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Latin America has been surprisingly spared from a generalized wave
of corporate governance scandals. One possible explanation is that
the region's level of investor protection is adequate. The evidence
from the papers in this book says otherwise. The still relatively
low level of protection and transparency has created an environment
where problems cannot be easily detected or are not worth pursuing.
These circumstances have started to push firms thirsty for capital
to unilaterally opt for better corporate governance and alleviate
this disadvantage. The papers in this book constitute the largest
firm-level corporate governance analysis undertaken across Latin
American countries. The new datasets in the book allow the
researchers to conclude that companies with better self-imposed
firm-level governance practices or with listing in U.S. markets are
given higher valuations and can raise capital at a lower cost.
Although these results are encouraging, they point to a rocky path
for the future growth of local Latin American capital markets.
'Investor Protection and Corporate Governance' analyzes the impact
of corporate governance on firm performance and valuation. Using
unique datasets gathered at the firm-level the first such data in
the region and results from a homogeneous corporate governance
questionnaire, the book examines corporate governance
characteristics, ownership structures, dividend policies, and
performance measures. The book's analysis reveals the very high
levels of ownership and voting rights concentrations and monolithic
governance structures in the largest samples of Latin American
companies up to now, and new data emphasize the importance of
specific characteristics of the investor protection regimes in
several Latin American countries. By and large, those firms with
better governance measures across several dimensions are granted
higher valuations and thus lower cost of capital. This title will
be useful to researchers, policy makers, government officials, and
other professionals involved in corporate governance, economic
policy, and business finance, law, and management."
"Privatization in Latin America" represents the first systemic
economic analysis of the efficiency and distributive effect of
privatization in Latin America. Examining the privatization
experience of six Latin American countries--Brazil, Argentina,
Chile, Bolivia, Peru, and Colombia--"Privatization in Latin
America" evaluates the empirical evidence on privatization and
assesses the validity of the criticisms raised. It shows that
privatization can lead to increased profitability and productivity,
firm restructuring, fiscal benefits, output growth, and even
quality improvements. "Privatization in Latin America" is destined
to become a must-have reference for researchers interested in
privatization or the economic aspects of social policy reforms.
Privatization in Latin America represents the first systemic
economic analysis of the efficiency and distributive effect of
privatization in Latin America. Examining the privatization
experience of six Latin American countries--Brazil, Argentina,
Chile, Bolivia, Peru, and Colombia--Privatization in Latin America
evaluates the empirical evidence on privatization and assesses the
validity of the criticisms raised. It shows that privatization can
lead to increased profitability and productivity, firm
restructuring, fiscal benefits, output growth, and even quality
improvements. Privatization in Latin America is destined to become
a must-have reference for researchers interested in privatization
or the economic aspects of social policy reforms.
The papers in this book constitute the largest firm-level corporate
governance analysis undertaken across Latin American countries. The
new datasets in the book allow the researchers to conclude that
companies with better self-imposed firm-level governance practices
or with listings in U.S. markets are given higher valuations and
can raise capital at a lower cost.
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