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Experiments in Financial Democracy - Corporate Governance and Financial Development in Brazil, 1882-1950 (Hardcover, New)
Loot Price: R1,960
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Experiments in Financial Democracy - Corporate Governance and Financial Development in Brazil, 1882-1950 (Hardcover, New)
Series: Studies in Macroeconomic History
Expected to ship within 12 - 17 working days
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Total price: R1,970
Discovery Miles: 19 700
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This book is a detailed historical description of the evolution of
corporate governance and stock markets in Brazil in the late
nineteenth and twentieth centuries. The analysis details the
practices of corporate governance, in particular the rights that
shareholders have to restrict the actions of managers, and how that
shaped different approaches to corporate finance over time. The
book argues that companies are not necessarily constrained by the
institutional framework in which they operate. In the case of
Brazil, even if the protections for investors included in national
laws were relatively weak before 1940, corporate charters contained
a series of provisions that protected minority shareholders against
the abuses of large shareholders, managers, or other corporate
insiders. These provisions ranged from limits on the number of
votes a single shareholder could have to restrictions on the number
of family members who could act as directors simultaneously. The
investigation uses the Brazilian case to challenge some of the key
findings of a recent literature that argues that legal systems
(e.g., common vs. civil law) shape the extent of development of
stock and bond markets in different nations. The book argues that
legal systems alone cannot determine the course of stock and bond
markets over time, because corporate governance practices and the
size of these markets vary significantly over time, while the basic
principles of legal systems are stable.
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