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Abstract(s)
Ao longo dos anos, o conceito de governo das sociedades tem vindo a obter cada vez mais notoriedade. Fraudes financeiras como da WorldCom, Enron, Banco Espírito Santo, colocaram em risco o funcionamento dos principais sistemas financeiros internacionais, acabando por originar insegurança e incerteza em todos os mercados.
Nesse sentido, tendo por base os modelos teóricos, em particular a teoria da agência (Fama & Jensen, 1983; Jensen & Meckling, 2012; Thomsen & Conyon, 2012), e os estudos realizados por diversos autores, entre eles Thomsen & Conyon (2012), Block & Gerstner (2016), Rodrigues (2012), Batista & Farinha (2009), este trabalho procura analisar a estrutura corporativa das 18 empresas com maior capitalização bolsista em Portugal (PSI-20).
Assim, é apresentado um conjunto de estudos qualitativos sobre (i) estrutura acionista, (ii) administração e supervisão e (iii) diversidade no conselho de administração. Recorrendo à análise de conteúdo, este trabalho procura ainda comparar a realidade portuguesa através de várias perspetivas internacionais.
Com base nesta investigação, foram obtidos resultados que demonstram que as empresas analisadas são maioritariamente familiares, o que implica uma concentração de poder num só acionista, como uma possível semelhança nas suas estruturas corporativas. Em termos de sistemas legais, de supervisão e influência bancária, o contexto português é semelhante ao francês, o que, possivelmente, evidencia uma conformidade de ambos os sistemas de governo das sociedades.
Over the years, the corporate governance concept has been getting more notoriety. Financial frauds such as WorldCom, Enron or even Banco Espírito Santo, put in risk the functioning of the main international financial systems, which were result in insecurity and uncertainty in all financial markets. As such, based on theoretical models, in particular the agency theory (Fama & Jensen, 1983; Jensen & Meckling, 2012; Thomsen & Conyon, 2012), and the studies carried out by several authors, among them Thomsen & Conyon (2012), Block & Gerstner (2016), Rodrigues (2012), Batista & Farinha (2009), this work seeks to expose the corporate centers structures of the 18 largest market capitalization firms in Portugal (PSI-20). Thus, a set of qualitative studies on (i) shareholder structure, (ii) administration and supervison, and (iii) the board of directors diversity is presented. Using a content analysis, this work also seeks to compare the portuguese context through several international perspectives. Based on this research, the results show that the business groups analyzed here are mostly familiar type, which implies a concentration of power in a single shareholder, as well as a possible similiarity in their corporate structures. In terms of legal, supervisory and banking influence systems, the portuguese context is similar to the frech one, which possibly demonstrates the conformity of both systems of corporate governance.
Over the years, the corporate governance concept has been getting more notoriety. Financial frauds such as WorldCom, Enron or even Banco Espírito Santo, put in risk the functioning of the main international financial systems, which were result in insecurity and uncertainty in all financial markets. As such, based on theoretical models, in particular the agency theory (Fama & Jensen, 1983; Jensen & Meckling, 2012; Thomsen & Conyon, 2012), and the studies carried out by several authors, among them Thomsen & Conyon (2012), Block & Gerstner (2016), Rodrigues (2012), Batista & Farinha (2009), this work seeks to expose the corporate centers structures of the 18 largest market capitalization firms in Portugal (PSI-20). Thus, a set of qualitative studies on (i) shareholder structure, (ii) administration and supervison, and (iii) the board of directors diversity is presented. Using a content analysis, this work also seeks to compare the portuguese context through several international perspectives. Based on this research, the results show that the business groups analyzed here are mostly familiar type, which implies a concentration of power in a single shareholder, as well as a possible similiarity in their corporate structures. In terms of legal, supervisory and banking influence systems, the portuguese context is similar to the frech one, which possibly demonstrates the conformity of both systems of corporate governance.
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Keywords
Estruturas corporativas Sistemas de governo das sociedades Grupos empresariais do PSI-20 Corporate structures Corporate governance systems Business groups of PSI-20