Corporate Governance and Crises: important mechanisms during different economic cycles
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Data de Publicação: | 2014 |
Outros Autores: | , , |
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 |
Resumo: | 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. |
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Revista de Ciências da Administração |
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Corporate Governance and Crises: important mechanisms during different economic cyclesGovernança Corporativa e Crises: mecanismos importantes durante ciclos econômicos distintosThis 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.Esta pesquisa investigou se os mecanismos de governança corporativa, segundo a Teoria da Agência, assumem importâncias distintas em diferentes ciclos econômicos. O período foi de 2000 a 2009, segmentado em: crises locais (2000-2002); não crise (2003-2007); e crise global (2008-2009). Os mecanismos de governança analisados foram: estrutura de propriedade, conselhos de administração, compensação aos gestores, transparência e proteção aos minoritários. A metodologia envolveu: (a) análise de componentes principais, agregando em um indicador um conjunto de variáveis de governança; (b) reorganização dos componentes para verificar a contribuição das dimensões de governança no índice. Constatou-se que estrutura de propriedade foi o mecanismo menos relevante no período. Durante as crises locais, a dimensão de governança mais importante foi compensação aos gestores. Nos períodos de não crise e de crise global, o mecanismo mais relevante foi proteção aos minoritários. Transparência se mostrou gradativamente menos importante e conselho foi menos relevante do que compensação e proteção.Universidade Federal de Santa Catarina2014-08-15info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPesquisa Teórico-Empíricaapplication/pdfhttps://periodicos.ufsc.br/index.php/adm/article/view/2175-8077.2014v16n39p11910.5007/2175-8077.2014v16n39p119Revista de Ciências da Administração; V.16 N.39 Agosto 2014; 119 - 1332175-80771516-3865reponame:Revista de Ciências da Administraçãoinstname:Universidade Federal de Santa Catarina (UFSC)instacron:UFSCporhttps://periodicos.ufsc.br/index.php/adm/article/view/2175-8077.2014v16n39p119/pdf_22Peixoto, Fernanda MacielAmaral, Hudson FernandesCorreia, Laise Ferrazdas Neves, João Carlos Carvalhoinfo:eu-repo/semantics/openAccess2018-06-20T19:08:34Zoai:periodicos.ufsc.br:article/28308Revistahttp://www.periodicos.ufsc.br/index.php/admPUBhttps://periodicos.ufsc.br/index.php/adm/oairevista@cse.ufsc.br||mfpcris@gmail.com||rca.cse@contato.ufsc.br2175-80771516-3865opendoar:2018-06-20T19:08:34Revista de Ciências da Administração - Universidade Federal de Santa Catarina (UFSC)false |
dc.title.none.fl_str_mv |
Corporate Governance and Crises: important mechanisms during different economic cycles Governança Corporativa e Crises: mecanismos importantes durante ciclos econômicos distintos |
title |
Corporate Governance and Crises: important mechanisms during different economic cycles |
spellingShingle |
Corporate Governance and Crises: important mechanisms during different economic cycles Peixoto, Fernanda Maciel |
title_short |
Corporate Governance and Crises: important mechanisms during different economic cycles |
title_full |
Corporate Governance and Crises: important mechanisms during different economic cycles |
title_fullStr |
Corporate Governance and Crises: important mechanisms during different economic cycles |
title_full_unstemmed |
Corporate Governance and Crises: important mechanisms during different economic cycles |
title_sort |
Corporate Governance and Crises: important mechanisms during different economic cycles |
author |
Peixoto, Fernanda Maciel |
author_facet |
Peixoto, Fernanda Maciel Amaral, Hudson Fernandes Correia, Laise Ferraz das Neves, João Carlos Carvalho |
author_role |
author |
author2 |
Amaral, Hudson Fernandes Correia, Laise Ferraz das Neves, João Carlos Carvalho |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Peixoto, Fernanda Maciel Amaral, Hudson Fernandes Correia, Laise Ferraz das Neves, João Carlos Carvalho |
description |
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. |
publishDate |
2014 |
dc.date.none.fl_str_mv |
2014-08-15 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Pesquisa Teórico-Empírica |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicos.ufsc.br/index.php/adm/article/view/2175-8077.2014v16n39p119 10.5007/2175-8077.2014v16n39p119 |
url |
https://periodicos.ufsc.br/index.php/adm/article/view/2175-8077.2014v16n39p119 |
identifier_str_mv |
10.5007/2175-8077.2014v16n39p119 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://periodicos.ufsc.br/index.php/adm/article/view/2175-8077.2014v16n39p119/pdf_22 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Federal de Santa Catarina |
publisher.none.fl_str_mv |
Universidade Federal de Santa Catarina |
dc.source.none.fl_str_mv |
Revista de Ciências da Administração; V.16 N.39 Agosto 2014; 119 - 133 2175-8077 1516-3865 reponame:Revista de Ciências da Administração instname:Universidade Federal de Santa Catarina (UFSC) instacron:UFSC |
instname_str |
Universidade Federal de Santa Catarina (UFSC) |
instacron_str |
UFSC |
institution |
UFSC |
reponame_str |
Revista de Ciências da Administração |
collection |
Revista de Ciências da Administração |
repository.name.fl_str_mv |
Revista de Ciências da Administração - Universidade Federal de Santa Catarina (UFSC) |
repository.mail.fl_str_mv |
revista@cse.ufsc.br||mfpcris@gmail.com||rca.cse@contato.ufsc.br |
_version_ |
1789435142116212736 |