IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this paper

Gobierno Corporativo: los problemas, estado actual de la discusión y un ejercicio de medición para Argentina
[Corporate Governance: the problems, the current stage of the discussion and a measurement exercise for Argentina]

  • Chisari, Omar O.
  • Ferro, Gustavo

Corporate governance could be defined as the institutions or mechanisms, which induce incentives in listed firms, in order to recognize benefits between all the stakeholders, and to restrict the discretion over that distribution, in presence of asymmetric information and incomplete contracts. Those institutions and mechanisms are structured to solve interest conflicts; if they succeed in doing that, it is expected a fall in the cost of capital. The concept could be applied to non-listed firms and even to state owned enterprises and NGOs. There is a normative theory, which emphasized good practices of corporate governance. A partial definition of those good practices involves the ones, which reduce capital costs for firms. But such definition does not entail that for that reductions other parts of the economy could be increasing its costs, and the society as a whole could loss welfare. Here good practices are intended to improve welfare in a general equilibrium context, yielding benefits for both lenders and debtors of the economy. Some practices of corporate governance, applied in the international context, and more precisely in the United States, had been spread as methods to be replicated in less developed countries to improve their access to international finance. Current evidence is presented in cross-country econometric studies. Here we apply a computed general equilibrium model to examine the consequences of this policy recommendation on welfare in a developing country of medium size and level of development. Since the gains in terms of reductions of the cost of capital are conditional, we ask here which reduction in the cost of capital compensates for the economy the greater audit costs to improve corporate governance. We discuss the problems, present a survey on the literature on theory and practice of corporate governance, we discuss the problem in the local perspective of Argentina (which is the case of study), and the international arena following the OECD literature. Finally, an empirical literature is made to study the potential gains in a computed general equilibrium model. We conclude with a note of caution.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: https://mpra.ub.uni-muenchen.de/15630/1/MPRA_paper_15630.pdf
File Function: original version
Download Restriction: no

File URL: https://mpra.ub.uni-muenchen.de/16093/1/MPRA_paper_16093.pdf
File Function: revised version
Download Restriction: no

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15630.

as
in new window

Length:
Date of creation: Apr 2009
Date of revision:
Handle: RePEc:pra:mprapa:15630
Contact details of provider: Postal:
Ludwigstraße 33, D-80539 Munich, Germany

Phone: +49-(0)89-2180-2459
Fax: +49-(0)89-2180-992459
Web page: https://mpra.ub.uni-muenchen.de

More information through EDIRC

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.:

