Do private equity and venture capital backed firms have better corporate governance after going public?

Mercados financeiros e finanças corporativas

State ownership and corporate governance

State ownership of publicly-traded corporations remains pervasive around the world, and has been increasing in recent years. Existing literature focuses on the implications of government ownership for corporate governance and performance at the firm level. This Article, by contrast, explores the different but equally important question of whether the presence of the state as a shareholder can impose negative externalities on the corporate law regime available to the private sector. Drawing from historical experiments with government ownership in the United States, Brazil, China, and Europe, this study shows that the conflict of interest stemming from the state’s dual role as a shareholder and regulator can influence the content of corporate laws to the detriment of outside investor protection and efficiency. It thus addresses a gap in the literature on the political economy of corporate governance by incorporating the political role of the state as shareholder as another mechanism to explain the relationship between corporate ownership structures and legal investor protection. Finally, this Article explores the promise of different institutional arrangements to constrain the impact of the state’s interests as a shareholder on the corporate governance environment, and concludes by offering several policy recommendations.

A gestão estratégica do conhecimento sob os parâmetros dos modelos de governance corporativa nas empresas com capital aberto

This article covers the concepts about the knowledge management practices aligned with corporate governance in the organizations opened capital, highlighting the importance attached to these types of management assistance in the conduct of business organizations. Highlights the points that still have gaps existing in governance organizations models and proposes a discussion of what remains to be done by proposing the use of knowledge management models as a tool to aid the implementation of best governance practices. Through research conducted in a company with publicly traded and listed on Level 1 of corporate governance, it was possible to identify therelationship between knowledge management models aligned with corporate governance standards. A questionary that includes elements of corporate governancein line with the concepts and models of knowledge management was applied. After finding that there is strong alignment between knowledge management and corporate governance, we present the arguments about the contributions that this convergence can bring to the organization.

A Critical Response to Kevin Stenson’s Governing the Local: Sovereignty, Social Governance and Community Safety

In his compelling case study of local governance and community safety in the UK Thames Valley, Kevin Stenson makes several important contributions to the field of governmentality studies. While the paper’s merits are far-reaching, to this reader’s assessment they can be summarized in the following key areas: 1) Empirically, the article enhances our knowledge of the political economic transformation of a region otherwise overlooked in social science research ; 2) Conceptually, Stenson offers several theoretical and analytical refrains that, while becoming increasingly commonplace, are nonetheless still germane and rightly oriented to offer push back against otherwise totalizing, reified accounts of roll back/roll out neoliberalism. A welcomed new approach is offered as a corrective, The Realist Governmentality perspective, which emphasizes the interrelated and co-constitutive nature of politics, local culture, and habitus in processes related to the restructuring of social governance; 3) Methodologically, the paper makes a pitch for the ways in which finely grained, nuanced, mixed-method/ethnographic analyses have the potential to further problematize and recast a field of governmentality studies far too often dominated by discursive and textual approaches.

A review of economic analysis in the vaccination program; decision making and governance: Adivisory Committee on Immunization Practices (ACIP)

The Advisory Committee on Immunization Practices (ACIP) develops written recommendations for the routine administration of vaccines to children and adults in the U.S. civilian population. The ACIP is the only entity in the federal government that makes such recommendations. ACIP elaborates on selection of its members and rules out concerns regarding its integrity, but fails to provide information about the importance of economic analysis in vaccine selection. ACIP recommendations can have large health and economic consequences. Emphasis on economic evaluation in health is a likely response to severe pressures of the federal and state health budget. This study describes the economic aspects considered by the ACIP while sanctioning a vaccine, and reviews the economic evaluations (our economic data) provided for vaccine deliberations. A five year study period from 2004 to 2009 is adopted. Publicly available data from ACIP web database is used. Drummond et al. (2005) checklist serves as a guide to assess the quality of economic evaluations presented. Drummond et al.'s checklist is a comprehensive hence it is unrealistic to expect every ACIP deliberation to meet all of their criteria. For practical purposes we have selected seven criteria that we judge to be significant criteria provided by Drummond et al. Twenty-four data points were obtained in a five year period. Our results show that out of the total twenty-four data point‘s (economic evaluations) only five data points received a score of six; that is six items on the list of seven were met. None of the data points received a perfect score of seven. Seven of the twenty-four data points received a score of five. A minimum of a two score was received by only one of the economic analyses. The type of economic evaluation along with the model criteria and ICER/QALY criteria met at 0.875 (87.5%). These three criteria were met at the highest rate among the seven criteria studied. Our study findings demonstrate that the perspective criteria met at 0.583 (58.3%) followed by source and sensitivity analysis criteria both tied at 0.541 (54.1%). The discount factor was met at 0.250 (25.0%).^ Economic analysis is not a novel concept to the ACIP. It has been practiced and presented at these meetings on a regular basis for more than five years. ACIP‘s stated goal is to utilize good quality epidemiologic, clinical and economic analyses to help policy makers choose among alternatives presented and thus achieve a better informed decision. As seen in our study the economic analyses over the years are inconsistent. The large variability coupled with lack of a standardized format may compromise the utility of the economic information for decision-making. While making recommendations, the ACIP takes into account all available information about a vaccine. Thus it is vital that standardized high quality economic information is provided at the ACIP meetings. Our study may provide a call for the ACIP to further investigate deficiencies within the system and thereby to improve economic evaluation data presented. ^

