Corporate Governance and Capital Markets in Brazil: History and Current Overview

2010 ◽  
Author(s):  
Alexandre Di Miceli da Silveira
Keyword(s):  
Corporate Governance ◽  
Capital Markets

Shareholder-driven Corporate Governance

2019 ◽  
Author(s):  
Anita Indira Anand
Keyword(s):  
Decision Making ◽  
Corporate Governance ◽  
Moral Hazard ◽  
Capital Markets ◽  
Regulated Markets ◽  
The People ◽  
Important Trend ◽  
Technical Capacity ◽  
Regulatory Challenges

This is a book about the ways in which capital markets have come to be shaped by the ubiquity of sophisticated investors. In particular, many of today’s investors have the economic might and technical capacity to play a role in the decision-making of the corporations in which they invest. This phenomenon brings with it a host of benefits, such as mechanisms to ameliorate the moral hazard that can exist when the people who bear the risk of corporate activity are different from those who make decisions. A key element of this book is an examination of the ways in which thinking about corporations and capital markets must change to reflect the prevalence of sophisticated shareholders. The book develops a concept—shareholder-driven corporate governance—to explain the role of powerful shareholders and to propose a regulatory scheme that furthers their participation in corporate decision-making. In doing so, the book considers a number of regulatory challenges that confront securities regulators. Ultimately, the book identifies an important trend in capital markets, highlights reasons for fostering this trend, and discusses the path that regulation can and should take in order to protect investors and foster well-regulated markets.

Corporate Governance and Accountability in the Age of Multilevel Governance in Turkey

2019 ◽  
pp. 117-139
Author(s):  
Gülşah Atağan
Keyword(s):  
Corporate Governance ◽  
Financial Markets ◽  
Capital Markets ◽  
Capital Market ◽  
Multilevel Governance ◽  
Governance Environment ◽  
Commercial Code ◽  
Governance Practices ◽  
Turkish Commercial Code ◽  
Legal Infrastructure

Corporate governance and accountability are getting more and more important both for world and Turkish economies thanks to increasing competitiveness conditions among companies. Applications of corporate governance principles can show differences from country to country. In Turkey, The Capital Markets Board issued corporate governance principles in 2003 to improve the corporate governance environment and integrate the Turkish capital market with global financial markets. The board has also adopted these principles in 2005 and made them final. The new Turkish Commercial Code is based on corporate governance principles. The new Turkish Commercial Code constitutes the legal infrastructure for corporate governance practices.

Governance of Financial Institutions

2018 ◽  
Author(s):  
Guler Aras
Keyword(s):  
Corporate Governance ◽  
Financial Institutions ◽  
Capital Markets ◽  
Financial Services ◽  
Good Governance ◽  
Governance Mechanisms ◽  
Corporate Governance Mechanisms ◽  
Governance Practices ◽  
The 2008 Financial Crisis ◽  
Sustainable Economic Growth

Corporate governance is a central issue in business and economics. However, governance in financial institutions is more complicated than in other fields because of the nature of financial services and instruments. Financial organizations are similar to other businesses in terms of their purposes of establishment, but confidence in management and complex risk structures are more important in financial organizations than in other businesses. In financial institutions, there are various areas in which problems arise that are related to corporate governance, including the agency problem and stakeholder protection. The importance of good governance for sound performance of financial institutions was reconfirmed during the 2008 financial crisis, raising the need to understand the agency problems and the efficiency of various corporate governance mechanisms in mitigating them. International organizations, such as the Organisation for Economic Co-operation and Development, the Basel Committee, the International Finance Corporation, and the International Organization of Securities Commissions, have been working with regulators and policy makers to improve corporate governance practices both in nonfinancial and financial institutions. Corporate governance, especially in financial institutions, is essential in guaranteeing a sound financial system, capital markets, and sustainable economic growth. Governance weaknesses at financial institutions can result in the transmission of problems across the finance sector and the economy. Consequently, the effectiveness of governance mechanisms of financial institutions and capital markets after financial crises had significant importance in a period that witnessed an intensive discussion of corporate governance issues with new regulations and the related academic works.

scholarly journals Financialisation and the coupon pool

2002 ◽  
Vol 26 (3) ◽  
pp. 119-151 ◽  
Author(s):  
Julie Froud ◽  
Sukhdev Johal ◽  
Karel Williams
Keyword(s):  
Corporate Governance ◽  
Empirical Evidence ◽  
Capital Markets ◽  
Shareholder Value ◽  
The Other ◽  
Critical Examination ◽  
Generic Term

This article aims to extend our understanding of the role of capital markets in present day capitalism. It starts from a critical examination of established terms, shareholder value, corporate governance and financialisation, before suggesting a new generic term, coupon pool capitalism. The second half aims to demonstrate that, unlike the other terms, the coupon pool concept distinctively emphasises the generation of contradictions and instabilities. Empirical evidence is used to support the concept and explore dynamics.

