Volume 8 – 2018 (0004)

A Emergência e Desenvolvimento global do Corporate Governance

Cláudio Flores 1

1 ISCET – High Institute of Business and Tourism Sciences, Porto, Portugal

To cite this text:

Flores, C. (2018), A Emergência e Desenvolvimento global do Corporate Governance, Percursos & Ideias, Vol. 8, pp. 30-46.

View full text PDF

Abstract

Despite its extensive international analysis, are still perceivable some limitations throughout the previous studies on the “Corporate Governance movement”. Particularly, regarding the contextualization of the present regulatory options on that subject in the preceding juridical, historical, economical and ethical framework. For instance, through the (unavoidable) contrast between the American roots of that movement and the legal options followed by the European Union authorities as a response to the most recent economic crisis. Hence, we undertake a global and integrated approach to the above-mentioned topic, having into consideration its initial goals and the reasons behind its multidisciplinary approach.

Keywords

Corporate governance, Corporate history, Business law, Economic and financial regulation, Business ethics.

References

Allen, D. G.; K. McDermott (1993), Accounting for success: a history of Price Waterhouse in America, 1890-1990, Boston: Harvard Business School Press.

Berle, Adolf; Means, Gardiner (1932), The Modern Corporation and Private Property (1.st ed), New York: Commerce Clearing House.

Bratton, William W. (2002), “Enron and the Dark Side of Shareholder Value”, in Tulane Law Review, 76, pp. 1275-1361.

Cadbury, Adrian (2003), “Foreword”, in Stijn Claessens, Corporate Governance and Development. Corporate Governance, 2003, pp. V-VII.

Cadbury Report (1992), Report of the Committee on the Financial Aspects of Corporate Governance, London: Gee, [Consult. a 06/09/2018]. Disponível em:

Calder, Alan (2008), Corporate Governance: A Practical Guide to the Legal Frameworks and International Codes of Practice, London: Kogan Page.

Câmara, Paulo (2008), “O Governo das Sociedades e a Reforma do Código das Sociedades Comerciais”, in Paulo Câmara, Rui de Oliveira Neves, André Figueiredo, António Fernandes de Oliveira e José Ferreira Gomes, Código das Sociedades Comerciais e Governo das Sociedades, Coimbra: Almedina, pp. 12.

Carbajo Cascón, Fernando (2012), “Corrupción en el sector privado (i): La corrupción privada y el Derecho Privado Patrimonial”, in Iustitia, 10, n. Diciembre, pp. 281-342. Disponível em: http://www.ecgi.org/codes/documents/cadbury.pdf

Clarke, Thomas (2004), Theories of corporate governance: the philosophical foundations of corporate governance, London/New York: Routledge.

Clikeman, Paul M (2003), “The Greatest Frauds of the (Last) Century”, in New Accountant, [Consult. a 06/09/2018]. Disponível em: http://www.newaccountantusa.com/default.html

Coase, Ronald H. (1960), “The Problem of Social Cost”, in The journal of Law and Economics, 3, pp. 1-44.

Coffee Jr, John. C. (2002), “Understanding Enron: It’s about the gatekeepers, stupid”, in The Business Lawyer, 57, pp. 1403-1420.

– (2003), “What Caused Enron – A Capsule Social and Economic History of the 1990s”, in Cornell L. Rev. 89 (2003), pp. 269-309.

– (2004), “Gatekeeper Failure and Reform: The Challenge of Fashioning Relevant Reforms”, in Boston University Law Review, 84 (301), pp. 301-364.

– (2006), Gatekeepers – the professions and corporate governance, 1.st ed., Oxford: Oxford University Press.

Comisión Nacional del Mercado de Valores (2003), [Consult. a 06/09/2018]. Disponível em: https://www.cnmv.es/

Coutinho de Abreu, Jorge Manuel (2010), Governação das Sociedades Comerciais, 2.ª ed., Coimbra: Almedina.

Deakin, Simon; Konzelmann, Suzanne J. (2006), “Corporate Governance after Enron: An Age of Enlightenment”, in John Armour & Joseph A. McCahery (eds.), After Enron, Improving Corporate Law and Modernising Securities Regulation in Europe and the US, Oxford: Hart.

Dias De Carvalho, Adalberto (2012), Antropologia da Exclusão ou o Exílio da Condição Humana, Porto: Porto Editora.

