Keywords
Governance Institutes
IBGC
IPCG
Institutional Theory
How to Cite
Abstract
Objective: This study investigates the role of corporate governance (CG) institutes in Brazil and Portugal in developing and promoting good governance practices. Specifically, it seeks to understand how the institutional configurations of the Brazilian Institute of Corporate Governance (IBGC) and the Portuguese Institute of Corporate Governance (IPCG) differ, and how these differences influence the adoption of governance practices.
Methodology: A qualitative, descriptive case study approach was employed, combining in-depth interviews, document analysis, and direct observation. Key actors, including founders and board members, were interviewed, and official documents were analyzed using content analysis with NVivo software, focusing on institutional and educational categories.
Results: Findings reveal that the IBGC emphasizes educational activities, offering extensive training and publications to enhance the governance capacities of diverse companies, from small family-owned businesses to large listed corporations. In contrast, the IPCG plays a more institutional role, developing the national governance code and overseeing its implementation among listed companies under a “comply or explain” framework. While both institutes contribute to enhancing corporate governance, their approaches are shaped by country-specific institutional, economic, and cultural factors.
Theoretical Contribution: This study reinforces the relevance of institutional theory by demonstrating how governance practices are shaped by local contexts. It also enriches the understanding of how governance institutes influence corporate behavior beyond merely drafting codes, by acting as educators or institutional enforcers.
Practical Implications: Managers, investors, and policymakers can use these insights to better align governance practices with local realities and to design strategies for improving governance effectiveness and trust in different markets.
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