, la réaction des autorités canadiennes aux changements en place aux États-Unis nous renseignera non seulement sur la philosophie des autorités canadiennes, mais également sur l'approche qui sera privilégiée par celles-ci dans l'évolution de la régie d'entreprise qui doit mener à la reprise de confiance des investisseurs dans le marché...

Caracterização do governo das sociedades cotadas portuguesa

Costa, Ivanilde Verónica Tavares
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em //2012 Português
Relevância na Pesquisa
46.71%
Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais; O presente estudo pretende caracterizar o governo das sociedades anónimas Portuguesas cotadas na Euronext Lisbon em 2009 1. O tema aqui abordado assume grande relevância dado que as empresas são importantes para as economias dos países e o seu governo deve merecer devida atenção. Visando uma sistematização dos principais contributos teóricos sobre a temática do governo das sociedades e a caracterização do governo das sociedades em Portugal, procedeu-se à revisão bibliográfica, e à caracterização do governo das sociedades anónimas Portuguesas. As variáveis relativas ao conselho de administração analisadas foram: o tamanho do conselho de administração, a independência, a composição e mandato do conselho, a caracterização dos membros do conselho tendo em conta a idade, habilitações literárias e sexo.; The present study aims to characterize the corporate governance model of Portuguese Companies listed on Euronext in 2009. This topic is of great relevance given that the governance of enterprises are important for the economies of the countries. Hence, it deserves proper attention and the risks of not considering it should be taken into consideration properly. Aiming a summary of the main theoretic al contributions on the subject of corporate governance and its characterization in Portugal...

Essays on ownership structure, corporate governance and corporate finance

Desender, Kurt A.
Fonte: Bellaterra : Universitat Autònoma de Barcelona, Publicador: Bellaterra : Universitat Autònoma de Barcelona,
Tipo: Tesis i dissertacions electròniques; info:eu-repo/semantics/doctoralThesis Formato: application/pdf
Publicado em //2011 Português
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Descripció del recurs: el 25/05/11; La mayoría de los estudios de gobierno corporativo se centran en empresas cotizadas en E.E.U.U o el Reino Unido donde existe una clara separación entre propiedad y control. Sin embargo, en Europa continental la estructura de propiedad de las empresas es muy diversa, pudiendo diferenciar desde empresas con una propiedad difusa y un gran número de accionistas relativamente pequeños hasta empresas concentradas con uno o más accionistas mayoritarios. El objetivo de esta tesis es investigar el efecto que ejerce la estructura de propiedad en la eficacia de otros mecanismos del gobierno corporativo y en el funcionamiento de la empresa. En el primer capítulo se desarrolla un modelo teórico para entender la influencia que la estructura de propiedad ejerce sobre las funciones del consejo de administración y sobre la eficacia del consejo. Una pregunta importante tratada en esta investigación es si todas las empresas, independientemente de su estructura de propiedad, se deben someter a las mismas recomendaciones de gobierno corporativo. La revisión de la investigación empírica sobre las características del consejo de administración demuestra que los resultados no son concluyentes. Una posible explicación a la gran variedad de resultados empíricos puede ser la omisión en al análisis del contexto externo e interno de las empresas (Filatotchev...

Esquadrinhando a governança corporativa: o comportamento dos personagens sob o ponto de vista dos discursos dos autores acadêmico; Exploring corporate governance: the behavior of characters from the viewpoint of academic author's discourses