as in new window
  1. Denis, Diane K. & McConnell, John J., 2003. "International Corporate Governance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(01), pages 1-36, March.
  2. K.J. Martijn Cremers & Vinay B. Nair, 2003. "Governance Mechanisms and Equity Prices," Yale School of Management Working Papers ysm376, Yale School of Management.
  3. Jonathan R. Macey & Maureen O'Hara, 2003. "The corporate governance of banks," Economic Policy Review, Federal Reserve Bank of New York, issue Apr, pages 91-107.
  4. Marco Becht & Patrick Bolton & Ailsa Roell, 2003. "Corporate governance and control," ULB Institutional Repository 2013/13330, ULB -- Universite Libre de Bruxelles.
  5. Victor Ginsburgh & Michiel Keyzer, 2002. "The structure of applied general equilibrium models," ULB Institutional Repository 2013/3313, ULB -- Universite Libre de Bruxelles.
  6. Renneboog, L.D.R. & Trojanowski, G., 2003. "The managerial labor market and the governance role of shareholder control structures in the UK," Discussion Paper 2003-013, Tilburg University, Tilburg Law and Economic Center.
  7. Kathryn Gordon & Maiko Miyake, 2000. "Business Approaches to Combating Bribery: A Study of Codes of Conduct," OECD Working Papers on International Investment 2000/1, OECD Publishing.
  8. Charles P. Oman, 2001. "Corporate Governance and National Development," OECD Development Centre Working Papers 180, OECD Publishing.
  9. Luigi Zingales, 1997. "Corporate Governance," NBER Working Papers 6309, National Bureau of Economic Research, Inc.
  10. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer, . "What Works in Securities Laws?," Working Paper 19491, Harvard University OpenScholar.
  11. Sharon M. Oster & Katherine M. O'Regan, 2002. "Does the Structure and Composition of the Board Matter? The Case of Nonprofit Organizations," Yale School of Management Working Papers ysm308, Yale School of Management.
  12. Erik Berglof & Ernst-Ludwig von Thadden, 1999. "The Changing Corporate Governance Paradigm: Implications for Transition and Developing Countries," William Davidson Institute Working Papers Series 263, William Davidson Institute at the University of Michigan.
  13. George Baker & Robert Gibbons & Kevin J. Murphy, 1997. "Implicit Contracts and the Theory of the Firm," NBER Working Papers 6177, National Bureau of Economic Research, Inc.
  14. Crespi, R. & Renneboog, L.D.R., 2003. "Corporate monitoring by shareholder coalitions in the UK," Discussion Paper 19, Tilburg University, Tilburg Law and Economic Center.
  15. Caprio, Gerard & Laeven, Luc & Levine, Ross, 2007. "Governance and bank valuation," Journal of Financial Intermediation, Elsevier, vol. 16(4), pages 584-617, October.
  16. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Trust in Large Organizations," NBER Working Papers 5864, National Bureau of Economic Research, Inc.
  17. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
  18. Benjamin E. Hermalin & Michael S. Weisbach, 2003. "Boards of directors as an endogenously determined institution: a survey of the economic literature," Economic Policy Review, Federal Reserve Bank of New York, issue Apr, pages 7-26.
  19. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
  20. Kathryn Gordon, 2001. "The OECD Guidelines and Other Corporate Responsibility Instruments: A Comparison," OECD Working Papers on International Investment 2001/5, OECD Publishing.
  21. CHISARI Omar O. & ESTACHE Antonio & LAMBARDI Germán & ROMERO Carlos A., . "Devaluation and Public Services: Trade-Offs and Remedial Policies. A CGE Model for Argentina," EcoMod2003 330700036, EcoMod.
  22. Krishna B. Kumar & Raghuram G. Rajan & Luigi Zingales, 1999. "What Determines Firm Size?," NBER Working Papers 7208, National Bureau of Economic Research, Inc.
  23. Arturo Bris & Christos Cabolis, 2002. "Corporate Governance Convergence by Contract: Evidence from Cross-Border Mergers," Yale School of Management Working Papers ysm293, Yale School of Management, revised 01 Jan 2003.
  24. Stefan Beiner & Wolfgang Drobetz & Markus M. Schmid & Heinz Zimmermann, 2006. "An Integrated Framework of Corporate Governance and Firm Valuation," European Financial Management, European Financial Management Association, vol. 12(2), pages 249-283.
  25. Anil Arya & Shyam Sunder & Jonathan Glover, 2002. "Are Unmanaged Earnings Always Better for Shareholders?," Yale School of Management Working Papers ysm295, Yale School of Management, revised 01 Feb 2003.
  26. Levine, Ross, 2004. "The Corporate Governance of Banks - a concise discussion of concepts and evidence," Policy Research Working Paper Series 3404, The World Bank.
  27. Lucian Bebchuk & Alma Cohen, 2002. "Firms' Decisions Where to Incorporate," NBER Working Papers 9107, National Bureau of Economic Research, Inc.
  28. Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Discussion Paper 2004-123, Tilburg University, Center for Economic Research.
  29. Charles Oman & Daniel Blume, 2005. "Corporate Governance: A Development Challenge," OECD Development Centre Policy Insights 3, OECD Publishing.
  30. Steven N. Kaplan & Per Strömberg, 2003. "Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts," Review of Economic Studies, Oxford University Press, vol. 70(2), pages 281-315.
  31. Ricardo N. Bebczuk, 2005. "Corporate Governance and Ownership: Measurement and Impact on Corporate Performance and Dividend Policies in Argentina," Research Department Publications 3212, Inter-American Development Bank, Research Department.
  32. Mathias Dewatripont & Jean Tirole, 1994. "The prudential regulation of banks," ULB Institutional Repository 2013/9539, ULB -- Universite Libre de Bruxelles.
