Purpose -This research analyzes to what extent committing resources to the internationalization of family business groups is related to the institutional distance of the host country.Design/methodology/approach -We used OLS panel data with fixed effects.Findings -We identified that family business groups decide to internationalize themselves committing fewer resources to countries that present a positive institutional distance, and that are more institutionally developed than the country of origin. On the other hand, when family business groups choose to expand abroad committing more resources, they tend to invest in countries with a negative institutional distance, and that are less institutionally developed than the country of origin.Originality/value -Our main contribution to existing theory on internationalization of family business groups is to test the relationship between the level of resource commitment by family business groups in their international expansion and the institutional distance between the country of origin and the host country.
Casos de escândalo envolvendo fracas práticas de governança corporativa (GC) são destaques em vários países, especialmente no Brasil. Este artigo tem como objetivo realçar a importância dos mecanismos externos de GC e a necessidade de se desenvolver mais estudos acerca desse tema no país. Por meio do levantamento bibliométrico, com análise de 432 artigos nacionais e internacionais, no período de 1990 a 2016, foi possível verificar que, no Brasil, há apenas seis estudos que citam os mecanismos externos de GC, mas apenas um deles operacionaliza esses mecanismos empiricamente. Em contrapartida, nos Estados Unidos, na China e na Inglaterra, há um avanço nos artigos a respeito do tema, justamente pelo comprometimento com as práticas de GC das empresas. Com os achados desta pesquisa, pretendeu-se contribuir, teórica e empiricamente, com a descrição do estado da arte das pesquisas referentes aos mecanismos externos de GC no Brasil e no mundo, a síntese do papel dos mecanismos externos como ferramentas complementares da transparência e da boa GC, e a indicação de futuras possibilidades de pesquisas que aprofundem a avaliação dos mecanismos externos e da interação deles com os mecanismos internos na redução de assimetrias de informação e de interesse entre os agentes envolvidos.
Agency theory explanations for corporate political activity assume that managers distort resource allocation to invest in political connections to pursue personal benefits. While distorted resource allocations yield poor earning quality, we expect that companies with efficient governance may curb this opportunistic behavior. We used matching procedures to identify the effects of financing political campaigns on the earning quality of the firm. We assembled an original panel of listed firms in Brazil from 1998 to 2013. We found that firms that donated to electoral campaigns had a lower earning quality than nondonor firms. Firms with superior corporate governance instruments were able to reduce the harmful effects on earning quality. These results support the tenets of agency theory in explaining why firms engage in politics.
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