Eur-Lex (2012), Comunicação da Comissão ao Parlamento Europeu, ao Conselho, ao Comité Económico e Social Europeu e ao Comité das Regiões, Plano de ação: Direito das sociedades europeu e governo das sociedades – um quadro jurídico moderno com vista a uma maior participação dos acionistas e a sustentabilidade das empresas, [Consult. a 06/09/2018]. Disponível em: https://eur-lex.europa.eu/legal-content/PT/ALL/?uri=CELEX%3A52012DC0740

Fama, Eugene F. (1980), “Agency Problems and the Theory of the Firm”, in Journal of Political Economy, 88 (2), pp. 288-307.

Fama, Eugene F.; Jensen, Michael C. (1983), “Separation of Ownership and Control”, in Journal of Law and Economics, 26 (2), pp. 301-325.

Fellman, Susanna; Kuusterä, Antti; Vaara, Eero (2008), “Historical perspectives on corporate governance: reflections on ownership, participation and different modes of organizing”, in Susanna Fellman, Antti Kuusterä & Eero Vaara (eds.), Commentationes scientiarum socialium, Vammala: The Finnish Society of Science and Letters, p. 7.

Ferris, Stephen P. (2008), “European Corporate Governance Codes: An Empirical Analysis of Their Content, Variability and Convergence”, in Corporate Governance, pp. 1-26, [Consult. a 06/09/2018]. Disponível em: http://ronald.cori.missouri.edu/cori/www/pages/seminars/Cicon-Ferris-08.pdf

Financial Reporting Council (2012), What constitutes an explanation under «comply or explain»?, [Consult. a 06/09/2018]. Disponível em: https://www.frc.org.uk/Our-Work/Publications/Corporate-Governance/What-constitutes-an-explanation-under-comply-or-ex.pdf

– (2016), The UK corporate governance code, [Consult. a 06/09/2018]. Disponível em: https://www.frc.org.uk/Our-Work/Publications/Corporate-Governance/UK-Corporate-Governance-Code-April-2016.pdf.

Frentrop, Paul (2003), A history of Corporate Governance 1602-2002, Amsterdam: Collection of the Westfries Museum.

Gilson, J.; Kraakman, Reinier (2006), “The Mechanisms of Market efficiency twenty years later”, in John Armour & Joseph A. McCahery (eds.), After Enron, Improving Corporate Law and Modernising Securities Regulation in Europe and the US, Oxford: Hart.

Gordon, Jeffrey N. (2002), “What Enron Means for the Management and Control of the Modern Business Corporation: Some Initial Reflections”, in University of Chicago Law Review, 69, pp. 1233-1250.

Healy, Paul M.; Palepu, Krishna G. (2003), “The Fall of Enron”, in The Journal of Economic Perspectives, 17 (2), pp. 3-26.

Hopt, Klaus J. (2003), “Modern Company and Capital Market Problems: Improving European Corporate Governance After Enron”, in Journal of Corporate Law Studies, 3 (2), pp. 221-268.

– (2011), Comparative corporate governance: The state of the art and international regulation. ECGI Working Paper Series in Law, Brussels: European Corporate Governance Institute.

– (2015), “Corporate Governance in Europe – A Critical Review of the European Commission’s Initiatives on Corporate Law and Corporate Governance”, in Journal of Law & Business, 12 (1), pp. 139-213.

Howard, Stanley E. (1933), “The Société Anonyme: From Joint Account to Business Corporation”, in The Accounting Review, 8 (1), pp. 11-21.

Jackson, Steven R. (2004), “The Impact Of Accounting Scandals On Accounting Students”, Journal of Business, 2 (6), pp. 1-8.

Jensen, Michael C.; Meckling, William H. (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, in Journal of Finanical Economics, 3 (4), pp. 305-360.

Kaplan, Richard L. (2004), “The Mother of All Conflicts: Auditors and Their Clients”, in Journal of Corporation Law, 29 (2), pp. 363-383.

Ketz, J. E. (2003), Hidden Financial Risk: Understanding Off-Balance Sheet Accounting, New Jersey: John Wiley & Sons Inc.

Kirkpatrick, Grant (2009), “The Corporate Governance Lessons from the Financial Crisis, in Financial Market Trends, vol. 2009 (1), pp. 61-87.

La Porta, Rafael; Lopez-de-silanes, Florencio; Shleifer, Andrei; Vishny, Robert (2000), “Investor protection and corporate governance”, in Journal of Financial Economics, 58, pp. 3-27.

