2017
DOI: 10.1093/acprof:oso/9780198739630.001.0001
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The Anatomy of Corporate Law

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Cited by 264 publications
(59 citation statements)
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“…The "comply or explain" framework is extremely flexible and although it has not caused corporate governance strategies to converge, precisely because -quite wisely so -such a goal was never included in the EU or national regulatory agendas, it has nevertheless met with considerable popularity amongst regulators and market participants since it provides a commonly acceptable framework for the emergence of various disclosure trends and information that are not hampered in their originality and usefulness by the well-known rigidity of a hard law framework, identified with a stringent "one-size-fits-all" approach that would seem unrealistic in corporate governance (Kraakman et al, 2004). By knowing in advance that the principle allows a corporate entity either to comply with soft law rules or to deviate and explain the reasons for its "non-compliance", a company has a much more convincing incentive -at least in theory -to be substantially more open regarding its corporate governance system.…”
mentioning
confidence: 99%
“…The "comply or explain" framework is extremely flexible and although it has not caused corporate governance strategies to converge, precisely because -quite wisely so -such a goal was never included in the EU or national regulatory agendas, it has nevertheless met with considerable popularity amongst regulators and market participants since it provides a commonly acceptable framework for the emergence of various disclosure trends and information that are not hampered in their originality and usefulness by the well-known rigidity of a hard law framework, identified with a stringent "one-size-fits-all" approach that would seem unrealistic in corporate governance (Kraakman et al, 2004). By knowing in advance that the principle allows a corporate entity either to comply with soft law rules or to deviate and explain the reasons for its "non-compliance", a company has a much more convincing incentive -at least in theory -to be substantially more open regarding its corporate governance system.…”
mentioning
confidence: 99%
“…En el caso de las ef, en el que la concentración del poder es habitual (Acero & Alcalde, 2016), la unificación de la propiedad y el control permite mitigar los problemas de agencia mediante el alineamiento de los objetivos de propietarios y directivos (Carney, 2005). No obstante, cuando una familia es el accionista dominante y existen accionistas minoritarios externos a la familia, el problema de agencia tipo II puede llegar a ser más relevante en estas empresas; por lo tanto, esta situación ha sido tratada en la legislación corporativa para proteger a los accionistas minoritarios (Kraakman et al, 2004).…”
Section: Gestión Y Organizaciónunclassified
“…De acordo com Kraakman et al (2004), Gillan (2006), Becht et al (2002) e Silveira (2010), os mecanismos internos compreendem: um conselho de administração ativo, independente e bem informado; um sistema de remuneração de executivos alinhado aos interesses dos acionistas; e uma estrutura de propriedade concentrada ou dispersa, dependendo do contexto de atuação da firma. Dentre os mecanismos externos têm-se: o ambiente legal; os mercados de aquisição hostil e competitivos, que podem substituir gestores ineficientes; a estrutura de capital com recursos de terceiros, a qual pode reduzir o potencial para destruição de caixa; e, por fim, mas não menos importante, a elaboração e divulgação de relatórios periódicos (e.g.…”
Section: Introductionunclassified