Monitoring or expropriation? the relations between ownership control, board of directors and executive management team in brazilian publicly traded companies
Keywords:
Ownership structure; Corporate governance; Agency conflicts.
Abstract
Objective: This study analyzed the relationships among ownership control, board of directors and executive management team in Brazilian publicly traded firms, and verified whether the relationship of the characteristics of the board of directors and executive management team with the value of these firms depends on the type of ownership control.
Originality/Relevance: In a market characterized by firms with defined shareholder control, this paper advances the Corporate Governance literature by identifying how the type of ownership control is related to the characteristics of the management bodies and how the overlap between ownership and management is related to the Brazilian firms’ value.
Method: The sample was composed of 741 observations from 281 firms over the period 2018-2020. Ownership control was categorized into dispersed, shared, family, corporate and governmental. Through principal component analysis five characteristics of administration were identified: executive management team compensation, independence of administrators, for evaluating of administrators, separation between board of directors and board of directors’ compensation. Through feasible generalized least squares estimations, it was investigated the relationship between shareholder control and characteristics of administration and whether the type of ownership control differentiates the relationship between characteristics of administration and firm value.
Results: The type of ownership control is related to the administration characteristics analyzed, except for the type of compensation of the board of directors. All five management characteristics are related to firm value, but the sign and significance of these relationships depend on the type of shareholder control.
Theoretical/methodological/practical contributions: The findings indicate that the overlap between ownership control, board of directors and executive management team is present in Brazilian firms with defined ownership control, and, depending on the identity of controlling shareholders, can be interpreted by outside investors as a monitoring mechanism or an instrument that facilitates the expropriation of the firm's wealth.
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References
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Aguilera, R. V., Desender, K., Castro, L. R. K. (2012). A Bundle Perspective to Comparative Corporate Governance. In: Clarke, T., & Branson, D. (editors). Sage Handbook of corporate governance. New York: Sage Publications.
Aldrighi, D. M., & Mazzer, R., Neto. (2007). Evidências sobre as estruturas de propriedade de capital e de voto das empresas de capital aberto no Brasil. Revista Brasileira de Economia, 61(2), 129-152. https://doi.org/10.1590/S0034-71402007000200001
Ali, C. B., & Lesage, C. (2013). Audit pricing and nature of controlling shareholders: Evidence from France. China Journal of Accounting Research, 6(1), 21-34. https://doi.org/10.1016/j.cjar.2012.08.002
Andrade, L. P., Bressan, A. A., & Iquiapaza, R. A. (2014). Estrutura Piramidal de Controle, Emissão de Duas Classes de Ações e Desempenho Financeiro das Empresas Brasileiras. Revista Brasileira de Finanças, 12(4), 555-595. https://doi.org/10.12660/rbfin.v12n4.2014.24499
Andrade, L. P., Bressan, A. A., & Iquiapaza, R. A. (2017). Dual class shares, board of directors’ effectiveness and firm’s market value: an empirical study. Journal of Management & Governance, 21(4), 1053-1092. https://doi.org/10.1007/s10997-017-9375-7
Anjos, L. C. M. dos, Tavares, M. F. N., Monte, P. A. do, & Lustosa, P. R. B. (2015). Relações entre controle acionário e remuneração de executivos. Enfoque: Reflexão Contábil, 34(1), 45-56. https://doi.org/10.4025/enfoque.v34i1.22493
Bebchuk, L. A., & Fried, J. M. (2003). Executive Compensation as an Agency Problem. Journal of Economic Perspectives, 17(3): 71-92. https://doi.org/10.1257/089533003769204362
Bebchuk, L. A., & Hamdani, A. (2008). The elusive quest for global governance standards. University of Pennsylvania Law Review, 157(5), 1263-1317. https://www.jstor.org/stable/40380267
