O IMPACTO DA INTEGRAÇÃO VERTICAL E DIFERENTES NÍVEIS DE GOVERNANÇA CORPORATIVA SOBRE A LUCRATIVIDADE DE EMPRESAS DO SETOR DE ENERGIA ELÉTRICA (Impact of Vertical Integration and Different Levels of Corporate Governance in Electricity Sector Companies’ Profitability)

This concluding chapter examines electric energy arbitration in Brazil. An appropriately developed electric sector is a key element for any country's economic and social growth. It requires an adequate volume of investment, either domestic or foreign, in order to meet the regularly increasing needs of all stakeholders involved in such market, including the population. Brazil's electricity sector is the largest in South America and plays an important role in the country's economy. Moreover, Brazil has its own and well-functioning electricity generation system. To keep up with the development and needs of such a system, the Brazilian legal and regulatory framework has undergone through important changes over the past 25 years or so. A well-established and complex set of rules and regulations is now in place; in this context, arbitration has been steadily introduced as an alternative method to resolve the disputes arising in that sector. The chapter then provides an overview of the electric energy market in Brazil, with some historical milestones and details on the steps taken for its modernization, as well as its current structure. It also analyses how arbitration has now become an important part of this complex system, in which a variety of actors operate at different levels.

Corporate Governance and the Transformation of the Electricity Sector in Britain and Spain: The Interaction between National Institutions and Regulatory Choices

Corporate Governance and Development ◽

10.4337/9781848449022.00011 ◽

2015 ◽

Author(s):

Michel Goyer ◽

Rocío Valdivielso del Real

Keyword(s):

Corporate Governance ◽

Electricity Sector ◽

National Institutions

Firms’ legitimation through corporate governance and its association with risk and return in Brazil

RAUSP Management Journal ◽

10.1108/rausp-05-2020-0087 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Kléber Formiga Miranda ◽

Jefferson Ricardo do Amaral Melo ◽

Orleans Silva Martins

Keyword(s):

Corporate Governance ◽

Design Methodology ◽

Management Practices ◽

Stock Exchange ◽

Risk And Return ◽

Content Type ◽

Risk Return ◽

Governance Practices ◽

Practical Implications ◽

Different Levels

Purpose This study aims to examine the listing of firms at the highest corporate governance level of the Brazilian stock exchange (B3) as a means of legitimation and its relationship with risk and return on investment. Design/methodology/approach This paper analyzes 205 companies from 2010 to 2019, in which firms listed at the Novo Mercado level were compared with groups composed of other firms traded on B3. Findings The main results demonstrate that a listing at the supposedly higher level of corporate governance in Brazil does not indicate lower risk, a higher return or even a better risk-return ratio. Research limitations/implications The findings are restricted to this sample, representing the association identified between the analyzed phenomena and not a cause-effect relationship. Practical implications The highest level of corporate governance in Brazil brings together firms that present a higher risk (at least systematic) and lower returns (at least financial) because they seek to legitimize themselves in the market as firms committed to better management practices. Social implications These findings are useful to investors, the stock exchange, regulatory agents and the companies themselves to reflect on the purpose and usefulness of different levels of corporate governance in Brazil. Originality/value This study differs from the others that relate corporate governance to risk or return because it does not deal individually with corporate governance practices, but rather the phenomenon that is listed in a special governance level, created by the stock exchange, serving as a kind of seal legitimation.