A stronger, growth-oriented surveillance for EMU. EuropEos Commentary No. 1, 19 April 2010

This Commentary finds that the recent adjustment measures taken by the Greek government in combination with the financial support proffered by the Eurogroup may not be sufficient to deal with the risk of instability in EMU in the longer term. The author argues that other imbalances, most notably the current account imbalances within EMU, need to be addressed to avoid a deflation spiral that would aggravate sustainability problems in highly indebted countries. The Greek crisis highlights the need to take steps to strengthen the economic governance of the euro area. A key component of these steps would be a stronger, growth-oriented, surveillance.

Enhancing the Legitimacy of EMU Governance. CEPS Special Report No. 98/December 2014

This CEPS Special Report investigates ways to enhance the legitimacy of economic governance in the Economic and Monetary Union (EMU) without introducing Treaty changes. It suggests changes in the governance framework at both the institutional and economic level. Input-oriented legitimacy can be improved by increasing parliamentary oversight on decisions related to EMU and increasing the accountability of the Eurogroup. Output-oriented legitimacy can be improved by strengthening the ability of EMU to reduce the emergence of negative externalities and to mitigate their impact, through market and fiscal risk-sharing mechanisms.

O controlo interno e a implementação de auditorias online no Safex em contexto de e-governance: Tecnologias, desafios e oportunidades

O presente Relatório Detalhado de Atividade Profissional é apresentado no âmbito da obtenção do Grau de Mestre dos Oficiais do Exército licenciados pré-Bolonha pela Academia Militar na Área específica de Administração Militar. A sua redação e estruturação tem por base o definido na NEP 520 e NEP 517/1ª da AM, para esta tipologia de trabalhos, tendo o autor, optado por desenvolver um tema no âmbito da sua atividade profissional, considerado como pioneiro e inovador. O Tenente-Coronel de Administração Militar do Exército Português, Luís Miguel Gonçalves, nasceu a 25 de Novembro de 1971. Do seu percurso académico e formativo, consta frequência pré-Universitária, em estabelecimento militar de ensino, no Instituto Militar dos Pupilos do Exército, na área de Contabilidade e Administração; a Licenciatura em Ciências Militares, na especialidade de Administração Militar, pela Academia Militar, em 1995, com a Classificação final de 13,58 valores; o tirocínio para Oficiais de Administração Militar, com a nota final de 15,38 valores; o Curso de Operações Irregulares, tendo obtido a classificação de 17,67 valores; o Curso de Promoção a Capitão, com 16,63 valores; e o Curso de Promoção a Oficial Superior do Instituto de Altos Estudos Militares, com a classificação final de 14,50 valores. No âmbito da formação de pós-graduação, tem averbado créditos no módulo de Metodologia de Investigação Cientifica, pela Academia Militar, no Ano Letivo 2013/14, com a classificação final de 16,00 valores. Para além destes, o Environmental Course For Portugal – NATO School/ SHAPE; formação em Gestão de Projetos/ Exército - Microsoft Enterprise Project Management; o Curso de Formação Pedagógica Inicial de Formadores do Instituto de Emprego e Formação Profissional, com Homologação das Competências Pedagógicas; e vários certificados de formações no âmbito da Contabilidade, Administração, Finanças Públicas e Auditorias Financeiras, atribuídas pela Direção de Finanças do Exército e pelo Instituto de Gestão e Administração Pública do Porto. Ao longo dos 25 anos de serviço prestado ao Exército Português, como Oficial de Administração Militar, desempenhou diversos cargos e funções de Comando e Chefia, em várias UEO, nas áreas setoriais e funcionais, da formação, da instrução, da componente operacional, da logística, do pessoal, das finanças públicas, das inspeções e auditorias, da gestão e da Administração Militar. Atualmente o Tenente-Coronel Miguel Gonçalves, desempenha as Funções de Comandante de Batalhão na Escola dos Serviços. Para além dos cargos e funções averbadas no seu Curriculum Vitae detalhado, constituiu em 1996 o Núcleo Logístico de Projeção, Implantação, Acompanhamento e Ajuda Técnica no âmbito do emprego dos meios táticos e operacionais da Área de Responsabilidade FND/ IFOR na Bósnia-Herzegovina (Jugoslávia). Tem publicado na Revista da Administração Militar, vários artigos no âmbito da logística operacional, na função de combate Apoio de Serviços. Na área da formação, foi orientador e supervisor de vários trabalhos, individuais e de grupo aos cursos de promoção a capitão; e constitui-se como elemento primariamente responsável pelo planeamento e implementação dos primeiros cursos no Exército, com formação certificado pela Agência Nacional para a Qualificação e Ensino Profissional, I.P., do Sistema Nacional de Qualificações, certificação inserida no Catálogo Nacional de Qualificações. Na área Inspetiva, integrou várias equipas de Inspeção-Geral do Exército, como inspetor responsável pelas áreas de Logística e Finanças, bem como as de Inspetor, para a área dos recursos humanos – Despesas com Pessoal, nas equipas de inspeção do Comando do Pessoal do Exército. No desempenho das funções de Auditor Financeiro do Centro de Finanças do Comando do Pessoal, realizou diversas auditorias financeiras às UEO do Comando do Pessoal, na sua dependência, tendo desenvolvido e implementado um sistema pioneiro e inovador de monitorização e controlo interno, de auditorias “Online” com análise e reporte mensal, às contas das UEO do Comando do Pessoal, tendo em vista a validação das Demonstrações Financeiras para a Conta de Gerência Anual do Exército. A escolha do tema, “O Controlo Interno e a implementação de Auditorias Online no SAFEx em contexto de e-Governance: Tecnologias, desafios e oportunidades” surge na sequência da implementação destes procedimentos pelo autor, numa altura em que o Exército entrava em operativo com o Sistema Integrado de Gestão (SIG/DN), tendo sido à data reconhecido publicamente pelo TGEN Comandante do Pessoal do Exército, como sendo um procedimento inovador, com notáveis vantagens para a eficiência e eficácia do sistema administrativo-financeiro do Comando do Pessoal e consequentemente do Exército.

