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Theoretical Framework

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Corporate Governing in Latin America

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Abstract

This chapter sets out the concept of corporate "governing", as an ongoing change process of institutions associated with corporate governance. This institutional evolution is then reviewed through academic lenses provided by international research on the subject, explaining how governance can best be understood in terms of current theoretical frameworks, namely: New Institutional Economics (NIE), Resource Dependence Theory (RDT) and Institutional Theory (IT). These approaches are then used to reflect on the findings of each of the six country chapters, concluding with their theoretical and practical implications.

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Notes

  1. 1.

    Duty of care is the requirement that directors be present, informed, and engaged, using good and independent judgment, consulting experts for their advice and trusted information where necessary and staying abreast of legal developments, good governance, and best practices that affect the company of which they are a board member—https://www.investopedia.com/terms/d/duty-care.asp.

  2. 2.

    Neoclassical economics is a broad theory that focuses on supply and demand as the driving forces behind the production, pricing, and consumption of goods and services. It emerged in around 1900 to compete with the earlier theories of classical economics—https://www.investopedia.com/terms/n/neoclassical.asp.

  3. 3.

    For a comprehensive list of advancements seek.

  4. 4.

    Husted, B., & Serrano, C. (2002). Corporate governance in México. Journal of Business Ethics, 37(3), 337‒348.

  5. 5.

    Espinoza Aguiló, T., & Espinoza Aguiló, N. (2012). Family business performance: Evidence from Mexico. Cuadernos de Administración, 25(44), 39‒61.

  6. 6.

    Vázquez, P., Carrera, A., & Cornejo, M. (2020). Corporate governance in the largest family firms in Latin America. Cross-Cultural & Strategic Management, 27(2), 137‒163.

  7. 7.

    Sandoval-Arzaga, F. (2021). Radiografía de la Empresa Familiar Latinoamericana. Estudio Preliminar. Instituto de Familias Empresarias para México y Latinoamérica, Escuela de Negocios, Tecnológico de Monterrey.

  8. 8.

    https://gcg.pe/ Good Corporate Governance (GCG) Certificate.

  9. 9.

    Comisión Nacional Supervisora de Empresas y Valores (CONASEV)—Securities and Exchange Commission of Peru.

  10. 10.

    Bolsa de Valores de Lima (BVL)—The Lima Stock Exchange.

  11. 11.

    Superintendencia del Mercado de Valores—Securities Market Superintendency.

  12. 12.

    https://amecbrasil.org.br/?lang=en, https://www.issgovernance.com/solutions/iss-analytics/, https://www.esganalytics.ai/, https://www.iosco.org/about/?subsection=about_iosco, https://www.worldbank.org/en/programs/rosc , https://www.iaasb.org/, https://www.oecd.org/daf/ca/corporategovernance-regionalroundtablesandprogrammes.htm.

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Authors and Affiliations

  1. Pontificia Universidad Católica de Chile, Santiago, Chile

    Gonzalo Jiménez-Seminario

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  1. Gonzalo Jiménez-Seminario
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Correspondence to Gonzalo Jiménez-Seminario .

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Editors and Affiliations

  1. Callund y Compañía Ltda, Santiago, Chile

    Jonathan Callund

  2. Pontificia Universidad Católica de Chile, Santiago, Chile

    Gonzalo Jiménez-Seminario

  3. International Business, School of Business, Economics and Informatics, University of London, Birkbeck, UK

    Neil Pyper

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Jiménez-Seminario, G. (2023). Theoretical Framework. In: Callund, J., Jiménez-Seminario, G., Pyper, N. (eds) Corporate Governing in Latin America. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-85780-6_2

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  • DOI: https://doi.org/10.1007/978-3-030-85780-6_2

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