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Os determinantes da adopção dos modelos de corporate governance nas empresas do mercado bolsista da Península Ibérica

Sardinha, Ana Isabel Cordeiro
Fonte: Instituto Politécnico de Bragança Publicador: Instituto Politécnico de Bragança
Tipo: Dissertação de Mestrado
POR
Relevância na Pesquisa
66.98%
Esta dissertação propõe-se analisar os modelos de corporate governance aplicados às empresas dos mercados bolsistas da Península Ibérica. Este tema é cada vez mais importante para as empresas, pois é difícil gerir os interesses de todos os agentes económicos numa organização. Este estudo pretende definir o conceito e a importância que os modelos corporate governance têm vindo assumir nas práticas exercidas pelas empresas do mercado bolsista. O corporate governance é caracterizado por um sistema onde as organizações são geridas e controladas com o objectivo de promover a eficiência e a competitividade das empresas. Os modelos de corporate governance apresentados neste estudo são: o modelo latino, o modelo anglo-saxónico e o modelo dualista baseados no sistema anglo-saxónico e no sistema continental. Estes sistemas têm por base a teoria da agência que consiste em analisar e desenvolver sistemas de controlo e gestão que harmonizem os interesses entre accionistas, administradores e gestores dentro de uma empresa para obter estabilidade financeira e crescimento económico. Com este estudo pretende-se responder à seguinte questão: quais os determinantes que podem influenciar a escolha do modelo de corporate governance adoptado pelas empresas da Península Ibérica? Para estabelecer os determinantes da escolha dos modelos foram seleccionadas nove variáveis que possuem características diferenciadoras entre os modelos de corporate governance. Para esta análise foram utilizadas duas amostras...

Corporate governance e setor empresarial público em Portugal: contributo para um normativo regulador

Vicente, Pedro Miguel dos Santos Ferreira
Fonte: Instituto Superior em Ciências Sociais e Políticas Publicador: Instituto Superior em Ciências Sociais e Políticas
Tipo: Dissertação de Mestrado
Publicado em //2014 POR
Relevância na Pesquisa
66.97%
Dissertação de Mestrado em Gestão e Políticas Públicas; Resumo A transição do Estado Social, intervencionista e garante de bem-estar, para o Estado Regulador, focado na eficiência e na iniciativa da sociedade civil, ocorrida a partir da década de 80 do século XX, motiva uma profunda reflexão sobre a gestão e as políticas públicas e, em particular, sobre a gestão do setor empresarial público. A definição das políticas públicas e a administração pública em geral parecem crescentemente influenciadas por princípios e procedimentos próprios do setor privado de atividades; o new governance de Bevir aponta para uma administração mais próxima do mercado, regulando-se por normas próprias deste setor. Da análise das teorias do governo societário, parece ser possível concluir que o governance do setor público tende, nos nossos dias, a substituir abordagens hierárquicas e burocráticas por uma administração transparente, centrada no empowerment das pessoas e na capacidade de resposta, afirmando o Metagovernance: o Estado passou a assegurar o governance, promovendo-o. Paralelamente, a definição do conceito de corporate governance, tradicionalmente associado à gestão das sociedades de capital aberto, cotadas ou emitentes...

Corporate Governance and Development

Claessens, Stijn
Fonte: Oxford University Press on behalf of the World Bank Publicador: Oxford University Press on behalf of the World Bank
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
66.97%
The literature shows that good corporate governance generally pays for firms, for markets, and for countries. It is associated with a lower cost of capital, higher returns on equity, greater efficiency, and more favorable treatment of all stakeholders, although the direction of causality is not always clear. The law and finance literature has documented the important role of institutions aimed at contractual and legal enforcement, including corporate governance, across countries. Using firm level data, researchers have documented relationships between countries corporate governance frameworks on the one hand and performance, valuation, the cost of capital, and access to external financing on the other. Given the benefits of good corporate governance, firms and countries should voluntarily reform more. Resistance by entrenched owners and managers at the firm level and political economy factors at the level of markets and countries partly explain why they do not.