Empirical studies of corporate governance in China

The thesis aims to provide empirical studies towards Chinese corporate governance. Since China initially established its stock exchange system in the 1990s, it has gone through different stages of changes to become a more market-oriented system. Extensive studies have been conducted in Chinese corporate governance, however, many were theoretical discussion focusing on the early stages and there‘s a general lack of empirical analysis. This paper provides three empirical analysis of the Chinese corporate governance: the overall market discipline efficiency, the impact of capital structure on agency costs, the status of 2005- 2006 reform that substantially modified ownership structure of Chinese listed firms and separated ownership and control of listed firms. The three empirical studies were selected to reflect four key issues that need answering: the first empirical study, using event study to detect market discipline on a collective level. This study filled a gap in the Chinese stock market literature for being the first one ever using cross-market data to test market discipline. The second empirical study endeavoured to contribute to the existing corporate governance literature regarding capital structure and agency costs. Two conclusions can be made through this study: 1) for Chinese listed firms, higher gearing means higher asset turnover ratios and ROE, i.e. more debts seem to reduce agency costs; 2) concentration level of shares appears to be irrelevant with company performance, controlling shareholders didn‘t seem to commit to the improvement of corporate assets utilization or contribute to reducing agency costs. This study addressed a key issue in Chinese corporate governance since the state has significant shareholding in most big listed companies. The discussion of corporate governance in the Chinese context would be completely meaningless without discussing the state‘s role in corporate governance, given that about 2/3 of the almost all shares were non-circulating shares controlled by the state before the 2005-2006 overhaul ownership reform. The third study focused on the 2005-2006 reform of ownership of Chinese listed firms. By collecting large-scale data covering all 64 groups of Chinese listed companies went through the reform by the end of 2006 (accounting for about 97.86% and 96.76% of the total market value of Shanghai (SSE) and Shenzhen Stock Exchange (SZSE) respectively), a comprehensive study about the ownership reform was conducted. This would be first and most comprehensive empirical study in this area. The study of separated ownership and control of listed firm is the first study conducted using the ultimate ownership concept in Chinese context.

