Factores que influenciam o cumprimento das recomendações da C.M.V.M. sobre o governo das sociedades cotadas em Portugal

Content Provider	Semantic Scholar
Author	Silva, Pedro Tavares Da
Copyright Year	2011
Abstract	Dissertação de Mestrado Factores que influenciam o cumprimento das Recomendações da CMVM sobre o Governo das Sociedades cotadas em Portugal vi PeDrO SiLvA Abstract Title: FACTORS THAT INFLUENCE THE PERFORMANCE OF C.M.V.M. RECOMMENDATIONS ON THE CORPORATE GOVERNANCE OF LISTED COMPANIES IN PORTUGAL Globalization implies a great concern about corporate governance. Presently an increased attention is being granted to this issue providing it is considered one of the reasons for the success of organizations. The greatest concern and importance to this matter led several international organizations (public and private) to issue standards, both mandatory and optional. In Portugal, the regulatory body for excellence as to corporate governance is Comissão do Mercado de Valores Mobiliários CMVM. This body has issued specific guide lines that are assumed as recommendations. The empirical study developed was based on Euronext Lisbon listed companies in the period from 2007 to 2009using linear regression models, intended to assess the factors that influence the degree of compliance to these recommendations. Results indicate a positive influence between its compliance and the following factors: number of independent directors, the lower number of executive members in the administration, the number of meetings held by the directors, the weight of the directors in the shareholder structure of the company, the fact of the external audit being conducted by one of the Big 4, the existence of a specific commission/committee on corporate governance and the weight of non-executive directors' remuneration in relation to the executive. Evidence also obtained, at a somewhat lower significance, related that State participation in the capital of a company, means a greater compliance with CMVM recommendations.
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://recipp.ipp.pt/bitstream/10400.22/313/1/PeDrO_SiLvA_MAUD_2011.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article