Take-up, Resistance and Transformation of Corporate Governance Codes

Corporate governance brings transparency to corporate decision-making, however more research is needed into the rationale for the diffusion of governance codes to developing countries. This book explores why listed corporations in Peru decided to comply with a voluntary code of corporate governance practice introduced in 2014 to over 200 corporations registered on the Lima stock exchange. It looks at why some listed corporations would incur the expense of actively complying with such a code when it is neither suited to their corporate ownership structures, nor to their equity markets. Combining empirical research with a sound theoretical base and interviews with those working in the field, the book comes to an objective conclusion that rejects the description that big businesses in Latin America are self-interested and frequently corrupt, and instead are concerned about sustainability and building legitimacy in their chosen domains.