Small-scale Fisheries and the Global Economy: Understanding Common-pool Resource Governance in the Context of Market Pressures, Neoliberal Policies, and Transnational Institutions

The purpose of this dissertation is to contribute to a better understanding of how global seafood trade interacts with the governance of small-scale fisheries (SSFs). As global seafood trade expands, SSFs have the potential to experience significant economic, social, and political benefits from participation in export markets. At the same time, market connections that place increasing pressures on resources pose risks to both the ecological and social integrity of SSFs. This dissertation seeks to explore the factors that mediate between the potential benefits and risks of global seafood markets for SSFs, with the goal of developing hypotheses regarding these relationships.

The empirical investigation consists of a series of case studies from the Yucatan Peninsula, Mexico. This is a particularly rich context in which to study global market connections with SSFs because the SSFs in this region engage in a variety of market-oriented harvests, most notably for octopus, groupers and snappers, lobster, and sea cucumber. Variation in market forms and the institutional diversity of local-level governance arrangements allows the dissertation to explore a number of examples.

The analysis is guided primarily by common-pool resource (CPR) theory because of the insights it provides regarding the conditions that facilitate collective action and the factors that promote long-lasting resource governance arrangements. Theory from institutional economics and political ecology contribute to the elaboration of a multi-faceted conceptualization of markets for CPR theory, with the aim of facilitating the identification of mechanisms through which markets and CPR governance actually interact. This dissertation conceptualizes markets as sets of institutions that structure the exchange of property rights over fisheries resources, affect the material incentives to harvest resources, and transmit ideas and values about fisheries resources and governance.

The case studies explore four different mechanisms through which markets potentially influence resource governance: 1) Markets can contribute to costly resource governance activities by offsetting costs through profits, 2) markets can undermine resource governance by generating incentives for noncompliance and lead to overharvesting resources, 3) markets can increase the costs of resource governance, for example by augmenting monitoring and enforcement burdens, and 4) markets can alter values and norms underpinning resource governance by transmitting ideas between local resource users and a variety of market actors.

Data collected using participant observation, survey, informal and structured interviews contributed to the elaboration of the following hypotheses relevant to interactions between global seafood trade and SSFs governance. 1) Roll-back neoliberalization of fisheries policies has undermined cooperatives’ ability to achieve financial success through engagement with markets and thus their potential role as key actors in resource governance (chapter two). 2) Different relations of production influence whether local governance institutions will erode or strengthen when faced with market pressures. In particular, relations of production in which fishers own their own means of production and share the collective costs of governance are more likely to strengthen resource governance while relations of production in which a single entrepreneur controls capital and access to the fishery are more likely to contribute to the erosion of resource governance institutions in the face of market pressures (chapter three). 3) By serving as a new discursive framework within which to conceive of and talk about fisheries resources, markets can influence norms and values that shape and constitute governance arrangements.

In sum, the dissertation demonstrates that global seafood trade manifests in a diversity of local forms and effects. Whether SSFs moderate risks and take advantage of benefits depends on a variety of factors, and resource users themselves have the potential to influence the outcomes of seafood market connections through local forms of collective action.

Regulatory governance of ‘training markets’, ‘market failure’, and ‘quasi’ markets: historical dimensions of the post-initial training market in the Netherlands

This article examines regulatory governance of the post-initial training market in The Netherlands. From an historical perspective on policy formation processes, it examines market formation in terms of social, economic, and cultural factors in the development of provision and demand for post-initial training; the roles of stakeholders in the longterm construction of regulatory governance of the market; regulation of and public providers; policy responses to market failure; and tripartite division of responsibilities between the state, social partners, commercial and publicly-funded providers. Historical description and analysis examine policy narratives of key stakeholders with reference to: a) influence of societal stakeholders on regulatory decision-making; b) state regulation of the post-initial training market; c) public intervention regulating the market to prevent market failure; d) market deregulation, competition, employability and individual responsibility; and, e) regulatory governance to prevent ‘allocative failure’ by the market in non-delivery of post-initial training to specific target groups, particularly the low-qualified. Dominant policy narratives have resulted in limited state regulation of the supply-side, a tripartite system of regulatory governance by the state, social partners and commercial providers as regulatory actors. Current policy discourses address interventions on the demand-side to redistribute structures of opportunity throughout the life courses of individuals. Further empirical research from a comparative historical perspective is required to deepen contemporary understandings of regulatory governance of markets and the commodification of adult learning in knowledge societies and information economies. (DIPF/Orig.)

