Corporate Governance and Crises: important mechanisms during different economic cycles

• Autor(a) principal: Peixoto, Fernanda Maciel
• Data de Publicação: 2014
• Outros Autores: Amaral, Hudson Fernandes, Correia, Laise Ferraz, das Neves, João Carlos Carvalho
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista de Ciências da Administração
• Texto Completo: https://periodicos.ufsc.br/index.php/adm/article/view/2175-8077.2014v16n39p119

This research investigated whether the corporate governance mechanisms, according to Agency Theory, can take on distinct amounts of significance in different economic cycles. The period studied was 2000-2009, segmenting it into: local crises (2000-2002), no crisis (2003-2007), and global crisis (2008-2009). The governance mechanisms studied were: ownership structure, board of directors, compensation to managers, transparency and protection of minority shareholders. The methodology involved: (a) principal component analysis, aggregating in an indicator a set of governance variables; (b) reorganization of components to verify the contribution of each governance dimensions in the index. It was found that ownership structure mechanism was less relevant for the whole period. In the period of local crises, the most important dimension of governance was the compensation to managers. In periods of non-crisis and global crisis, the most relevant mechanism was protection of shareholders. Transparency was less important during the study and board was less relevant than compensation and protection.