Bianchi, M., Bianco, M., & Enriques, L. (2001). Pyramidal groups and the separation between ownership and control in Italy. In: Barca, F., & Becht, M. The control of corporate Europe. Oxford: Oxford University Press, 154-186. https://doi.org/10.1093/0199257531.003.0006
Bozec, Y., & Bozec, R. (2007). Ownership concentration and corporate governance practices: substitution or expropriation effects? Canadian Journal of Administrative Sciences, 24(3), 182-195. https://doi.org/10.1002/cjas.23
Brandão, I. D. F., Vasconcelos, A. C. D., Luca, M. M. M. D., & Crisóstomo, V. L. (2019). Composição do conselho de administração e sensibilidade da remuneração executiva ao desempenho de mercado. Revista Contabilidade & Finanças, 30(79), 28-41. https://doi.org/10.1590/1808-057x201806610
Carvalhal, A. (2012). Do shareholder agreements affect market valuation?: Evidence from Brazilian listed firms. Journal of Corporate Finance, 18(4), 919-933. https://doi.org/10.1016/j.jcorpfin.2012.04.003
Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1-33. https://doi.org/10.1016/j.ememar.2012.03.002
Connelly, B. L., Hoskisson, R. E., Tihanyi, L., & Certo, S. T. (2010). Ownership as a form of corporate governance. Journal of Management Studies, 47(8), 1561-1589. https://doi.org/10.1111/j.1467-6486.2010.00929.x
Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3), 371-406. https://doi.org/10.1016/S0304-405X(98)00058-0
Correia, L. F., Amaral, H. F., & Louvet, P. (2014). Determinantes da eficiência de conselhos de administração de empresas negociadas na BM&FBovespa. Revista de Contabilidade e Organizações, 8(21), 46-57. DOI: http://dx.doi.org/10.11606/rco.v8i21.63219
Correia, L. F., Amaral, H. F., & Louvet, P. (2014). Remuneração, composição do conselho de administração e estrutura de propriedade: evidências empíricas do mercado acionário brasileiro. Advances in Scientific and Applied Accounting, 7(1), 2-37. https://asaa.anpcont.org.br/index.php/asaa/article/view/115
Crisóstomo, V. L., & Brandão, I. F. (2019). The ultimate controlling owner and corporate governance in Brazil. Corporate Governance: The International Journal of Business in Society, 19(1), 120-140. https://doi.org/10.1108/CG-01-2018-0043
Crisostomo, V. L., Brandão, I. F., & López-Iturriaga, F. J. (2020). Large shareholders’ power and the quality of corporate governance: An analysis of Brazilian firms. Research in International Business and Finance, 51, 101076. https://doi.org/10.1016/j.ribaf.2019.101076
Denis, D. K., & McConnell, J. J. (2003). International corporate governance. Journal of Financial and Quantitative Analysis, 38(1), 1-36. https://doi.org/10.2307/4126762
Desender, K. A., Aguilera, R. V., Crespi, R., & GarcÍa‐Cestona, M. (2013). When does ownership matter? Board characteristics and behavior. Strategic Management Journal, 34(7), 823-842. https://doi.org/10.1002/smj.2046
Dutra, M. G. L., & Saito, R. (2002). Conselhos de administração: análise de sua composição em um conjunto de companhias abertas brasileiras. Revista de Administração Contemporânea, 6(2), 9-27. https://doi.org/10.1590/S1415-65552002000200003
Ermel, M., & Do Monte, P. A. (2018). Controle Acionário, Remuneração De Executivos E Desempenho Empresarial: Evidências Para O Mercado Brasileiro. Revista Brasileira de Finanças, 16(3), 455-491. https://doi.org/10.12660/rbfin.v16n3.2018.55898
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301-325. http://www.jstor.org/stable/725104
Fávero, L. P. L. (2013). Dados em painel em contabilidade e finanças: teoria e aplicação. Brazilian Business Review, 10(1), 131-156. https://doi.org/10.15728/bbr.2013.10.1.6
Gadhoum, Y. (2006). Power of ultimate controlling owners: A survey of Canadian landscape. Journal of Management & Governance, 10(2), 179-204. https://doi.org/10.1007/s10997-006-0004-0
Gelman, M., Castro, L. R. K. D., & Seidler, V. (2015). Efeitos da vinculação de conselheiros ao acordo de acionistas no valor da firma. Revista de Administração de Empresas, 55(3), 345-358. http://dx.doi.org/10.1590/S0034-759020150309
Grupo de Trabalho Interagentes (2016). Código brasileiro de governança corporativa: companhias abertas. São Paulo: IBGC. https://www.anbima.com.br/data/files/F8/D2/98/00/02D885104D66888568A80AC2/Codigo-Brasileiro-de-Governanca-Corporativa_1_.pdf
Hair, J. F., Jr., Black, W. C.,Babin, B. j., Anderson, R. E., & Tatham, R. L. (2005). Análise multivariada de dados. 6 ed. Porto Alegre: Bookman.