Urban Agriculture Oriented towards Self-Supply, Social and Commercial Purpose: A Typology

Urban agriculture, a dynamic multifunctional phenomenon, affects the spatial diversification of urban land use, its valorization and its governance. Literature acknowledges its contribution to the development of sustainable cities. The dimension and extent of this contribution depends significantly on the particular form and function of urban agriculture. However, the complexity of interests and dimensions is insufficiently covered by theory. This paper proposes a typology for urban agriculture, supporting both theory building and practical decision processes. We reviewed and mapped the diversity of the types of agriculture found along three beneficial dimensions (self-supply, socio-cultural, commercial) for product distribution scale and actors. We distinguish between ideal types, subtypes and mixed types. Our intention is to include a dynamic perspective in the typology of urban agricultural land use because transition processes between types are observable due to the existence of complex motivations and influences. In a pilot study of 52 urban agriculture initiatives in Germany, we tested the validity of the typology and discussed it with stakeholders, proving novelty and relevance for profiling discussions.

Waste prevention: policy instruments and business model innovation

Waste prevention (WP) is a strategy which helps societies and individuals to strive for sufficiency in resource consumption within planetary boundaries alongside sustainable and equitable well-being and to decouple the concepts of well-being and life satisfaction from materialism. Within this dissertation, some instruments to promote WP are analysed, by adopting two perspectives: firstly, the one of policymakers, at different governance levels, and secondly, the one of business in the electrical and electronic equipment (EEE) sector. At a national level, the role of WP programmes and market-based instruments (extended producer responsibility, pay-as-you-throw schemes, deposit-refund systems, environmental taxes) in boosting prevention of municipal solid waste is investigated. Then, focusing on the Emilia-Romagna Region (Italy), the performances of the waste management system are assessed over a long period, including some years before and after an institutional reform of the waste management governance regime. The impact of a centralisation (at a regional level) of both planning and economic regulation of the waste services on waste generation and WP is analysed. Finally, to support the regional decision-makers in the prioritisation of publicly funded projects for WP, a framework for the sustainability assessment, the evaluation of success, and the prioritisation of WP measures was applied to some projects implemented by Municipalities in the Region. Trying to close the research gap between engineering and business, WP strategies are discussed as drivers for business model (BM) innovation in EEE sector. Firstly, an innovative approach to a digital tracking solution for professional EEE management is analysed. New BMs which facilitate repair, reuse, remanufacturing, and recycling are created and discussed. Secondly, the impact of BMs based on servitisation and on producer ownership on the extension of equipment lifetime is analysed, by performing a review of real cases of organizations in the EEE sector applying result- and use-oriented BMs.

A conceptualisation of a governance model for biobanks in the digital society

Biobanks are key infrastructures in data-driven biomedical research. The counterpoint of this optimistic vision is the reality of biobank governance, which must address various ethical, legal and social issues, especially in terms of open consent, privacy and secondary uses which, if not sufficiently resolved, may undermine participants’ and society’s trust in biobanking. The effect of the digital paradigm on biomedical research has only accentuated these issues by adding new pressure for the data protection of biobank participants against the risks of covert discrimination, abuse of power against individuals and groups, and critical commercial uses. Moreover, the traditional research-ethics framework has been unable to keep pace with the transformative developments of the digital era, and has proven inadequate in protecting biobank participants and providing guidance for ethical practices. To this must be added the challenge of an increased tendency towards exploitation and the commercialisation of personal data in the field of biomedical research, which may undermine the altruistic and solidaristic values associated with biobank participation and risk losing alignment with societal interests in biobanking. My research critically analyses, from a bioethical perspective, the challenges and the goals of biobank governance in data-driven biomedical research in order to understand the conditions for the implementation of a governance model that can foster biomedical research and innovation, while ensuring adequate protection for biobank participants and an alignment of biobank procedures and policies with society’s interests and expectations. The main outcome is a conceptualisation of a socially-oriented and participatory model of biobanks by proposing a new ethical framework that relies on the principles of transparency, data protection and participation to tackle the key challenges of biobanks in the digital age and that is well-suited to foster these goals.

Os efeitos da transnacionalização sobre a governança regional: o caso da conflituosa implantação da indústria de celulose no cone sul da América

O presente artigo pretende cotejar os efeitos da implantação da indústria de celulose no Cone Sul da América a partir dos casos envolvendo, de um lado, Argentina e Uruguai e, de outro, o Brasil, no que diz respeito à permeabilidade entre marcos regulatórios, à justaposição de âmbitos de solução de conflitos e ao papel dos movimentos sociais. A partir da análise dos referidos processos, são apontados os impactos da globalização econômica em termos de flexibilização e desregulamentação da legislação nacional, limitação dos instrumentos regulatórios regionais, inadequação das instituições político-jurídicas para a resolução dos conflitos e ineficácia da sociedade civil perante estes. Sustenta-se, nesta base, a necessidade de internacionalização dos movimentos sociais no sentido de fazer face à permeabilidade entre pulsões regulatórias transnacionais orientadas por e para o mercado.