Corporate Governance Country Assessment : Togo

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
66.99%
The purpose of this ROSC assessment of corporate governance in Togo is to help improve corporate governance in the country by assessing law and practice, suggesting reforms, and supporting the country in its effort to implement changes for better corporate governance. Corporate governance refers to the structures and processes for the direction and control of companies. Corporate governance concerns the relationships among the management, board of directors, controlling shareholders, minority shareholders and other stakeholders. This definition focuses on company performance and shareholder value. For emerging market countries, improving corporate governance can serve a number of important public policy objectives. Good corporate governance reduces emerging market vulnerability to financial crises, reinforces property rights, reduces transaction costs and the cost of capital, and leads to capital market development. Weak corporate governance frameworks reduce investor confidence, and can discourage outside investment. In state-owned enterprises (SOEs)...

Corporate Governance

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
66.98%
Emerging markets are becoming important engines of global growth. These markets, such as the transition economies in Europe and Central Asia, are viewed with increasing interest by foreign investors as private sector participation grows, as regulatory reforms take effect, and as individual firms focus on elevating their business practices to align with international standards. In fact, foreign direct investment inflows to transition economies increased by 28 percent to reach $108 billion in 2013, according to the United Nations Conference on Trade and Development. Sound corporate governance is a critical element in helping these emerging markets meets their full economic potential. Good corporate governance, defined as the structures and processes by which companies and banks are directed and controlled, helps firms operate more efficiently, improves access to capital, mitigates risk, and safeguards against mismanagement. Good governance also facilitates appropriate consideration of other critical issues for enterprises...

Jordan Corporate Governance Regulations

Jordan Institute of Directors
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
66.97%
As the importance of Corporate Governance increases, an awareness and understanding of the different relevant regulations becomes of paramount value. The importance and value of Corporate Governance is not the core of this publication. The publication is built around the premise that Corporate Governance is important and increasingly becoming of significant importance for growth, continued success and sustainability. Accordingly, this publication aims to identify, highlight and summarize the different codes of Corporate Governance along with other relevant regulations that impact Corporate Governance that are available in Jordan. The authors intend to address the different codes with respect to the principles of Corporate Governance as defined by the Organization of Economic Cooperation and Development (OECD); namely: ensuring the basis for an effective Corporate Governance framework; the rights of shareholders and key ownership functions; the equitable treatment of shareholders; the role of stakeholders in Corporate Governance; disclosure and transparency; and the responsibilities of the Board. This comparative study will provide an overview of how each code (or relevant regulation) addresses the different principles and to what extent. Since certain Corporate Governance practices tend to overlap across different principles and cover broad practices...

A Guide to Corporate Governance Practices in the European Union

International Finance Corporation
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
67%
As one of the most rapidly changing corporate governance environments in the world, Europe represents a microcosm of the exciting innovation happening in the corporate governance arena, ranging from new approaches to board-level corporate governance practices to changes in regulatory requirements at the legislative level. Representing a diverse mix of nations at various stages of economic development and market maturity, the European Union as an entity is demonstrating the broad value of a prioritized focus on corporate governance while accounting for individual country and company circumstances. This publication, a guide to Corporate Governance practices in the European Union, offers an overview of the changes taking place across the EU’s corporate governance landscape. It provides a focused examination of specific regulations and practices as well as a frank assessment of the challenges that remain. The value of this publication is that it examines the issues from all sides. It assesses the steps forward and steps backward...