Hassen, R. B., El Ouakdi, J., & Omri, A. (2015). Executive compensation and ownership structure. Journal of Applied Business Research, 31(2), 593-608. https://doi.org/10.19030/jabr.v31i2.9156
Hoff, J., & Vicente, E. F. R. (2016). O Gerenciamento de Resultados e a Remuneração Variável dos Executivos das Companhias Brasileiras Listadas na BM&FBOVESPA. Revista de Contabilidade da UFBA, 10(2), 64-81. https://doi.org/10.9771/rc-ufba.v10i2.17027
Instituto Brasileiro de Governança Corporativa (2018). Governança corporativa em empresas estatais listadas no Brasil. 2 ed. São Paulo: IBGC.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517. https://doi.org/10.1111/0022-1082.00115
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1-2), 3-27. https://doi.org/10.1016/S0304-405X(00)00065-9
Lei nº. 13.303, de 30 de junho de 2016. Dispõe sobre o estatuto jurídico da empresa pública, da sociedade de economia mista e de suas subsidiárias, no âmbito da União, dos Estados, do Distrito Federal e dos Municípios. Brasília, DF: 30 de junho de 2016. Recuperado de: http://www.planalto.gov.br/ccivil_03/_ato2015-2018/2016/lei/l13303.htm.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315. https://doi.org/10.1016/0304-405X(88)90048-7
Moura, G. D. de, Bianchet, T. D. S. A., Mazzioni, S., & Macêdo, F. F. R. R. (2018). Influência da estrutura de propriedade e da gestão familiar no gerenciamento de resultados. Enfoque: Reflexão Contábil, 37(2), 107-126. https://doi.org/10.4025/enfoque.v37i2.37824
Murphy, K. J. (2013). Executive compensation: Where we are, and how we got there. In Handbook of the Economics of Finance, 2(A), 211-356. https://doi.org/10.1016/B978-0-44-453594-8.00004-5
Peixoto, F. M., & Buccini, A. R. A. (2013). Separação entre propriedade e controle e sua relação com desempenho e valor de empresas brasileiras: onde estamos? Revista de Contabilidade e Organizações, 7(18), 48-59. https://doi.org/10.11606/rco.v7i18.55613
Pinto, M. B., & Leal, R. P. C. (2013). Ownership concentration, top management and board compensation. Revista de Administração Contemporânea, 17(3), 304-324. https://doi.org/10.1590/S1415-65552013000300004
Renders, A., & Gaeremynck, A. (2012). Corporate governance, principal‐principal agency conflicts, and firm value in European listed companies. Corporate Governance: An International Review, 20(2), 125-143. https://doi.org/10.1111/j.1467-8683.2011.00900.x
Ribeiro, F., Colauto, R. D., & Clemente, A. (2016). Determinantes da formação de board interlocking no mercado de capitais brasileiro. Revista de Educação e Pesquisa em Contabilidade, 10(4), 398-415. https://doi.org/10.17524/repec.v10i4.1403
Rossetti, J. P. & Andrade, A. (2012). Governança corporativa: fundamentos, desenvolvimento e tendências. 6 ed. São Paulo: Atlas.
