Corporate Governance and Crises: important mechanisms during different economic cycles
DOI:
https://doi.org/10.5007/2175-8077.2014v16n39p119Abstract
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.
Downloads
Published
How to Cite
Issue
Section
License
The author must ensure:
- that there is complete consensus among all co-authors to approve the final version of the paper and its submission for publication.
- that their work is original, and if the work and/or words of others have been used, these have been duly acknowledged.
Plagiarism in all its forms constitutes unethical publishing behavior and is unacceptable. RCA reserves the right to use software or any other methods of plagiarism detection.
All submissions received for evaluation in the RCA journal are screened for plagiarism and self-plagiarism. Plagiarism identified in manuscripts during the evaluation process will result in the submission being archived. In the event of plagiarism being identified in a manuscript published in the journal, the Editor-in-Chief will conduct a preliminary investigation and, if necessary, retract it.
Authors grant RCA exclusive rights of first publication, with the work simultaneously licensed under the Creative Commons (CC BY) 4.0 International License.
Authors are authorized to enter into separate, additional contractual arrangements for the non-exclusive distribution of the version of the work published in this journal (e.g., publishing in an institutional repository, on a personal website, publishing a translation, or as a chapter in a book), with an acknowledgement of its authorship and initial publication in this journal.
This license grants any user the right to:
Share – copy, download, print, or redistribute the material in any medium or format.
Adapt – remix, transform, and build upon the material for any purpose, even commercially.
According to the following terms:
Attribution – You must give appropriate credit (cite and reference), provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
No additional restrictions – You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
