巴西强制性服从或解释的第一年

Q3 Business, Management and Accounting

Latin American Business Review Pub Date : 2020-04-07 DOI:10.1080/10978526.2020.1749844

Marina Dastre Manzanares, R. Leal

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引用次数: 3

摘要

该法律要求巴西公司从2018年起遵守或解释公司治理准则。本文分析了来自108家公司的43种推荐实践的1720种不同的不合规解释，并开发了解释和遵守质量指标的分类。大多数公司没有恰当地解释偏差，经常诉诸于泛泛的和缺乏信息的解释。企业规模和绩效与依循性指数呈显著正相关，股权集中度和市场风险与依循性指数呈显著负相关。国有企业表现出更强的依从性。这一证据对于没有考虑解释质量的指数方法的变化是强有力的，并挑战了“服从或解释”要求的有效性。

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The First Year of Mandatory Comply-or-Explain in Brazil

Abstract The law mandated Brazilian companies to comply or explain to a corporate governance code from 2018. This article analyzed 1,720 unique explanations of non-compliance for 43 recommended practices from 108 companies and developed a taxonomy of explanations and adherence quality indices. Most firms did not explain deviations properly, resorting frequently to generic and uninformative explanations. Firm size and performance were positively and ownership concentration and market risk negatively associated with adherence indices. State-owned companies displayed greater adherence. This evidence is robust to changes in index methodology that did not consider the quality of explanations and challenges the effectiveness of the comply-or-explain requirement.

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来源期刊

Latin American Business Review Business, Management and Accounting-Business and International Management

CiteScore

2.40

自引率

0.00%

发文量

期刊介绍： Latin American Business Review is a quarterly, refereed journal which facilitates the exchange of information and new ideas between academics, business practitioners, public policymakers, and those in the international development community. Special features of the journal will keep you current on various teaching, research, and information sources. These activities all focus on the business and economic environment of the diverse and dynamic countries of the Americas.