{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,2,21]],"date-time":"2025-02-21T23:45:19Z","timestamp":1740181519478,"version":"3.37.3"},"reference-count":110,"publisher":"Virtus Interpress","issue":"1","license":[{"start":{"date-parts":[[2019,5,17]],"date-time":"2019-05-17T00:00:00Z","timestamp":1558051200000},"content-version":"vor","delay-in-days":136,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2019,5,17]],"date-time":"2019-05-17T00:00:00Z","timestamp":1558051200000},"content-version":"tdm","delay-in-days":136,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["CLGR"],"published-print":{"date-parts":[[2019]]},"abstract":"<jats:p>The corporate governance is a mechanism to protect investors in the markets around the world. This study analyses the board of directors\u2019 specificities in the context of Portuguese Corporate Governance, and study the corporate governance effect of Portuguese listed firms on firm performance. The results show that the Latin Model (Two-Tier Model) is the most (least) adopted by Portuguese firms. The percentage of executive members is higher than that of non-executive members. In the year of 2014, women held only 9.5% of positions on board, which is very low. The results concerning the relationship between corporate governance and firms\u2019 performance are not consensual. Although some studies find evidence of a positive relation between the two variables, others find no relationship. With this study, we contribute to the state of art of corporate governance in a country which investigation is still scarce.<\/jats:p>","DOI":"10.22495\/clgrv1i1p5","type":"journal-article","created":{"date-parts":[[2019,5,22]],"date-time":"2019-05-22T07:28:36Z","timestamp":1558510116000},"page":"41-57","source":"Crossref","is-referenced-by-count":2,"title":["Board of directors specificities in the context of Portuguese corporate governance and corporate law"],"prefix":"10.22495","volume":"1","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-3593-368X","authenticated-orcid":false,"given":"Elisabete","family":"Vieira","sequence":"first","affiliation":[]},{"given":"Joaquim","family":"Neiva","sequence":"additional","affiliation":[]}],"member":"9787","published-online":{"date-parts":[[2019,5,17]]},"reference":[{"key":"ref0","doi-asserted-by":"crossref","unstructured":"Adams, R. B., & Ferreira, D. (2007). A theory of friendly boards. Journal of Finance, 62(1), 217\u2013250. https:\/\/doi.org\/10.1111\/j.1540-6261.2007.01206.x","DOI":"10.1111\/j.1540-6261.2007.01206.x"},{"key":"ref1","doi-asserted-by":"publisher","unstructured":"Alves, S. G. (2011). The effect of the board structure on earnings management: Evidence from Portugal. Journal of Financial Reporting and Accounting, 9(2), 141-160. https:\/\/doi.org\/10.1108\/19852511111173103","DOI":"10.1108\/19852511111173103"},{"key":"ref2","doi-asserted-by":"publisher","unstructured":"Alves, C., & Mendes, V. (2003). Corporate governance policy and company performance: The case of Portugal. Corporate Governance: An International Review, 12(3), 290-301. https:\/\/doi.org\/10.1111\/j.1467-8683.2004.00370.x","DOI":"10.1111\/j.1467-8683.2004.00370.x"},{"key":"ref3","doi-asserted-by":"crossref","unstructured":"Anderson, R. C., & Reeb, D. M. (2004). Board composition: Balancing family Influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 1301-1328. https:\/\/doi.org\/10.1111\/1540-6261.00567","DOI":"10.1111\/1540-6261.00567"},{"key":"ref4","unstructured":"Antunes, J. E. (2009). Os Hedge Funds e o Governo das Sociedades. Direito dos Valores Mobili\u00e1rios, IX, Coimbra Editora."