Malaysia : Report on the Observance of Standards and Codes (ROSC), Corporate Governance Country Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66.96%
This ROSC assessment of corporate governance in Malaysia benchmarks law and practice against the OECD Principles of Corporate Governance, and focuses on listed companies. Important corporate governance reforms have been implemented in Malaysia since 1998, when a high-level Finance Committee on Corporate Governance, consisting of both government and industry, was formed to identify and address weaknesses highlighted by the Asian financial crisis. Key reforms have included the development of a comprehensive master plan to further develop the capital market, the demutualization of Bursa Malaysia, introduction of a Code of Corporate Governance, and changes in the composition and role of its Board of Directors. In 2004, disclosure rules and corporate whistleblower protections were strengthened. In 2005, major reforms commenced to overhaul government-linked corporations (GLCs). The report stresses that in order to further improve its corporate governance practices, Malaysia faces the following challenges: the government's level of equity ownership remains large; free float remains low; and directors' accountability and protection for minority shareholders need further improvement. In addition, the role of institutional investors and shareholder activism in the corporate governance framework needs to be strengthened. This report identifies several key measures that focus on enforcement and implementation...

Pakistan : Report on the Observance of Standards and Codes (ROSC) : Corporate Governance Country Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66.96%
This report provides an assessment of Pakistan's corporate governance policy framework. In Pakistan, awareness of the importance of good corporate governance is high among policymakers and standard setters. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Pakistan. The focus of the assessment is on listed companies, although reference is also made to banks and other financial institutions. Reform to improve corporate governance has been significant, including the introduction of a code of corporate governance and increased vigilance by regulators. Highly concentrated control by significant shareholders has limited the objectivity of boards and reduced the impact of some of the recent reforms. More generally, many smaller and family-owned companies have a limited awareness of the potential benefits of improved corporate governance. Corporate governance reform needs to percolate throughout the corporate sector, including family-owned businesses. The report concludes that further steps need to be taken to protect shareholder rights, including disclosure of beneficial ownership, and that boards must become more effective...

Poland : Report on the Observance of Standards and Codes (ROSC), Corporate Governance Country Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66.97%
This report assesses Poland's corporate governance policy framework, and its enforcement and compliance practices. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Poland. The report updates the corporate governance ROSC carried out in 2001. Since the previous assessment, Poland has adopted new legislation, effectively promulgated a corporate governance code, and continued to develop strong regulatory and enforcement institutions. These improvements have resulted in a corporate governance framework that complies with many of the OECD Principles. The report identifies several potential problems and remedies, including: 1) insufficient regulation of the corporate governance activities of the pension funds; 2) weakness of the supervisory board; 3) problems in the delisting / squeeze-out process; and 4) insufficient approvals of related party transactions. This report also includes two detailed analyses of special policy topics: Annex 1 is an analysis of the Warsaw Stock Exchange Best Practices Code and options for compliance, and Annex 2 is an assessment of the corporate governance issues of state owned enterprises.

Corporate Governance Country Assessment : Zambia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66.96%
Good corporate governance ensures that companies use their resources more efficiently, protects minority shareholders, leads to better decision making, and improves relations with workers, creditors, and other stakeholders. It is an important prerequisite for attracting the patient capital needed for sustained long-term economic growth. This report provides an assessment of Zambia's corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Zambia. Tapping the potential of capital markets and professionalizing boards and management will require reform efforts to continue. The companies act should be revised and harmonized with the securities act. Revisions should be accompanied by an analysis of lessons learned from the recently revised companies act in the UK. Stakeholders should consider moving explicit protection against unfair related party transactions into the Code, and revising the non-financial disclosure framework for listed companies. The Lusaka Stock Exchange (LuSE) and its stakeholders should then consider revisions to the code and further develop the LuSE website as a primary source of information about listed companies. The Securities and Exchange Commission (SEC) should continue to build its enforcement capacity...

Corporate Governance Country Assessment : Vietnam

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66.97%
This report assesses Vietnam's corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Vietnam. It is an update of the 2006 Corporate Governance ROSC for Vietnam. Good corporate governance enhances investor trust, protects minority shareholders, and encourages better decision making and improved relations with workers, creditors, and other stakeholders. Better investor protection can lower the cost of capital and encourage companies to list and raise funds through equity markets. Good corporate governance also helps to ensure that these companies operate more transparently and efficiently. Vietnam has undertaken important corporate governance reforms in recent years. However protecting minority shareholders, fully tapping the potential of capital markets, and professionalizing boards and management will require that reform continues. Key reforms include: Developing an action plan to address core failings of state owned enterprise corporate governance...

