Corporate governance in Brazil

Black, Bernard S.; Carvalho, Antônio Gledson de; Gorga, Érica

doi:10.1016/j.ememar.2009.09.004

Cited by 97 publications

(73 citation statements)

References 12 publications

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“…An expanded working paper version of this article provides similar information for other countries (Black et al, 2013b). Our Brazil index is based on extensive survey distributed in 2005, 2007, and 2009 to all public firms (for details, see Black, de Carvalho and Gorga, 2010). The survey is similar, where feasible, to the India and Korea surveys.…”

Section: Brazil As Illustrative Example: Governance Surveymentioning

confidence: 99%

Methods for Multicountry Studies of Corporate Governance (and Evidence from the BRIKT Countries)

et al. 2013

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Section: Brazil As Illustrative Example: Governance Surveymentioning

confidence: 99%

Methods for Multicountry Studies of Corporate Governance (and Evidence from the BRIKT Countries)

et al. 2013

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“…Individual country studies report summary statistics for overall governance and particular governance measures, but again few details. To our knowledge, the most directly comparable paper is contemporaneous research on Brazil (Black, de Carvalho, and Gorga, 2010a;2010b).…”

Section: A What We Know About Firm-level Governance In Emerging Marketsmentioning

confidence: 99%

The Relation between Firm-Level Corporate Governance and Market Value: A Study of India

2010

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“…This is because these country's institutional environments are clearly different (Li & Filer, 2007) and because both countries have been considered pioneers or top-ranked in the reporting of CSR information (Gallego, Formigoni, & Antunes, 2014;Grecco, Filho, Segura, García, & Rodríguez, 2013;KPMG, 2013;. Additionally, according to previous empirical evidence, there are differences concerning CG mechanisms: Brazilian companies' BDs are weaker and less effective than Spanish ones (Andrés, Azofra, & Lopez, 2005;Black, Carvalho, & Gorga, 2010).…”

Section: Introductionmentioning

confidence: 99%

“…In Rule-Based environments, regulation is transparent and efficient, and, consequently, the information reported by companies is credible. However, the control exercised by the government in Relation-Based environments can trigger a general mistrust in the information provided, and companies feel less pressure to disclose about their practices (Lattemann et al, 2009 Previous research about CG in Brazil (Black et al, 2010) pointed out the need to strengthen the BDs of Brazilian companies since they have boards too small to be effective, and a significant percentage of Brazilian boards has no independent directors at all. This problem is common to most BRICS countries (Estrin & Prevezer, 2011 …”

Section: Country Selection and Samplementioning

confidence: 99%

Does the Institutional Environment Affect CSR Disclosure? The Role of Governance

Rodríguez

Escobar‐Pérez

2016

Rev. adm. empres.

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DOES THE INSTITUTIONAL ENVIRONMENT AFFECT CSR DISCLOSURE? THE ROLE OF GOVERNANCE Há Influência do ambiente institucional nas práticas de divulgação de RSC? O papel da governança ¿El entorno institucional influye en las prácticas de revelación de información de la RSC? El papel del Gobierno Corporativo ABSTRACTThe aim of this article is to analyze whether the institutional environment has a direct effect on Corporate Social Responsibility (CSR) reporting practices or if this effect is explained by the influence of the institutional environment on Corporate Governance (CG) mechanisms. To conduct our study, we focused on two countries that reflect different types of institutional environment: relation-based (Brazil) and rule-based (Spain). Based on our results, we can affirm that the institutional environment influences CG mechanisms (Board Size and Reference Shareholder) as well as companies' CSR disclosure. Additionally, the CG mechanisms affected by the institutional environment also help to explain differences in CSR reporting practices. As relation-based societies evolve into rules-based environments, the information disclosed about CSR becomes more complex due to a strengthening of CG mechanisms.KEYWORDS | Corporate governance, disclosure, corporate social responsibility, institutional environment, ownership structure. It is theoretically consistent with Institutional Theory to affirm that organizations adapt their structures and policies to institutional norms (Dimaggio & Powell, 1983) in order to survive in the market. RESUMOHowever, research on the effects of the institutional environment can be complex due to the significant difficulty to isolate variables and distinguish those effects from the impact the institutional environment has on other internal-context variables (Adams, 2002).In this perspective, we should consider that this institutionalization process also affects Corporate Governance In our study, we used measures that reflect the complexity of companies' CSR reporting. We used an index intended to reflect CSR reporting practices; we considered also the actions taken to increase the credibility and quality of such disclosures (Amran, Lee, & Devi, 2014;Boiral, 2013); the extent to which the disclosed information followed the Global Reporting Initiatives (GRI) guidelines; whether such adequacy was subject to external checking; and, finally, whether the information had been assured. With regard to CG mechanisms, we focused on the ones indicated by the literature as having an influence on CSR reporting practices: Board Size, Board Independence, Board Activity, CSR Committee, and Reference Shareholder.Considering our results, we can affirm that the institutional environment has a strong influence on the complexity of the CSR reporting practices as well as on two of the CG mechanisms analyzed:Board size and the presence of a Reference Shareholder. Moreover, these two CG characteristics are the ones that significantly affect CSR disclosure. When CG variables are introduced in the analysis, the instit...

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Corporate governance in Brazil

Cited by 97 publications

References 12 publications

Methods for Multicountry Studies of Corporate Governance (and Evidence from the BRIKT Countries)

Methods for Multicountry Studies of Corporate Governance (and Evidence from the BRIKT Countries)

The Relation between Firm-Level Corporate Governance and Market Value: A Study of India

Does the Institutional Environment Affect CSR Disclosure? The Role of Governance

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