Pinheiro, Alexandre Santos; Carrieri, Alexandre de Pádua; Joaquim, Nathália de Fátima
Fonte: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade Publicador: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; ; ; ; ; Formato: application/pdf; application/pdf
Publicado em 01/12/2013 Português
Relevância na Pesquisa
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O objetivo deste trabalho é compreender como o discurso dominante, no meio acadêmico, concebe o comportamento dos personagens a respeito da governança corporativa. Para tanto, percorremos todas as revistas brasileiras do campo da Administração e da Contabilidade qualificadas pela Agência de Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (Capes) como A1, A2, B1, B2 ou B3. Também investigamos os Encontros da Associação Nacional dos Programas de Pós-Graduação em Administração (EnANPAD) e as teses e dissertações dos programas de pós-graduação em Administração e Contabilidade qualificados pela Capes como 4, 5, 6 ou 7. Utilizamos a análise do discurso como instrumental de análise dos dados obtidos. Os resultados apontam a separação de papéis, o conflito de agência e o comportamento oportunista como temas principais do discurso sobre governança corporativa; discurso, este, que tem a segurança para investimentos em organizações capitalistas produtivas e o controle sobre o comportamento oportunista como ideologias dominantes. Como interdiscursos, temos os discursos do capitalismo e das ciências econômicas. Os temas controle, separação e expropriação têm sustentado a ideologia capitalista de direito da propriedade. A perspectiva comportamental dos personagens proprietários e gestores tem sido estruturada pela ideologia estrutural-funcionalista. Isso implica no direito de propriedade como valor a ser respeitado e na compreensão da ação sob a razão de maximizar a própria função utilidade. As arguições e discussões sobre governança corporativa tornam-se arguições e discussões sobre segurança e confiança dos financiadores de capital...

Determinants of corporate governance codes

Gerner-Beuerle, Carsten
Fonte: London School of Economics and Political Science Publicador: London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /02/2014 Português
Relevância na Pesquisa
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Corporate governance codes are an increasingly prominent feature of the regulatory landscape in many countries, yet remarkably little is known about the determinants of corporate governance reform. Potential determinants include: (1) the diffusion of an international benchmark model of good governance; (2) a country’s legal system; (3) the desire to attract foreign investors; and (4) the influence of interest groups. I construct a proxy for the investor-friendliness of 52 corporate governance codes of different jurisdictions and collect data on the code issuers. I find strong evidence that the drafters of codes emulate international benchmark models and that jurisdictions belonging to different legal traditions use different regulatory strategies, some evidence that portfolio equity inflows are associated with the investor-friendliness of codes, and no evidence that interest groups succeed in affecting rules. The article suggests a method for the modeling of legal evolution, convergence, and the political economy of corporate governance codes.

Corporate governance and regulation: can there be too much of a good thing?

Bruno, Valentina G.; Claessens, Stijn
Fonte: Financial Markets Group, London School of Economics and Political Science Publicador: Financial Markets Group, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /10/2006 Português
Relevância na Pesquisa
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For a large number of companies from different countries, we analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. We confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder protection, and consequently positively impacts valuation. We find substitution in valuation impact between corporate governance measures at the company and country level, with a possibility of over-regulation. Corporate governance appears also more valuable for companies that rely heavily on external financing, consistent with the hypothesis that corporate governance main role is to protect external financiers.

Three essays on corporate governance in Korea.

Lee, KeunJung
Fonte: London School of Economics and Political Science Thesis Publicador: London School of Economics and Political Science Thesis
Tipo: Thesis; NonPeerReviewed Formato: application/pdf
Publicado em //2009 Português
Relevância na Pesquisa
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Essay 1: Corporate Governance and Firm Value: This study re-examines how ownership structure and conflicts of interest among shareholders affected corporate valuation under a poor system of corporate governance that offered poor legal shareholder protection prior to the East Asian Economic Crisis. The data is from 1,892 publicly traded firms in the Korean economy, during 1988-1997. Ownership structure is included for unlisted firms in terms of pyramid and cross-holding structures. Higher valuations are not found when the largest shareholder owned more cash flow rights. However, the divergence between cash flow rights and the control rights of ultimate shareholders in pyramid ownership and cross-holding ownership structures is associated with a negative entrenchment effect. The conflicts inherent to this ownership structure that expropriates the minority shareholder and agency cost increased approaching the East Asian crisis year.;Essay 2: Ownership Structure, Investment and Firm Valuation in Korean Companies: There has been a robust debate surrounding the causes of the East Asian Economic Crisis of 1997 and this study develops and builds upon these results. This chapter examines how ownership structures with conflicts of interest among shareholders and under a system of weak corporate governance affects investment...