},{"key":"ref5","unstructured":"Azevedo, N. (2013). Sistemas de Governa\u00e7\u00e3o das Sociedades e Gest\u00e3o de Resultados: O Caso Portugu\u00eas. (Master thesis, Universidade T\u00e9cnica de Lisboa, Portugal). Retrieved from: https:\/\/www.repository.utl.pt\/handle \/10400.5\/61"},{"key":"ref6","doi-asserted-by":"publisher","unstructured":"Barber, B., & Odean, T. (2001). Boys will be boys: Gender, overconfidence and common stock investment. Quarterly Journal of Economics, 116(1), 261-292. https:\/\/doi.org\/10.1162\/003355301556400","DOI":"10.1162\/003355301556400"},{"key":"ref7","doi-asserted-by":"publisher","unstructured":"Bart, C., & McQueen, G. (2013). Why women make better directors. International Journal of Business Governance and Ethics, 8(1), 93-99. https:\/\/doi.org\/10.1504\/IJBGE.2013.052743","DOI":"10.1504\/ijbge.2013.052743"},{"key":"ref8","unstructured":"Batista, C. (2009). As vari\u00e1veis determinantes na escolha do modelo de corporate governance em Portugal. (Master thesis, Faculdade de Economia do Porto, Portugal). Retrieved from: https:\/\/repositorio-aberto.up.pt\/bitstream\/10216\/56107\/2\/AS%20VARIVEIS%20DETERMINANTE%20NA%20ESCOLHA%20DO%20M ODELO%20DE%20CORPORATE.pdf"},{"key":"ref9","unstructured":"Berle, A. A., & Means, G.C. (1932). The Modern Corporation and Private Property. Transaction Publishers, USA."},{"key":"ref10","doi-asserted-by":"publisher","unstructured":"Bertoni, F., Meoli, M., & Vismara, S. (2014). Board independence, ownership structure and the valuation of IPOs in Continental Europe. Corporate Governance: An International Review, 22(2), 116-131. https:\/\/doi.org\/10.1111\/corg.12051","DOI":"10.1111\/corg.12051"},{"key":"ref11","doi-asserted-by":"publisher","unstructured":"Bhagat, S., & Bolton, B. (2019). Corporate governance and firm performance: The sequel. Journal of Corporate Finance, Forthcoming. https:\/\/doi.org\/10.1016\/j.jcorpfin.2019.04.006","DOI":"10.1016\/j.jcorpfin.2019.04.006"},{"key":"ref12","unstructured":"Cadbury Report (1992). Financial Aspects of Corporate Governance. The Committee on the Financial Aspects of Corporate Governance."},{"key":"ref13","unstructured":"Campos, L. (2015). Influ\u00eancia das carater\u00edsticas dos modelos de corporate governance no desempenho empresarial: Evid\u00eancia emp\u00edrica nas empresas cotadas em Portugal. (Master thesis, Instituto Polit\u00e9cnico de Bragan\u00e7a, Portugal). Retrieved from: https:\/\/bibliotecadigital.ipb.pt\/bitstream\/10198\/12640\/1\/Lira%20Cam pos.pdf"},{"key":"ref14","unstructured":"Carvalho, N. H. (2017). Corporate governance e conflitos de ag\u00eancia em Portugal: Revis\u00e3o de literatura e evid\u00eancia emp\u00edrica. (Master thesis, Instituto Polit\u00e9cnico de Bragan\u00e7a, Portugal). Retrieved from: https:\/\/bibliotecadigital.ipb.pt\/handle\/10198\/16329"},{"key":"ref15","unstructured":"Carvalho, F. D. (2019). Corporate governance nas empresas cotadas na bolsa: Uma compara\u00e7\u00e3o entre Portugal e Brasil. (Master thesis, Instituto Superior de Contabilidade e Administra\u00e7\u00e3o do Porto, Portugal). Retrieved from: http:\/\/recipp.ipp.pt\/bitstream\/10400.22\/13277\/1\/Flavia_Carvalho_MA_2019.pdf"},{"key":"ref16","doi-asserted-by":"crossref","unstructured":"Chang, C. S., Yu, S. W., & Hung, C. H. (2015). Firm risk and performance: The role of corporate governance. Review of Management Science, 9, 141-173. https:\/\/doi.org\/10.1007\/s11846-014-0132-x","DOI":"10.1007\/s11846-014-0132-x"},{"key":"ref17","doi-asserted-by":"publisher","unstructured":"Chen, I. J. (2014). Financial crisis and the dynamics of corporate governance: Evidence from Taiwan\u2019s listed firms. International Review of Economics and Finance, 32, 3-28. https:\/\/doi.org\/10.1016\/j.iref.2014.01.004","DOI":"10.1016\/j.iref.2014.01.004"},{"key":"ref18","doi-asserted-by":"publisher","unstructured":"Chen, J. C., & Roberts, R. W. (2010). Toward a more coherent understanding of the organization-society relationship: A theoretical