A Comparative Analysis of Corporate Governance Systems in Latin America: Argentina, Brazil, Chile, Colombia, and Venezuela

Aguilera, Ruth V.

doi:10.1007/978-0-387-84833-4_17

Cited by 10 publications

(6 citation statements)

References 20 publications

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“…The structure of Latin corporate governance is thought a more flexible system of corporate governance associated with the previous systems. In the structure of Latin corporate governance, the BOD can be selected in two ways, one board is like the Anglo-Saxon model or two boards like the Germanic model, and shareholders have further impact in this system (Aguilera, 2009). This model is categorized as an insider model of corporate governance, where the attention of the share is owned by cross-shareholding, financial shareholding, stubborn government ownership and family-based control (Lewis, 1999).…”

Section: Latin Corporate Governance Systemmentioning

confidence: 99%

An Overview of Corporate Governance Models in Financial Institutions

Alam

Rahman

Mustafa

et al. 2019

International Journal of Management and Sustainability

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The paper illustrates the models of corporate governance in the aspects of its definition, nature of management and objectives along with its roles, regulation and power of various stakeholders in ensuring the accountability and the protection of the rights of various stakeholders from conventional and Islamic perspectives. These models are different in their characteristics, nature, culture, costume, epistemology, and country"s rules and regulation. However, the conventional models highlight the roles of shareholders, stakeholders, depositors, institutions, investors, and communities from the perspective of the nation"s demand and cultures. In contrast, the Islamic model of corporate governance consists of some roles and responsibilities such as the responsibilities to suppliers, customers, investment account holders, shareholders, management, the board of directors, competitors, Shariah supervisory boards, societies, and the employees from its spiritual and social commitments. Through the critical analysis of these models of corporate governance is deemed to help the empirical research on corporate governance model and develop a certain model of Islamic corporate governance. However, the paper may help to give a simple understanding of the corporate governance models in both the conventional and Islamic perspectives of financial institutions. Contribution/Originality:This study illustrates the global corporate governance models in relation to financial institutions. The study is exclusive on the corporate governance models because to be our best of the knowledge none of the paper discusses the seven models of governance systems. The paper can be a source of understanding the corporate governance system for the academicians to get the preliminary picture of globalized models and help to develop and improve the existing systems.

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Section: Latin Corporate Governance Systemmentioning

confidence: 99%

An Overview of Corporate Governance Models in Financial Institutions

Alam

Rahman

Mustafa

et al. 2019

International Journal of Management and Sustainability

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“…Ownership is highly concentrated as 74 percent of publicly traded companies have a controlling shareholder (CFA Institute, ). Most Brazilian companies are controlled by families (Aguilera, ) and a few large public pension funds are significant shareholders in many Brazilian companies. For instance, PREVI, the largest pension fund in the country, managing US$74 billion or 26 percent of the total pension fund assets (ABRAPP, ), holds 10.4 percent of shares at Banco do Brasil (Banco do Brasil, ), 12.26 percent at BRF (BRF, ) and 30 percent at CPFL (CPFL, ).…”

Section: Research Context: Brazil and South Africamentioning

confidence: 99%

Institutional Determinants of Private Shareholder Engagement in Brazil and South Africa: The Role of Regulation

Yamahaki¹,

Frynas²

2016

Corporate Governance

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Manuscript type: Empirical Research Question/Issue: This study investigates to what extent regulation encourages private shareholder engagement attitudes and behavior (including behind-the-scenes consultations, letters, meetings, and ongoing dialogues) of pension funds and asset managers with listed investee companies on environmental, social, and corporate governance (ESG) issues in Brazil and South Africa. Research Findings/Insights: Drawing on 44 in-depth semi-structured interviews with pension fund representatives, asset managers, and other investment players, the findings suggest that legislation provides limited direct encouragement to private engagement behavior. However, legislation encourages attitudes toward Responsible Investment by enhancing investor understanding of Responsible Investment, increasing the interest of pension funds and asset consultants in the Responsible Investment practices of asset managers, and reducing the fear of pension funds to violate their fiduciary duties, thereby promoting an enabling environment for ESG engagement. Theoretical/Academic Implications: This article adds to the literature on comparative corporate governance and shareholder engagement. To the best of our knowledge, this is first study that specifically analyzes how regulation affects private shareholder engagement behavior in emerging markets, providing empirical support for the institutional perspective. The findings also suggest that the sophistication of the legislation on ESG issues in Brazil and South Africa is more typical of developed countries, indicating the need for a more fine-grained analysis of emerging markets in corporate governance studies. Practitioner/Policy Implications: This study draws investors' attention to the importance of understanding the national legal environment of the companies with which they engage and offers insights to governments interested in fostering ESG engagement practices.