Corporate Governance Scorecards : Assessing and Promoting the Implementation of Codes of Corporate Governance

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
66.99%
This is a supplement to second IFC's toolkit: developing Corporate Governance codes of best practice. The focus of second toolkit is the development of codes of corporate governance. This supplement focuses narrowly on how to use scorecards to measure the observance and implementation of such codes. It does not cover the full panoply of governance assessment tools. This supplement provides practical guidance and a step-by step approach on how to develop a corporate governance scorecard. It also presents different approaches to scorings based on the experience of different scorecard users in different countries. This supplement is not intended to be a full manuscript of all the available tools or assessment techniques but more a guidance on various possible uses and applications of scorecards It is, however, intended to cover most of the issues that might confront any institution, regulator, stock exchange, and so on, that has in mind to develop a scorecard and to provide some practical guidance on how to approach those issues. This supplement provides practical guidance and a step-by step approach on how to develop a corporate governance scorecard. It also presents different approaches to scorings based on the experience of different scorecard users in different countries. The supplement also shows how scorecards are adapted to local circumstances and the local corporate governance framework.

Raising the Bar on Corporate Governance : A Study of Eight Stock Exchange Indices

Grimminger, Andreas D.; Di Benedetta, Pasquale
Fonte: World Bank and the International Financial Corporation, Washington, DC Publicador: World Bank and the International Financial Corporation, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
66.97%
Stock exchanges around the world have launched Corporate Governance Indices (CGIs), sometimes as part of a broader Environment, Social, and Governance (ESG) initiative. The comprehensive analysis of these indices presented in this study is the first of its kind, and it reveals that CGIs have a positive impact, enhancing legal and regulatory frameworks by extending governance criteria to develop objective and measurable benchmarks. The study also shows that CGIs present companies with an opportunity to differentiate themselves in the market and, ultimately, offer companies an incentive to adopt better governance practices. Nevertheless, as the process for vetting and evaluation of companies for inclusion in the indices continues to evolve, access to underlying methodologies, disclosure of the ratings and self-assessments of individual companies, and of overall monitoring processes and procedures can still be enhanced. This study reviews the different approaches used by stock exchanges to build indices incorporating corporate governance. In the case of ESG indices...

The Russia Corporate Governance Manual : Part I. Corporate Governance Introduced

International Finance Corporation; U.S. Department of Commerce
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
67%
The Russia corporate governance manual has been divided into and is published in six parts: (i) corporate governance introduced; (ii) good board practices; (iii) shareholder rights; (iv) information disclosure and transparency; (v) special focus section; and (vi) annexes model corporate governance documents. The first four parts contain chapters that focus on core corporate governance issues, such as a company's board structure, information disclosure practices, and shareholder rights. Part five focuses on corporate governance issues of particular importance in the Russian context, namely corporate governance concerns during a company's reorganization, within holding structures, and relating to enforcement. Part six, finally, offers practical tools in the form of model documents, for example company codes, by-laws, and contracts. All issues are closely examined through Russian law and regulations; the Federal Commission for the Securities Market's Code of Corporate Conduct (FCSM Code) Code and, when applicable...

The Russia Corporate Governance Manual : Part IV. Information Disclosure and Transparency

International Finance Corporation; U.S. Department of Commerce
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
66.96%
The Russia corporate governance manual has been divided into and is published in six parts: (i) corporate governance introduced; (ii) good board practices; (iii) shareholder rights; (iv) information disclosure and transparency; (v) special focus section; and (vi) annexes model corporate governance documents. The first four parts contain chapters that focus on core corporate governance issues, such as a company's board structure, information disclosure practices, and shareholder rights. Part five focuses on corporate governance issues of particular importance in the Russian context, namely corporate governance concerns during a company's reorganization, within holding structures, and relating to enforcement. Part six, finally, offers practical tools in the form of model documents, for example company codes, by-laws, and contracts. All issues are closely examined through Russian law and regulations; the Federal Commission for the Securities Market's Code of Corporate Conduct (FCSM Code) Code and, when applicable...