  33. Gugler, Klaus & Mueller, Dennis C & Yurtoglu, B Burcin, 2004. "Corporate Governance and the Returns on Investment," Journal of Law and Economics, University of Chicago Press, vol. 47(2), pages 589-633, October.
  34. Ricardo Brogi & Paolo Santella, 2004. "Two New Measures of Bankruptcy Efficiency," SUERF Studies, SUERF - The European Money and Finance Forum, number 2004/6 edited by Morten Balling, November.
  35. Stijn Claessens & Simeon Djankov & Joseph P. H. Fan & Larry H. P. Lang, 2002. "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings," Journal of Finance, American Finance Association, vol. 57(6), pages 2741-2771, December.
  36. Perotti, Enrico, 2004. "State ownership - a residual role?," Policy Research Working Paper Series 3407, The World Bank.
  37. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Agency Problems and Dividend Policies Around the World," Harvard Institute of Economic Research Working Papers 1839, Harvard - Institute of Economic Research.
  38. Shmuel Hauser, 2004. "The Value of Voting Rights to Majority Shareholders: Evidence from Dual-Class Stock Unifications," Review of Financial Studies, Society for Financial Studies, vol. 17(4), pages 1167-1184.
  39. Claessens, Stijn & Djankov, Simeon & Joseph P. H. Fan & Lang, Larry H. P., 1999. "Expropriation of minority shareholders : evidence from East Asia," Policy Research Working Paper Series 2088, The World Bank.
  40. Shin'ichi Hirota & Kohei Kawamura, 2002. "What Makes Autonomous Management Do Well?: Corporate Governance without External Controls," Yale School of Management Working Papers ysm270, Yale School of Management, revised 01 Sep 2002.
  41. Morck, Randall & Nakamura, Masao, 2004. "Been There, Done That: The History of Corporate Ownership in Japan," CEI Working Paper Series 2004-4, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  42. Omar O. Chisari & Gustavo Ferro, 2009. "Gains and Losses of Adopting New Standards of Corporate Governance: A CGE Analysis of Argentina," Chapters, in: Corporate Governance and Development, chapter 2 Edward Elgar Publishing.
  43. Thankom Gopinath Arun & John Turner, 2009. "Corporate Governance of Banks in Developing Economies: Concepts and Issues," Chapters, in: Corporate Governance and Development, chapter 7 Edward Elgar Publishing.
  44. Oecd, 2001. "Corporate Responsibility: Results of a Fact-Finding Mission on Private Initiatives," OECD Working Papers on International Investment 2001/2, OECD Publishing.
  45. Claessens, Stijn & Klingebiel, Daniela & Schmukler, Sergio, 2002. "Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres," CEPR Discussion Papers 3301, C.E.P.R. Discussion Papers.
  46. Enrico Perotti & Ernst Ludwig von Thadden, 2004. "The Political Economy of Bank- and Market Dominance," Tinbergen Institute Discussion Papers 04-012/2, Tinbergen Institute.
  47. Polo, Andrea, 2007. "Corporate governance of banks: the current state of the debate," MPRA Paper 2325, University Library of Munich, Germany.
  48. Chisari, Omar O. & Ferro, Gustavo, 2005. "Macroeconomic shocks and regulatory dilemmas: The affordability and sustainability constraints and the Argentine default experience," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(2-3), pages 403-420, May.
  49. Carlstrom, Charles T & Fuerst, Timothy S, 1997. "Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis," American Economic Review, American Economic Association, vol. 87(5), pages 893-910, December.
  50. Chisari, Omar & Ferro, Gustavo & González, Mariano & León, Sonia & Maquieryra, Javier & Mastronardi, Leonardo & Roitman, Mauricio & Romero, Carlos & Theller, Ricardo, 2010. "Modelo de Equilibrio General Computado para la Argentina 2006," UADE Textos de Discusión 63_2010, Instituto de Economía, Universidad Argentina de la Empresa.
  51. Claessens, Stijn & Klingebiel, Daniela, 1999. "Alternative frameworks for providing financial services," Policy Research Working Paper Series 2189, The World Bank.
  52. Rafael La Porta & Florencio Lopez-de-Silane & Cristian Pop-Eleches & Andrei Shleifer, 2002. "The Guarantees of Freedom," NBER Working Papers 8759, National Bureau of Economic Research, Inc.
  53. Rodolfo Apreda, 2003. "THE SEMANTICS OF GOVERNANCE. (The common thread running through corporate, public, and global governance.)," CEMA Working Papers: Serie Documentos de Trabajo. 245, Universidad del CEMA.
  54. Shyam Sunder, 2003. "Management Controls, Expectations, Common Knowledge and Culture," Yale School of Management Working Papers ysm337, Yale School of Management.
  55. Oecd, 2001. "Codes of Corporate Conduct: Expanded Review of their Contents," OECD Working Papers on International Investment 2001/6, OECD Publishing.
  56. Rodolfo Apreda, 2004. "Enhancing corporate governance with one-and two-tiered convertible preferred stock," CEMA Working Papers: Serie Documentos de Trabajo. 260, Universidad del CEMA.
  57. Karl V. Lins & Francis E. Warnock, 2004. "Corporate governance and the shareholder base," International Finance Discussion Papers 816, Board of Governors of the Federal Reserve System (U.S.).
  58. Maug, Ernst & Dittmann, Ingolf, 2007. "Lower Salaries and No Options: The Optimal Structure of Executive Pay," Sonderforschungsbereich 504 Publications 07-41, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  59. Kathryn Gordon & Maiko Miyake, 1999. "Deciphering Codes of Corporate Conduct: A Review of their Contents," OECD Working Papers on International Investment 1999/2, OECD Publishing.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:15630. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.