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“…Pelos resultados observados, cerca de 70,0% das ações se concentram nas mãos do maior acionista, chegando a 75,0% no grupo dos cinco maiores acionistas. De acordo com Aguilera (2008), os cinco maiores acionistas argentinos concentravam, em média, 90,0% da propriedade em 2002, fato que demonstra que aquele mercado, apensar de ter maior concentração, também vem apresentando tendência gradual de redução da concentração. apresentam-se seus resultados, primeiro para cada país e, em seguida de toda a amostra inclusive com controle por tamanho e por liquidez.…”

Section: Análise Comparativa Da Estrutura De Propriedade E Controle Nunclassified

Estrutura De Propriedade E Controle E Desempenho Corporativo Nos Principais Mercados De Capitais Da América Latina

Ferreira

Martins

2016

REVISTA REUNIR

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Ownership and control structure and corporate performance in the main capital markets in latin america Estructura de propiedad y control y el desempeño corporativo en los principales mercados de capitales de la américa latina RESUMO Este estudo objetiva analisar em que medida a estrutura de propriedade e controle das companhias abertas impacta o desempenho corporativo nos principais mercados de capitais da América Latina (Argentina, Brasil e Chile), entre os anos de 2008 e 2012. Neste sentido, foi realizada uma análise em painel das relações entre estrutura e desempenho por meio de modelos de regressão simples, com efeitos aleatórios, além de um modelo múltiplo, com controle por tamanho e liquidez. Os resultados indicam que o Brasil apresentou menor concentração de propriedade, porém quando se considera a estrutura de controle, perde esse posto para o Chile. Quanto à relação dessa concentração com o desempenho, em cada país uma variável apresentou relação significante, sendo: o retorno da ação na Argentina (+), o market-to-book no Brasil (-) e o LAJIRDA no Chile (+). No geral, percebe-se que apenas o market-to-book apresentou relação negativa (-) e que todas as relações são afetadas pelo tamanho e pela liquidez da empresa. Por fim, destaca-se como contribuições deste estudo a investigação e comparação das estruturas de propriedade na América Latina e a identificação de relações negativas com o desempenho das empresas. Palavras-chave: Conflito da Agência; Concentração Acionária; América do Sul. ABSTRACTThis study aims to evaluate in which extend the ownership and control structure of public companies impacts corporate performance in the main capital markets in Latin America (Argentina, Brazil and Chile) between 2008 and 2012. In this sense, analysis in form of panel of the relationships between structure and performance was conducted through simple regressions with pooled, and a multiple model with controls for size and liquidity. The results indicate that Brazil has the lower ownership concentration, nonetheless when considered control structure, losses its position to Chile. Considering the relationship between concentration and performance, in which country one variable exhibit a significant relation as follows: equity return in Argentina (+), market-to-book in Brazil (-) and EBITDA in Chile (+). In the overall, only market-to-book evidences a negative relationship (-) and all relations are impacted by the size and liquidity of the company. Ultimately, stands out as this study contributions the investigation and comparison of the ownership structure in Latin America and the identification of negative relations with company's performance. Keywords: Agency Conflict, Ownership Concentration; South America RESUMEN Este estudio tiene como objetivo analizar en qué medida la estructura de propiedad y control de las sociedades cotizadas impacta el desempeño corporativo en los principales mercados de capitales en América Latina (Argentina, Brasil y Chile), entre los años 2008 y 2012. En este sentido, se llevó a cabo un...

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A Comparative Analysis of Corporate Governance Systems in Latin America: Argentina, Brazil, Chile, Colombia, and Venezuela

Cited by 10 publications

References 20 publications

An Overview of Corporate Governance Models in Financial Institutions

An Overview of Corporate Governance Models in Financial Institutions

Institutional Determinants of Private Shareholder Engagement in Brazil and South Africa: The Role of Regulation

Estrutura De Propriedade E Controle E Desempenho Corporativo Nos Principais Mercados De Capitais Da América Latina

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