consideration for social and environmental accounting research. Journal of Business Ethics, 97(4), 651-665. https:\/\/doi.org\/10.1007\/s10551-010-0531-0","DOI":"10.1007\/s10551-010-0531-0"},{"key":"ref19","doi-asserted-by":"publisher","unstructured":"Ciftci, I., Tatoglu, E., Wood, G., Demirbag, M., & Zaim, S. (2019). Corporate governance and firm performance in emerging markets: Evidence from Turkey. International Business Review, 28, 90-103. https:\/\/doi.org\/10.1016\/j.ibusrev.2018.08.004","DOI":"10.1016\/j.ibusrev.2018.08.004"},{"key":"ref20","doi-asserted-by":"crossref","unstructured":"Cunha, V., & Martins, A. (2007). O conselho de administra\u00e7\u00e3o e o desempenho das Sociedades. Revista Contabilidade e Gest\u00e3o, 4, 67-92. https:\/\/doi.org\/10.7819\/rbgn.v0i0.3359","DOI":"10.7819\/rbgn.v0i0.3359"},{"key":"ref21","doi-asserted-by":"crossref","unstructured":"Cunha, V., & Rodrigues, L. L. (2018). Determinants of Structure of Corporate Governance Disclosure in Portugal. Revista Brasileira de Gest\u00e3o de Neg\u00f3cios, 20(3), 338-360.","DOI":"10.7819\/rbgn.v0i0.3359"},{"key":"ref22","doi-asserted-by":"publisher","unstructured":"Claessens, S., & Yurtoglu. B. (2012). Focus 10: Corporate Governance and Development - An Update. Washington D.C.: IFC. https:\/\/doi.org\/10.1596\/26874","DOI":"10.1596\/26874"},{"key":"ref23","unstructured":"CMVM (1999). Recommendations of CMVM about corporate governance of Portuguese listed companies. Retrieved from: www.cmvm.pt."},{"key":"ref24","unstructured":"CMVM (2010). Report on corporate governance of Portuguese listed companies. Annual Report. Retrieved from: www.cmvm.pt."},{"key":"ref25","unstructured":"CMVM (2011). Report on corporate governance of Portuguese listed companies. Annual Report. Retrieved from: www.cmvm.pt."},{"key":"ref26","unstructured":"CMVM (2012). Report on corporate governance of Portuguese listed companies. Annual Report. Retrieved from: www.cmvm.pt."},{"key":"ref27","unstructured":"CMVM (2013a). CMVM corporate governance code. Retrieved from: www.cmvm.pt."},{"key":"ref28","unstructured":"CMVM (2013b). CMVM Regulation No. 4\/2013: Corporate governance. Retrieved from: www.cmvm.pt."},{"key":"ref29","unstructured":"CMVM (2013c). Report on corporate governance of Portuguese listed companies. Annual Report. Retrieved from: www.cmvm.pt."},{"key":"ref30","unstructured":"CMVM (2014). Report on corporate governance of Portuguese listed companies. Annual Report. Retrieved from: www.cmvm.pt."},{"key":"ref31","unstructured":"CMVM (2015). CMVM corporate governance code. Retrieved from: www.cmvm.pt."},{"key":"ref32","unstructured":"Costa, F., & Santos, J. (2011). Corporate governance: Marco hist\u00f3rico e a atualidade em Portugal. Paper presented in the XIII Congresso de Contabilidade e Auditoria (ACIM), 18-20 May, 2011."},{"key":"ref33","unstructured":"Crowther, D., & Seifi, S. (2011). Corporate governance and risk management. Ventus Publishing, 58, 2-16."},{"key":"ref34","unstructured":"Cunha, V., & Martins, A. (2007). O conselho de administra\u00e7\u00e3o e o desempenho das sociedades. Revista de Contabilidade e Gest\u00e3o, 4, 67-92."},{"key":"ref35","doi-asserted-by":"publisher","unstructured":"Danoshana, S., & Ravivathani, T. (2019). The impact of the corporate governance on firm performance: A study on financial institutions in Sri Lanka. Journal on Banking & Insurance Research, 8(1), 62-67. https:\/\/doi.org\/10.5958\/2319-1422.2019.00004.3","DOI":"10.5958\/2319-1422.2019.00004.3"},{"key":"ref36","doi-asserted-by":"crossref","unstructured":"Davis, G. (2005). New Directions in Corporate Governance. Annual Review of Sociology, 143-162. https:\/\/doi.org\/10.1146\/annurev.soc.31.041304.122249","DOI":"10.1146\/annurev.soc.31.041304.122249"},{"key":"ref37","doi-asserted-by":"crossref","unstructured":"Denis, D., & McConnell, J. J. (2003). International corporate governance. Journal of Financial and Quantitative Analysis, 38(1), 1-36. https:\/\/doi.org\/10.2307\/4126762","DOI":"10.2307\/4126762"},{"key":"ref38","unstructured":"Deutsche Bank (2005). Beyond the Numbers: Corporate Governance in Europe, Mimeo."