Emissão de títulos e governança corporativa nos Estados Unidos e no Brasil : uma análise multicasos

Abstract

The aim of this research was one multicases analysis of Brazilian and North American companies, about the standards of corporate governance mechanisms in processes of emissions of debt securities. The methodology used was the CEPAL Indicator, a quantitative tool developed to measure the level of risk governance and internal controls. The results show a small difference between the standards of governance mechanisms in both countries, contrary to much of literature on subject, since it is expected that countries with strong legal protection and maturity of the financial market to provide more significant differences in governance practices. The contribution of this study lies in consideration US corporate governance standards and Brazil tend to greater convergence when it comes to the issuance of corporate bonds than in the stock market. Two possible explanations for this are the most selective characteristics of the bond market, given the magnitude of debentures volumes traded by issuance and internationalization of capital market that demands of Brazilian companies adaptation to international standards and regulations.