CORPORATE GOVERNANCE IN EMERGING MARKET ECONOMIES: THE THEORY BEHIND CORPORATE GOVERNANCE AND ITS PRACTICAL APPLICATION IN THE BRICS COUNTRIES –ANALYSIS OF THE BRAZIL EXAMPLE

  • Margarita Khoteeva Department of Philosophy, National Research Nuclear University (MEPhI), Russia
  • Daria Khoteeva Department of Philosophy, National Research Nuclear University (MEPhI), Russia
Keywords: Corporate Governance, Emerging Market, Brics, Brazil, Company Management

Abstract

This article examines the role of corporate governance regulations in the emerging market economies giving a critical analysis of the example of a BRICs country - Brazil. The article presents a study of the theoretical aspects of corporate governance regulations, how they work and what effect they have on the economy of a developing country. The study is motivated by the question how corporate governance can benefit foreign investment into an emerging market country. The findings of the study are illustrated by the Brazilian example of how the corporate governance regulations were introduced into company practice in the country and what effect they had on the economic situation. This analysed example shows what problems were identified in the process and various ways to overcome them to provide more confidence to the foreign capital investment into the country.

Downloads

Download data is not yet available.

References

Black, B., Carvalho, A.G., Oliveira Sampaio, J. (2014), The Evolution of Corporate Governance in Brazil. North-western University School of Law, Law and Economics Research paper 12-22. See website: http://ssrn.com/abstract=2181039. DOI: https://doi.org/10.1016/j.ememar.2014.04.004

Eddis, C., Grau, M., Miller, J., Moklestad, M. (2013), Corporate Governance Comparison and Analysis: Brazil. Drake Management Review, Vol.3, Issue 1.

Healy, Paul M., Krishna G. Palepu. (2003), The Fall of Enron. Journal of Economic Perspectives. DOI: https://doi.org/10.1257/089533003765888403

Jensen, M.C. and W.H. Meckling. (1976), Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial Economics 3 (4), 305-360. DOI: https://doi.org/10.1016/0304-405X(76)90026-X

Lashgari, M. Dr. (2004), Corporate governance: Theory and Practice. The Journal of American Academy of Business, Cambridge.

McColgan, P. (2001), Agency theory and corporate governance: a review of the literature from a UK perspective. University of Strathclyde, Glasgow, working paper.

Pige, B. (2002), Stakeholder theory and corporate governance: the nature of the board information. Management, Vol.7, pp.1-17.

OECD Principles of Corporate governance. OECD, 2004.

Department of the Treasury (1997), Directors’ Duties and Corporate Governance: facilitating innovation and protecting investors, Corporate Law Economic Reform Program Proposals for Reform. Paper No.3, Canberra: AGPS.

International monetary fund documents. See website: http://www.imf.org

Financial Times (2015), One million join anti-Rousseff protests in Brazil: http://www.ft.com

Code of Best Practice of Corporate Governance. IBGC – Instituto Brasileiro de GovernancaCorporativa. 2010. See section: Objectives and basic principles.

The World Bank Report (2005), Corporate Governance Report on the Observance of Standards and Codes. Corporate Governance Country assessment: Brazil.

Published
2018-08-31
How to Cite
Khoteeva, M., & Khoteeva, D. (2018). CORPORATE GOVERNANCE IN EMERGING MARKET ECONOMIES: THE THEORY BEHIND CORPORATE GOVERNANCE AND ITS PRACTICAL APPLICATION IN THE BRICS COUNTRIES –ANALYSIS OF THE BRAZIL EXAMPLE . International Journal of Engineering Technologies and Management Research, 5(8), 38-46. https://doi.org/10.29121/ijetmr.v5.i8.2018.278