},{"key":"ref39","doi-asserted-by":"publisher","unstructured":"Djankov, S., La Porta, R., & Lopes-de-Silanes, F. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88(3), 430-465. https:\/\/doi.org\/10.1016\/j.jfineco.2007.02.007","DOI":"10.1016\/j.jfineco.2007.02.007"},{"key":"ref40","doi-asserted-by":"publisher","unstructured":"Durnev, A., & Kim, H. (2005). To steal or not to steal: Firm attributes, legal environment, and valuation. Journal of Finance, 60, 1461-1493. https:\/\/doi.org\/10.1111\/j.1540-6261.2005.00767.x","DOI":"10.1111\/j.1540-6261.2005.00767.x"},{"key":"ref41","unstructured":"ecoDa (2015). A Guide to Corporate Governance Practices in the European Union. European Confederation of Directors\u2019 Associations."},{"key":"ref42","unstructured":"Esperan\u00e7a, J. P., Sousa, A., Soares, E., & Pereira, I. (2011). Corporate governance no espa\u00e7o lus\u00f3fono: Normas, pr\u00e1ticas e sustentabilidade no contexto global. Alfragide Texto."},{"key":"ref43","doi-asserted-by":"publisher","unstructured":"Fama, E., & Jensen, M. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301-325. https:\/\/doi.org\/10.1086\/467037","DOI":"10.1086\/467037"},{"key":"ref44","unstructured":"Faria, M. (2013). Corporate governance e a cria\u00e7\u00e3o de valor. (Master thesis, Universidade do Porto, Portugal). Retrieved from: https:\/\/sigarra.up.pt\/fep\/pt\/pub_geral.pub_view?pi_pub_base_id=25455"},{"key":"ref45","doi-asserted-by":"publisher","unstructured":"Fernandes, N. (2008). EC: Board compensation and firm performance: The role of \u201cindependent\u201d board members. Journal of Multinational Financial Management, 18(1), 30-44. https:\/\/doi.org\/10.1016\/j.mulfin.2007.02.003","DOI":"10.1016\/j.mulfin.2007.02.003"},{"key":"ref46","doi-asserted-by":"publisher","unstructured":"Fernandes, C. A. (2014). Governo das sociedades, custo de ag\u00eancia e crise financeira: Que rela\u00e7\u00e3o? Navus - Revista de Gest\u00e3o e Tecnologia, 4(1), 6-21.","DOI":"10.22279\/navus.2014.v4n1.p06-21.132"},{"key":"ref47","doi-asserted-by":"publisher","unstructured":"Ferreira, D. (2013). Rela\u00e7\u00e3o entre a remunera\u00e7\u00e3o do conselho de administra\u00e7\u00e3o, o desempenho financeiro das empresas e a responsabilidade social na Pen\u00ednsula Ib\u00e9rica. (Master thesis, Instituto Polit\u00e9cnico de Leiria, Portugal). Retrieved from: https:\/\/iconline.ipleiria.pt\/bitstream\/10400.8\/1116\/1\/Tese.pdf","DOI":"10.11606\/d.12.2005.tde-17082005-155828"},{"key":"ref48","unstructured":"Filho, J. R, & Alves, C. F. (2018). Control mechanisms in the corporate governance of state-owned enterprises (SOEs): A comparison between Brazil and Portugal. Cadernos EBAPE, 16(1), 1-13."},{"key":"ref49","doi-asserted-by":"publisher","unstructured":"Fuzi, S. F., Halim, S. A., & Julizaerma, M. K. (2016). Board independence and firm performance. Procedia Economics and Finance, 37, 460-465. https:\/\/doi.org\/10.1016\/S2212-5671(16)30152-6","DOI":"10.1016\/s2212-5671(16)30152-6"},{"key":"ref50","doi-asserted-by":"publisher","unstructured":"Gama, A. P., & Rodrigues, S. (2013). The governance-performance relations in publicly listed family controlled firms: An empirical evidence. Corporate Governance, 13(4), 439-456. https:\/\/doi.org\/10.1108\/CG-04-2011-0031","DOI":"10.1108\/cg-04-2011-0031"},{"key":"ref51","doi-asserted-by":"publisher","unstructured":"Ghosh, A., Marra, A., & Moon, D. (2010). Corporate boards, audit committees, and earnings management: Pre-and post-SOX evidence. Journal of Business Finance & Accounting, 37(9&10), 1145-1176. https:\/\/doi.org\/10.1111\/j.1468-5957.2010.02218.x","DOI":"10.1111\/j.1468-5957.2010.02218.x"},{"key":"ref52","unstructured":"Gon\u00e7alves, J. (2007). Reflex\u00f5es sobre o bom governo das empresas. O Economista, 184-188."