Keywords
Institutional isomorphism
Corporate governance
Board of Directors
How to Cite
Abstract
Objective: To examine the incidence of institutional isomorphism in Corporate Governance practices, based on information provided to the Securities and Exchange Commission (CVM) regarding the Report on the Brazilian Code of Good Practices – Publicly-held Companies.
Methodology/approach: To identify institutional isomorphism in Corporate Governance practices related to the Board of Directors – one of the five topics of the report to the CVM Securities and Exchange Commission –, a descriptive and comparative study was carried out based on the secondary information available in the CVM website. The sample, for fiscal year 2018, includes 45 companies with the most liquid and representative negotiations of the Brazilian stock market, listed on the Brazil 50 Index (IBrX 50) of B3 (BOVESPA).
Originality/Relevance: The study frames the application of CVM’s Resolution 586 as a regulatory mechanism and identifies the superficial and non-objective application by organizations that should provide public information.
Main results: The results provided subsidies to reinforce the assumption that IBrX50 companies adopt and/or disclose isomorphic situations regarding the Good Practices of Corporate Governance adopted by the Board of Directors. The study contributes to the propagation of governance practices and to the identification of biases in the application of Instruction 586.
Theoretical/methodological contributions: The findings demonstrate associations between Institutional Theory and the so-called Good Governance Practices, emphasizing the possibility of isomorphism. The graphical approach to the analysis items allows highlighting the most cited good governance practices.
Social / management contributions: The study points to the occurrence of isomorphic practices and the inconvenience of repeating patterns that end up blurring the specific and individualized analysis of the organizations in the sample.
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