Purpose – This paper aims to investigate the determinants and the evolution of voluntarily adopted firm‐level corporate governance practices in Brazil from 1998 to 2004 using broad corporate governance scores. Design/methodology/approach – The authors employ a robust panel‐data procedure...

Corporate governance studies typically assume that the CEO is the main locus of business power. However, when the CEO and Chairman positions are split, the de facto role of corporate leader may reside in the hands of a person who usually chairs the board but does not necessarily hold the CEO...

The Brazilian Development Bank (BNDES) is the main financing agent for long term investments in Brazil. Given its relevance, deriving from its large disbursements at subsidized interest rates, the bank could positively influence the corporate governance landscape among large Brazilian companies....

Most Economics and Finance research relegates the possible influence of managers' personal characteristics or "style" over the main corporate policies and firm performance to a secondary level, preferably investigating market, industry or firm characteristics. However, a growing theoretical and...

Related Party Transactions (RPTs) are operations with high potential for conflict of interests between shareholders and managers or between controlling and minority shareholders. In environments characterized by concentrated ownership structures, such as in Brazilian, such transactions could be...

This paper investigates the impact of announcements of material weaknesses on internal controls on share prices of Latin America companies listed with ADRs levels II and III. An event study methodology was applied based on the Filing Date of Annual Report 20-F submitted to Securities and...

This paper analyzes the determinants of the differential pricing of equity classes (voting and non-voting shares) or the so-called dual-class premium (DCP) in Brazil from 1995 to 2006 with a focus on two specific corporate governance aspects: i) the granting of tag along rights, a mandatory bid...

A poor ethical culture has been considered one of the reasons for the emergence of many corporate governance scandals. In this paper, I investigate the link between two corporate governance mechanisms – the composition of the board of directors and ownership structure – and ethical culture...

This is a PPT presentation connecting the emerging field of behavioral ethics to corporate governance in a concise and practical way. Key takeaways are that: 1. We tend to overestimate our ethical behavior; 2. Most of the wrong things are done by good people due to contextual pressures and...

Spanish Abstract: Esta es una presentación PPT que conecta el campo emergente de la ética conductual con el gobierno corporativo de una manera concisa y práctica. Los puntos clave son los siguientes: 1. Nosotros tenemos la tendencia a sobreestimar nuestra conducta ética; 2. La mayoría de las...