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Corporate governance and debt securities issued in Brazil and India: A multi-case study

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  • Marques, Thiago Avila
  • de Sousa Ribeiro, Karem Cristina
  • Barboza, Flavio

Abstract

The corporate debt market tends to provide a funding alternative, but requires improvements in regulation and self-regulation. Therefore, corporate governance arises as a central element for reducing agency conflicts, and private debt market development. We analyze the corporate governance structure of debt issuers from Brazil and India through an index of Economic Commission for Latin America and the Caribbean (ECLAC). The results showed that the non-defaulted companies had higher scores and the corporate governance quality of the issuer tends to contribute to the fulfillment of its obligations.

Suggested Citation

  • Marques, Thiago Avila & de Sousa Ribeiro, Karem Cristina & Barboza, Flavio, 2018. "Corporate governance and debt securities issued in Brazil and India: A multi-case study," Research in International Business and Finance, Elsevier, vol. 45(C), pages 257-270.
    • Handle: RePEc:eee:riibaf:v:45:y:2018:i:c:p:257-270
    DOI: 10.1016/j.ribaf.2017.07.156
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    Cited by:

    1. Esqueda, Omar A. & O’Connor, Thomas, 2020. "Corporate governance and life cycles in emerging markets," Research in International Business and Finance, Elsevier, vol. 51(C).
    2. Kopyrina, Olga & Stepanova, Anastasia, 2023. "The influence of ownership structure and board independence on the cost of debt in BRIC countries," Economic Systems, Elsevier, vol. 47(2).
    3. Popkova, Elena & DeLo, Piper & Sergi, Bruno S., 2021. "Corporate Social Responsibility Amid Social Distancing During the COVID-19 Crisis: BRICS vs. OECD Countries," Research in International Business and Finance, Elsevier, vol. 55(C).
    4. Faozi A. Almaqtari & Hamood Mohd. Al-Hattami & Khalid M. E. Al-Nuzaili & Mohammed A. Al-Bukhrani, 2020. "Corporate governance in India: A systematic review and synthesis for future research," Cogent Business & Management, Taylor & Francis Journals, vol. 7(1), pages 1803579-180, January.

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    More about this item

    Keywords

    Corporate governance; ECLAC index; Brazil; India;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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