Causes and Consequences of the Korean Financial Crisis

2000 ◽  
Vol 03 (01) ◽  
pp. 1-26 ◽  
Author(s):  
Dosoung Choi ◽  
Frank C. Jen ◽  
H. Han Shin
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Capital Markets ◽  
Business Sector ◽  
External Shocks ◽  
Business Risk ◽  
Short Term ◽  
The Past ◽  
Debt Capital

During the past decade, the profitability of Korean firms has declined significantly while their business risk has risen substantially. The deteriorating condition was largely due to excessive investments in manufacturing capacity that were financed mainly with short-term debt capital. The measures to restructure the system are summarized in two major thrusts: one, to reform corporate governance so that the business sector becomes more transparent and more value-enhancing; and two, to help develop long-term capital markets so that the domestic financial system becomes less vulnerable to external shocks.

scholarly journals New Hope for Corporate Governance in China?

2007 ◽  
Vol 191 ◽  
pp. 590-612 ◽  
Author(s):  
James V. Feinerman
Keyword(s):  
Corporate Governance ◽  
Financial Markets ◽  
Capital Markets ◽  
Regulatory Framework ◽  
Company Law ◽  
Financial Disclosure ◽  
Independent Directors ◽  
Minority Shareholders ◽  
Securities Law ◽  
Chinese Law

AbstractChina's recent revisions to its Company Law and Securities Law have brought new attention to issues of corporate governance in Chinese companies and financial markets. Among the chief criticisms of the earlier laws – in both their provisions and application – were the lack of protection for minority shareholders, the paucity of independent directors, the absence of transparency and inadequate financial disclosure. The acknowledged need for greater congruence between Chinese law and practice and that of countries with more developed capital markets led to the proposal of amendments to China's legislation during the first half of this decade. This article highlights several improvements resulting from the revisions as well as remaining weaknesses in the regulatory framework for corporate enterprises in China.

scholarly journals Rethinking capital markets reform: a reassessment of Olson problem and regulatory dualism in the German capital markets from a varieties of capitalism perspective

2015 ◽  
Vol 4 (4) ◽  
pp. 26-46
Author(s):  
André Ziccardi de Carvalho
Keyword(s):  
Corporate Governance ◽  
Capital Markets ◽  
Varieties Of Capitalism ◽  
Clear Understanding ◽  
Law And Finance ◽  
German Market ◽  
Economic Agents ◽  
The World ◽  
The Law ◽  
Neuer Markt

Since its proposition by Peter A. Hall and David Soskice the Varieties of Capitalism (VoC) approach has been particularly important to explain the relationship between economic agents and sets of institutional arrangements that, even in regulatory scenarios that Law and Finance’s school would consider “less than optimal”, are able to generate sustainable economic growth. In this context the VoC approach has been consistently challenging the traditional “one fits all” approach towards capital markets reform usually endorsed by institutions such as the World Bank and the International Monetary Fund, as well as by many scholars and capital markets regulators associated with La Porta’s Law and Finance School. As any theoretical framework, however, the VoC approach also faces its own challenges and still lacks the scientific maturity achieved by the Law and Finance School. Consequently a conciliation between the relational view of the firm proposed by the VoC approach and the overview of corporate governance practices throughout the world presented by the Law and Finance School would be instrumental to construe a more clear understanding of the competitive advantages generated by certain sets of institutions and, at the same time, more accurately assess impacts of reforms that, even if implemented with the legitimate goal of promoting firms’ transparency and higher corporate governance standards, may counter-intuitively generate unprecedented corporate and capital markets crisis. By analyzing two concepts proposed by Ronald J. Gilson, Henry Hansmann and Mariana Pargendler that have an apparent fundamental link to La Porta’s school of Law and Finance (i.e. Olson Problem and Regulatory Dualism) through a varieties of capitalism approach, this study aims at rethinking the traditional “one fits all” approach towards capital markets reform and taking a further step in the direction of conciliating the VoC approach with La Porta’s Law and Finance School. The analysis proposed in this article considers corporate and capital markets reforms in Germany between 1950 and 1997 (the year of creation of the Neuer Market) and also takes into consideration underlying economic factors of the German market economy, which ultimately contributed to the collapse of the Neuer Markt on late 2001.

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