Salvato, C., & Moores, K. (2010). Research on accounting in family firms: past accomplishments and future challenges. Family Business Review, 23(3), 193–215. https://doi.org/10.1177/0894486510375069
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737-783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Wooldridge, J. M. (2002). Econometric analysis of cross section and panel data. Massachusetts - EUA: MIT Press.
Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. (2008). Corporate governance in emerging economies: a review of the principal–principal perspective. Journal of Management Studies, 45(1), 196-220. https://doi.org/10.1111/j.1467-6486.2007.00752.x
Aguilera, R. V., Desender, K., Castro, L. R. K. (2012). A Bundle Perspective to Comparative Corporate Governance. In: Clarke, T., & Branson, D. (editors). Sage Handbook of corporate governance. New York: Sage Publications.
Aldrighi, D. M., & Mazzer, R., Neto. (2007). Evidências sobre as estruturas de propriedade de capital e de voto das empresas de capital aberto no Brasil. Revista Brasileira de Economia, 61(2), 129-152. https://doi.org/10.1590/S0034-71402007000200001
Ali, C. B., & Lesage, C. (2013). Audit pricing and nature of controlling shareholders: Evidence from France. China Journal of Accounting Research, 6(1), 21-34. https://doi.org/10.1016/j.cjar.2012.08.002
Andrade, L. P., Bressan, A. A., & Iquiapaza, R. A. (2014). Estrutura Piramidal de Controle, Emissão de Duas Classes de Ações e Desempenho Financeiro das Empresas Brasileiras. Revista Brasileira de Finanças, 12(4), 555-595. https://doi.org/10.12660/rbfin.v12n4.2014.24499
Andrade, L. P., Bressan, A. A., & Iquiapaza, R. A. (2017). Dual class shares, board of directors’ effectiveness and firm’s market value: an empirical study. Journal of Management & Governance, 21(4), 1053-1092. https://doi.org/10.1007/s10997-017-9375-7
Anjos, L. C. M. dos, Tavares, M. F. N., Monte, P. A. do, & Lustosa, P. R. B. (2015). Relações entre controle acionário e remuneração de executivos. Enfoque: Reflexão Contábil, 34(1), 45-56. https://doi.org/10.4025/enfoque.v34i1.22493
Bebchuk, L. A., & Fried, J. M. (2003). Executive Compensation as an Agency Problem. Journal of Economic Perspectives, 17(3): 71-92. https://doi.org/10.1257/089533003769204362
Bebchuk, L. A., & Hamdani, A. (2008). The elusive quest for global governance standards. University of Pennsylvania Law Review, 157(5), 1263-1317. https://www.jstor.org/stable/40380267
Bianchi, M., Bianco, M., & Enriques, L. (2001). Pyramidal groups and the separation between ownership and control in Italy. In: Barca, F., & Becht, M. The control of corporate Europe. Oxford: Oxford University Press, 154-186. https://doi.org/10.1093/0199257531.003.0006
Bozec, Y., & Bozec, R. (2007). Ownership concentration and corporate governance practices: substitution or expropriation effects? Canadian Journal of Administrative Sciences, 24(3), 182-195. https://doi.org/10.1002/cjas.23
Brandão, I. D. F., Vasconcelos, A. C. D., Luca, M. M. M. D., & Crisóstomo, V. L. (2019). Composição do conselho de administração e sensibilidade da remuneração executiva ao desempenho de mercado. Revista Contabilidade & Finanças, 30(79), 28-41. https://doi.org/10.1590/1808-057x201806610
Carvalhal, A. (2012). Do shareholder agreements affect market valuation?: Evidence from Brazilian listed firms. Journal of Corporate Finance, 18(4), 919-933. https://doi.org/10.1016/j.jcorpfin.2012.04.003
Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1-33. https://doi.org/10.1016/j.ememar.2012.03.002
Connelly, B. L., Hoskisson, R. E., Tihanyi, L., & Certo, S. T. (2010). Ownership as a form of corporate governance. Journal of Management Studies, 47(8), 1561-1589. https://doi.org/10.1111/j.1467-6486.2010.00929.x
Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3), 371-406. https://doi.org/10.1016/S0304-405X(98)00058-0
Correia, L. F., Amaral, H. F., & Louvet, P. (2014). Determinantes da eficiência de conselhos de administração de empresas negociadas na BM&FBovespa. Revista de Contabilidade e Organizações, 8(21), 46-57. DOI: http://dx.doi.org/10.11606/rco.v8i21.63219
Correia, L. F., Amaral, H. F., & Louvet, P. (2014). Remuneração, composição do conselho de administração e estrutura de propriedade: evidências empíricas do mercado acionário brasileiro. Advances in Scientific and Applied Accounting, 7(1), 2-37. https://asaa.anpcont.org.br/index.php/asaa/article/view/115
Crisóstomo, V. L., & Brandão, I. F. (2019). The ultimate controlling owner and corporate governance in Brazil. Corporate Governance: The International Journal of Business in Society, 19(1), 120-140. https://doi.org/10.1108/CG-01-2018-0043
Crisostomo, V. L., Brandão, I. F., & López-Iturriaga, F. J. (2020). Large shareholders’ power and the quality of corporate governance: An analysis of Brazilian firms. Research in International Business and Finance, 51, 101076. https://doi.org/10.1016/j.ribaf.2019.101076
Denis, D. K., & McConnell, J. J. (2003). International corporate governance. Journal of Financial and Quantitative Analysis, 38(1), 1-36. https://doi.org/10.2307/4126762
Desender, K. A., Aguilera, R. V., Crespi, R., & GarcÍa‐Cestona, M. (2013). When does ownership matter? Board characteristics and behavior. Strategic Management Journal, 34(7), 823-842. https://doi.org/10.1002/smj.2046
Dutra, M. G. L., & Saito, R. (2002). Conselhos de administração: análise de sua composição em um conjunto de companhias abertas brasileiras. Revista de Administração Contemporânea, 6(2), 9-27. https://doi.org/10.1590/S1415-65552002000200003
Ermel, M., & Do Monte, P. A. (2018). Controle Acionário, Remuneração De Executivos E Desempenho Empresarial: Evidências Para O Mercado Brasileiro. Revista Brasileira de Finanças, 16(3), 455-491. https://doi.org/10.12660/rbfin.v16n3.2018.55898
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301-325. http://www.jstor.org/stable/725104
Fávero, L. P. L. (2013). Dados em painel em contabilidade e finanças: teoria e aplicação. Brazilian Business Review, 10(1), 131-156. https://doi.org/10.15728/bbr.2013.10.1.6
Gadhoum, Y. (2006). Power of ultimate controlling owners: A survey of Canadian landscape. Journal of Management & Governance, 10(2), 179-204. https://doi.org/10.1007/s10997-006-0004-0
Gelman, M., Castro, L. R. K. D., & Seidler, V. (2015). Efeitos da vinculação de conselheiros ao acordo de acionistas no valor da firma. Revista de Administração de Empresas, 55(3), 345-358. http://dx.doi.org/10.1590/S0034-759020150309
Grupo de Trabalho Interagentes (2016). Código brasileiro de governança corporativa: companhias abertas. São Paulo: IBGC. https://www.anbima.com.br/data/files/F8/D2/98/00/02D885104D66888568A80AC2/Codigo-Brasileiro-de-Governanca-Corporativa_1_.pdf
Hair, J. F., Jr., Black, W. C.,Babin, B. j., Anderson, R. E., & Tatham, R. L. (2005). Análise multivariada de dados. 6 ed. Porto Alegre: Bookman.