NATIONAL INNOVATIVE SYSTEM: FEATURES OF FORMATION AND IMPLEMENTATION AT THE MACRO-, MEZO- AND MICROECONOMIC LEVELS (ABOUT THE BOOK BY YU.B. VINSLAV «INNOVATIVE DEVELOPMENT OF THE ECONOMY: PROBLEMS OF STATE AND CORPORATE GOVERNANCE»)

Russian Economic Journal ◽

10.33983/0130-9757-2021-6-118-130 ◽

2021 ◽

pp. 118-130

Author(s):

Dmitry N. Zemlyakov

Keyword(s):

Corporate Governance ◽

Graduate Students ◽

Innovation System ◽

National Innovation System ◽

Innovative Development ◽

University Teachers ◽

Innovative System ◽

Different Levels

The article is a review of the monograph named in the title, which reflects the multilevel features and problems of the formation of a national innovation system in Russia. According to the reviewer’s summary predictive conclusion, the book will be very interesting and useful for its addressees: researchers and experts, university teachers, graduate students and students, as well as managers of different levels responsible for innovative processes.

European electricity sector decarbonization under different levels of foresight

Renewable Energy ◽

10.1016/j.renene.2019.02.099 ◽

2019 ◽

Vol 141 ◽

pp. 973-987 ◽

Cited By ~ 18

Author(s):

C. Gerbaulet ◽

C. von Hirschhausen ◽

C. Kemfert ◽

C. Lorenz ◽

P.-Y. Oei

Keyword(s):

Electricity Sector ◽

Different Levels

Corporate governance and efficiency in the Electricity Sector using Data Envelopment Analysis: a study in the brazilian stock market

Revista de Ciências da Administração ◽

10.5007/2175-8077.2011v13n31p161 ◽

2011 ◽

pp. 161-189

Author(s):

Fernanda Maciel Peixoto ◽

Roberto do Nascimento Ferreira ◽

Ana Lúcia Miranda Lopes ◽

André Francisco Alcântara Fagundes

Keyword(s):

Corporate Governance ◽

Data Envelopment Analysis ◽

Cash Flow ◽

Electricity Sector ◽

Data Envelopment ◽

Governance Mechanisms ◽

Minority Shareholders ◽

Corporate Governance Mechanisms ◽

Business Efficiency ◽

Using Data

Different Corporate Governance mechanisms have been suggested to minimize agency problems between managers and shareholders, and between controlling and minority shareholders. The aim of this study is to analyze the corporate governance mechanisms result in greater efficiency for Brazilian stock companies in the electricity sector, in 2007-2009. The hypothesis to be verified is that the lower the voting concentration and the dependence of the council, and the greater the cash flow concentration, the greater the performance of the company will be. The analyzed sample involved thirty-three companies, fourteen being classified into one of the levels of CG (Level 1, Level 2 or New Market) and the remainder being members of the traditional market. To measure the efficiency of the companies, the non-parametric DEA (Data Envelopment Analysis) method was used, and to relate the efficiency with the governance variables, we adopted regression analysis of panel data. The results demonstrated that the use of CG mechanisms positively influences business efficiency, but not in the expected magnitude. It was found that the cash flow concentration is positively related to the efficiency of firms, supporting the governance literature. For future work, the use of other input and output variables is suggested.

Partial Vertical Integration, Ownership Structure, and Foreclosure

American Economic Journal Microeconomics ◽

10.1257/mic.20160058 ◽

2018 ◽

Vol 10 (1) ◽

pp. 132-180 ◽

Cited By ~ 6

Author(s):

Nadav Levy ◽

Yossi Spiegel ◽

David Gilo

Keyword(s):

Corporate Governance ◽

Vertical Integration ◽

Ownership Structure ◽

Target Firm ◽

Partial Acquisitions

We study the incentive to acquire a partial stake in a vertically related firm and then foreclose rivals. We show that whether such partial acquisitions are profitable depends crucially on the initial ownership structure of the target firm and on corporate governance. (JEL D21, D43, G34, L13, L22)

Economies of vertical integration in the Swiss electricity sector

Energy Economics ◽

10.1016/j.eneco.2010.06.011 ◽

2010 ◽

Vol 32 (6) ◽

pp. 1325-1330 ◽

Cited By ~ 18

Author(s):

Aurelio Fetz ◽

Massimo Filippini

Keyword(s):

Vertical Integration ◽

Electricity Sector