FERNANDO LEFORT () (Escuela de Administración, Pontificia Universidad Católica de Chile) EDUARDO WALKER () (Escuela de Administración, Pontificia Universidad Católica de Chile)
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Corporate Governance relates to mechanisms through which providers of resources to the firm get their share of resources in return. Adequate governance practices help develop capital markets and assist market forces in attaining efficient contracts. Convincing evidence exists that well developed capital markets have an important impact on economic performance, growth and productivity. Our motivation for studying the corporate governance challenges faced by Latin America partly arises from a conviction that academic research on these issues can have a direct and substantial positive social impact. In addition, there is much to be learned from the international evidence. The background articles included in the first volume of the special issue cover several subjects including the importance of the law for stakeholder protection in Latin America; the relationship between the development of particular industries and corporate governance systems; international evidence regarding the role of institutional investors in corporate governance; and the influence of external shocks on the way governance systems develop. We conclude that legal reforms may be necessary; that there is no particular governance system that is necessarily the best for all countries and that these systems have to be analyzed in light of each country’s history and development. Also, institutional investors may play an important role in Latin American corporate governance, particularly ADR holders and pension funds. The second volume of the special issue includes five case studies: business groups, property and control structures in Chile, Brazil, Mexico and East Asia. Also, the role of pension funds in Chilean corporate governance is analyzed. We conclude that significant control and ownership concentration exists in all of the cases studied, beyond the minimum needed for control; that the role of banks differs substantially in the different cases; and that group structures are diverse, being notably simpler in Chile. Finally, in this particular article some of the recently proposed legal reforms in Chile are analyzed, especially those related with mandatory tender offer requirements.
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Article provided by Escuela de Administracion. Pontificia Universidad Católica de Chile. in its journal ABANTE.
Find related papers by JEL classification: E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages G23 - Financial Economics - - Financial Institutions and Services - - - Pension Funds; Other Private Financial Institutions G30 - Financial Economics - - Corporate Finance and Governance - - - General G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation K22 - Law and Economics - - Regulation and Business Law - - - Corporation and Securities Law O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General P10 - Economic Systems - - Capitalist Systems - - - General
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)