Abstract

The law mandated Brazilian companies to comply or explain to a corporate governance code from 2018. This article analyzed 1,720 unique explanations of non-compliance for 43 recommended practices from 108 companies and developed a taxonomy of explanations and adherence quality indices. Most firms did not explain deviations properly, resorting frequently to generic and uninformative explanations. Firm size and performance were positively and ownership concentration and market risk negatively associated with adherence indices. State-owned companies displayed greater adherence. This evidence is robust to changes in index methodology that did not consider the quality of explanations and challenges the effectiveness of the comply-or-explain requirement.

摘要

该法律要求巴西公司从2018年开始遵守或解释公司治理守则。本文分析了108家公司对43种推荐做法的1,720项违规的独特解释，并制定了解释和遵守质量指标的分类法。大多数公司没有正确解释偏差，因此经常采用一般性和无信息的解释。公司的规模和绩效呈正相关，所有权集中度和市场风险与遵守指数呈负相关。国有企业表现出更大的依从性。该证据对于未考虑解释质量的索引方法的变化是有力的，并且对遵循或解释要求的有效性提出了挑战。