Brazil

Working Paper

01 January 2008

The Corporate Governance of Privately Controlled Brazilian Firms

We provide an overview of the corporate governance practices of Brazilian public companies, based primarily on an extensive 2005 survey of 116 companies. We focus on the 88 responding Brazilian private firms which are not majority...

Bernard Black | Antonio Gledson de Carvalho | Érica Gorga
01 April 2010

Regulatory Dualism as a Development Strategy: Corporate Reform in Brazil, the U.S., and the EU

Countries pursuing economic development confront a fundamental obstacle. Reforms that increase the size of the overall pie are blocked by powerful interests that are threatened by the growth-inducing changes. This problem is...

Ronald Gilson | Henry Hansmann | Mariana Pargendler
01 July 2011

What Matters and for Which Firms for Corporate Governance in Emerging Markets? Evidence from Brazil (and Other BRIK Countries)

A central issue in corporate governance research is the extent to which “good” governance practices are universal (one size mostly fits all) or instead depend on country and firm characteristics. We report evidence that supports...

Bernard Black | Antonio Gledson de Carvalho | Érica Gorga
01 March 2014

Methods for Multicountry Studies of Corporate Governance (and Evidence from the BRIKT Countries)

We discuss empirical challenges in multicountry studies of the effects of firm-level corporate governance on firm value, focusing on emerging markets. We assess the severe data, “construct validity,” and endogeneity issues in...

Bernard Black | Antonio Gledson de Carvalho | Vikramaditya Khanna | Woochan Kim | Burcin Yurtoglu
27 August 2018

Which Aspects of Corporate Governance Do and Do Not Matter in Emerging Markets

Well-constructed, country-specific “corporate governance indices” can predict higher firm values in emerging markets. However, there is little credible research on which aspects of governance drive that overall...

Bernard Black | Antonio Gledson de Carvalho | Vikramaditya Khanna | Woochan Kim | Burcin Yurtoglu
09 June 2020

Mandatory Arbitration of Intra-Corporate Disputes in Brazil: A Beacon of Light for Shareholder Litigation?

We survey law firms, firms and institutional investors to better understand their preferred method of intracorporate dispute resolution in Brazil. Consistent with a number of theories, we find that these organizations prefer...

Patricia Gil Lemstra | Joseph McCahery