Understanding board designs in Latin American firms: Insights from Brazil
研究了拉丁美洲企业为何偏离全球公认的董事会治理规范，基于巴西上市公司数据归纳出四种董事会设计类型，并分析了企业承担治理成本的能力与意愿如何影响其设计选择。
Firms are facing an increasing pressure to conform to a globally-accepted good governance norm that is largely based on developing economies in order to increase board monitoring. However, many Latin American firms deviate from a set of recommended corporate governance practices by adopting board designs with practices associated with low board monitoring. We attribute this deviation to the interplay of capacity and willingness to bear the high costs of board designs with few barriers to board monitoring. In this study, we use a configurational approach to inductively identify the board designs of publicly listed Brazilian firms. Our findings uncover a typology of board designs corresponding to particular levels of firms’ capacity and willingness to bear the costs of board governance practices that conform to the good governance norm. We discuss our study’s implications for strategic corporate governance.