Hassen, R. B., El Ouakdi, J., & Omri, A. (2015). Executive compensation and ownership structure. Journal of Applied Business Research, 31(2), 593-608. https://doi.org/10.19030/jabr.v31i2.9156
Hoff, J., & Vicente, E. F. R. (2016). O Gerenciamento de Resultados e a Remuneração Variável dos Executivos das Companhias Brasileiras Listadas na BM&FBOVESPA. Revista de Contabilidade da UFBA, 10(2), 64-81. https://doi.org/10.9771/rc-ufba.v10i2.17027
Instituto Brasileiro de Governança Corporativa (2018). Governança corporativa em empresas estatais listadas no Brasil. 2 ed. São Paulo: IBGC.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517. https://doi.org/10.1111/0022-1082.00115
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1-2), 3-27. https://doi.org/10.1016/S0304-405X(00)00065-9
Lei nº. 13.303, de 30 de junho de 2016. Dispõe sobre o estatuto jurídico da empresa pública, da sociedade de economia mista e de suas subsidiárias, no âmbito da União, dos Estados, do Distrito Federal e dos Municípios. Brasília, DF: 30 de junho de 2016. Recuperado de: http://www.planalto.gov.br/ccivil_03/_ato2015-2018/2016/lei/l13303.htm.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315. https://doi.org/10.1016/0304-405X(88)90048-7
Moura, G. D. de, Bianchet, T. D. S. A., Mazzioni, S., & Macêdo, F. F. R. R. (2018). Influência da estrutura de propriedade e da gestão familiar no gerenciamento de resultados. Enfoque: Reflexão Contábil, 37(2), 107-126. https://doi.org/10.4025/enfoque.v37i2.37824
Murphy, K. J. (2013). Executive compensation: Where we are, and how we got there. In Handbook of the Economics of Finance, 2(A), 211-356. https://doi.org/10.1016/B978-0-44-453594-8.00004-5
Peixoto, F. M., & Buccini, A. R. A. (2013). Separação entre propriedade e controle e sua relação com desempenho e valor de empresas brasileiras: onde estamos? Revista de Contabilidade e Organizações, 7(18), 48-59. https://doi.org/10.11606/rco.v7i18.55613
Pinto, M. B., & Leal, R. P. C. (2013). Ownership concentration, top management and board compensation. Revista de Administração Contemporânea, 17(3), 304-324. https://doi.org/10.1590/S1415-65552013000300004
Renders, A., & Gaeremynck, A. (2012). Corporate governance, principal‐principal agency conflicts, and firm value in European listed companies. Corporate Governance: An International Review, 20(2), 125-143. https://doi.org/10.1111/j.1467-8683.2011.00900.x
Ribeiro, F., Colauto, R. D., & Clemente, A. (2016). Determinantes da formação de board interlocking no mercado de capitais brasileiro. Revista de Educação e Pesquisa em Contabilidade, 10(4), 398-415. https://doi.org/10.17524/repec.v10i4.1403
Rossetti, J. P. & Andrade, A. (2012). Governança corporativa: fundamentos, desenvolvimento e tendências. 6 ed. São Paulo: Atlas.
Salvato, C., & Moores, K. (2010). Research on accounting in family firms: past accomplishments and future challenges. Family Business Review, 23(3), 193–215. https://doi.org/10.1177/0894486510375069
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737-783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Wooldridge, J. M. (2002). Econometric analysis of cross section and panel data. Massachusetts - EUA: MIT Press.
Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. (2008). Corporate governance in emerging economies: a review of the principal–principal perspective. Journal of Management Studies, 45(1), 196-220. https://doi.org/10.1111/j.1467-6486.2007.00752.x
Published
2024-02-07
How to Cite
Brandão, I. de F. (2024). Monitoring or expropriation? the relations between ownership control, board of directors and executive management team in brazilian publicly traded companies . Enfoque: Reflexão Contábil, 43(1), 69-89. https://doi.org/10.4025/enfoque.v43i1.62199
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