Laura, H.; Camm, Frank, e Moore Nancy Y. (2000), Alchian, Armen A., and Harold Demsetz, “Production, Information Costs, and Economic Organization, 20, 1, pp. 68-71.

Mallin, Christine A. (2007), Corporate Governance, Second, Oxford: Oxford University Press.

Mata, José (2013), Economia da Empresa, 8.ª ed., Lisboa: Fundação Calouste Gulbenkian.

Needles, Belverd; Powers, Marian (2003), “Teaching a User Approach to the Operating Activities Section of the Statement of Cash Flows: Focus on the Cash Flow Yield Ratio”, in Communicator – American Accounting Association, Spring 2003, pp. 5-9, [Consult. a 06/09/2018]. Disponível em: http://aaahq.org/Portals/0/documents/segments/TYC/Spring2003.pdf

Newman, D. Paul (1981), “An Investigation of the Distribution of Power in the APB and FASB”, in Journal of Accounting Research, 19 (1), pp. 247-262.

OCDE (2006), Methodology for Assessing Implementation of the OECD Principles on Corporate Governance, [Consult. a 06/09/2018]. Disponível em: www.oecd.org/dataoecd/58/12/37776417.pdf

– (2009), Corporate Governance and the Financial Crisis: Key Findings and Main Messages, Paris: OECD Steering Group on Corporate Governance.

– (2010), Corporate Governance and the Financial Crisis – Comclusions and emerging good practices to enhance implementation of the Principles, [Consult. a 06/09/2018]. Disponível em: http://www.oecd.org/daf/ca/corporategovernanceandthefinancialcrisis.htm

– (2015), Princípios de Governo das Sociedades do G20 e da OCDE, Paris: Ed. OCDE.

Plessis, J. J. Du; Großfeld, Bernhard; Luttermann, Claus (2007), German Corporate Governance in International and European Context, Berlin Heidelberg: Springer.

Prentice, Robert (2000), “The case of irrational auditor: a behavioral insight into securities fraud litigation”, in Northwestern University Law Review, 95 (1), pp. 133-220.

Roe, Mark J. (1991), “A political theory of American Corporate Finance”, in Columbia Law Review, 91 (10), pp. 10-67.

– (1994), Strong Managers, Weak Owners: The Political Roots of American Corporate Finance, Princeton: Princeton University Press.

Shank, John K.; Murdock, Richard J. (1978), “Comparability in the Application of Reporting Standards: Some Further Evidence”, in The Accounting Review, 53 (4), pp. 824-835.

Shleifer A.; Vishny, R. (1997), “A Survey of Corporate Governance”, in The Journal of Finance LII, 2 (2), pp. 737-783.

Skeel Jr., David A. (2006), “Icarus and American Corporate Regulation”, in John Armour & Joseph A. McCahery (eds.), After Enron, Improving Corporate Law and Modernising Securities Regulation in Europe and the US, Oxford: Hart, pp. 155-177.

Sigler, Jay A.; Murphy, Joseph E. (eds.) (1991), Corporate lawbreaking and interactive compliance: resolving the regulation-deregulation dichotomy, New York: Quorum Books.

Smith, Adam (1904 [1776]), An Inquiry into the Nature and Causes of the Wealth of Nations, London: Methuen & Co., [Consult. a 06/09/2018]. Disponível em http://www.econlib.org/library/Smith/smWN.html

Tamaki, Rintaro (2015), The new G20 / OECD Principles of Corporate Governance, Keynote address by Deputy Secretary-General Rintaro Tamaki to the Italy Corporate Governance Conference, Milan, 4 December 2015, [Consult. a 06/09/2018]. Disponível em: https://www.oecd.org/corporate/DSG-Tamaki-CG-speech-4Dec2015.pdf

United Nations (s/d), Sustainable Development Goals, [Consult. a 06/09/2018]. Disponível em: https://www.un.org/sustainabledevelopment/sustainable-development-goals/

U. S. Securities and Exchange Commission (1978), 44th Annual Report of the Sec for the Fiscal Year Ended September, Washington: Securities and Exchange Commission. Watts, Ross L.; Zimmerman, Jerold L. (1983), “Agency Problems, Auditing, and the Theory of the Firm: Some Evidence”, inThe Journal of Law and Economics, 26 (3), pp. 613-633.