The evolution of corporate governance in Brazil

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

“…At the risk of an annoying amount of self-citation: In Brazil, see Gorga (2010, 2012); Black, de Carvalho and Sampaio (2012), de Carvalho and Pennacchi (2012). In India, see Balasubramanian, Black and Khanna (2010) Black and Khanna (2007); Dharmapala and Khanna (2013).…”

Using Market Incentives to Move Beyond Law and Regulation in Emerging Markets—The Case for Corporate Governance Stock Exchange Indices

“…In Brazil, corporate governance and investor protection had been investor concerns for many years but reformers found it difficult to attack the problem through changes to the legal and regulatory framework. In December 2000, to address the weak protection for minority shareholders (including extensive use of non-voting shares, few outside directors, and low levels of disclosure), the São Paulo Stock Exchange, BM&FBOVESPA created three high-governance markets, the Novo Mercado, and its sister segments Level 1 and Level 2 (Black et al, 2012). These listing segments have corporate governance requirements that go far beyond Brazil's legal and regulatory framework.…”

“…As Black et al (2012) report, the launch of the segments led "to a surge in initial public offerings, which had been nearly nonexistent until 2004; a leveling off in the number of listed companies, which had been shrinking; and sharply rising trading volume and liquidity. (.…”

Board Independence and Internal Committees in the BRICs

“…Some studies have already investigated the corporate governance systems implemented in the BRICs, but their attention is mainly focused on a specific national environment (Yan-Leung, Jiang, Limpaphayon, & Lu, 2010;Székely-Doby, 2011;Braga-Alves & Shastri, 2011;Black, Gledson de Carvalho, & Sampaio, 2012), or particular topics (e.g., the relation between corporate governance and company's value, and the effectiveness of corporate governance in emerging markets with reference to the CEO turnover) (Gibson, 2002;Belikov, 2004;Singh & Gaur, 2009;Ararat & Dallas, 2011).…”