The Russia Corporate Governance Manual : Part VI. Annexes, Model Corporate Governance Documents

International Finance Corporation; U.S. Department of Commerce
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
66.96%
The Russia corporate governance manual has been divided into and is published in six parts: (i) corporate governance introduced; (ii) good board practices; (iii) shareholder rights; (iv) information disclosure and transparency; (v) special focus section; and (vi) annexes model corporate governance documents. The first four parts contain chapters that focus on core corporate governance issues, such as a company's board structure, information disclosure practices, and shareholder rights. Part five focuses on corporate governance issues of particular importance in the Russian context, namely corporate governance concerns during a company's reorganization, within holding structures, and relating to enforcement. Part six, finally, offers practical tools in the form of model documents, for example company codes, by-laws, and contracts. All issues are closely examined through Russian law and regulations; the Federal Commission for the Securities Market's Code of Corporate Conduct (FCSM Code) Code and, when applicable...

Corporate Governance Country Assessment : Azerbaijan

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC)
ENGLISH; EN_US
Relevância na Pesquisa
66.96%
This report assesses Azerbaijan's corporate governance framework-its laws and regulations, enforcement and common business practices. The report notes recent improvements in corporate governance regulation, makes recommendations of policy and institutional strengthening, and provides a benchmark against which to measure corporate governance in Azerbaijan. Note that the report covers only publicly-traded companies, although many of the recommendations may also be applicable to closely-held companies and state-owned enterprises. The report identifies three steps for improvement of corporate governance in Azerbaijan. They are: 1. Institution building, including strengthening of enforcement and independence of the Statistical Common Services; 2. Legal reform, specifically taking stock of recent legal changes and assuring their smooth interaction and functioning; and 3. Focus on several key areas for enforcement: related party transactions; reporting and transparency, including ownership disclosure and annual reporting; supervisory boards and other company governance organs; continued enforcement of bank corporate governance rules; and awareness raising.

Senegal : Report on the Observance of Standards and Codes (ROSC) : Corporate Governance Country Assessment; Senegal - Rapport sur l'observation des normes et codes (ROSC) : evaluation par pays du gouvernement d'entreprise

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66.99%
This report provides an assessment of Senegal's corporate governance policy framework, enforcement, and compliance practices. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Senegal. The report identifies several key next steps that can be carried out in Senegal and that focus on implementation, including: (i) developing program to build awareness of the importance of corporate governance and to train directors in modern corporate governance principles; (ii) drafting a code of corporate governance; (iii) addressing governance weaknesses in the state-owned enterprises. A separate report reviews the special issues for the corporate governance of state-owned enterprises in Senegal; and (iv) revising the Organization for the Harmonization of Business Law in Africa (OHADA) uniform act for commercial companies (over the long term) to incorporate modern corporate governance principles.

Corporate Governance in Emerging Markets : Why It Matters to Investors—and What They Can Do About It

Ararat, Melsa; Dallas, George
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
66.99%
What should investors do when scholarly research on corporate governance in emerging markets does not provide conclusive evidence on which aspects of governance matter most across all the emerging markets and how they affect firm performance? A researcher and a practitioner team up to offer guidelines and recommendations that focus on board independence and business group affiliation. Every day, institutional investors in emerging markets must make practical decisions on the basis of incomplete and at times conflicting information. So, it is critically important that they make the best use of this imperfect knowledge. Moreover, investors too often enter emerging markets with misguided perceptions of the underlying realities. And worse, they may cling to a conceptual framework of governance that does not allow them even to consider the searching questions they should be asking. This Private Sector Opinion, by the authors, explicitly highlights this problem. The authors identify a serious gap in research on emerging markets between high-level cross-country studies...