},{"key":"ref53","unstructured":"Gregory, H. J. (2002). Comparative study of corporate governance codes relevant to the European Union and its member states. Report to the European Commission, Weil, Gotshal and Manges LLP, New York."},{"key":"ref54","unstructured":"Heidrick & Struggles. (2003). Is your board fit for the global challenge? Corporate governance in Europe, London, Heidrick & Struggles International."},{"key":"ref55","unstructured":"Heidrick & Struggles. (2014). Towards dynamic governance 2014: European corporate governance report. Brussels: Heidrick & Struggles."},{"key":"ref56","doi-asserted-by":"publisher","unstructured":"Hermalin, B. E., & Weisbach, M. S. (1991). The effect of board composition and direct incentives on corporate performance. Financial Management, 20(4), 101-112. https:\/\/doi.org\/10.2307\/3665716","DOI":"10.2307\/3665716"},{"key":"ref57","unstructured":"Hill, J. (2009). New trends in the regulation of executive remuneration. In R. P. Austin, & A. Y. Bilski, (Eds.), Directors in troubled times (pp. 100-123). Sydney, Australia: Ross Parsons Centre of Commercial, Corporate and Taxation Law. Retrieved from: http:\/\/ssrn.com\/paper=1549429"},{"key":"ref58","doi-asserted-by":"publisher","unstructured":"Iqbal, S., Nawaz, A., & Ehsan, S. (2019). Financial performance and corporate governance in microfinance: Evidence from Asia. Journal of Asian Economics, 60, 1-13. https:\/\/doi.org\/10.1016\/j.asieco.2018.10.002","DOI":"10.1016\/j.asieco.2018.10.002"},{"key":"ref59","doi-asserted-by":"publisher","unstructured":"Ingolf, D., Ernst, M., & Zhang, D. (2011). Restricting CEO pay. Journal of Corporate Finance, 17(4), 1200-1220. https:\/\/doi.org\/10.1016\/j.jcorpfin.2011.04.007","DOI":"10.1016\/j.jcorpfin.2011.04.007"},{"key":"ref60","unstructured":"IPCG (2011). Cadernos do IPCG sobre corporate governance, boas pr\u00e1ticas dos \u00f3rg\u00e3os de administra\u00e7\u00e3o das sociedades cotadas. Retrieved from: www.cgov.pt."},{"key":"ref61","unstructured":"IPCG (2018). Corporate governance code. Retrieved from: www.cgov.pt"},{"key":"ref62","doi-asserted-by":"publisher","unstructured":"Julizaerma, M. K., & Sori, Z. M. (2012). Gender diversity in the boardroom and firm performance of Malaysian public listed companies. Procedia \u2013 Social and Behavioral Sciences, 65(1), 1077-1085. https:\/\/doi.org\/10.1016\/j.sbspro.2012.11.374","DOI":"10.1016\/j.sbspro.2012.11.374"},{"key":"ref63","doi-asserted-by":"publisher","unstructured":"Klapper, L., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10, 703-728. https:\/\/doi.org\/10.1016\/S0929-1199(03)00046-4","DOI":"10.1016\/s0929-1199(03)00046-4"},{"key":"ref64","doi-asserted-by":"publisher","unstructured":"La Porta, R., Lopes-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. The Journal of Political Economy, 106(6), 1113-1155. https:\/\/doi.org\/10.1086\/250042","DOI":"10.1086\/250042"},{"key":"ref65","doi-asserted-by":"publisher","unstructured":"La Porta, R., Lopes-de-Silanes, F., & Shleifer, A. (2008). The economic consequences of legal origins. Journal of Economic Literature, 46(2), 285-332. https:\/\/doi.org\/10.1257\/jel.46.2.285","DOI":"10.1257\/jel.46.2.285"},{"key":"ref66","doi-asserted-by":"publisher","unstructured":"La Rosa, F., & Bernini, F. (2018). Corporate governance and performance of Italian gambling SMEs during recession. International Journal of Contemporary Hospitality Management. Retrieved from: https:\/\/doi.org\/10.1108\/IJCHM-03-2017-0135","DOI":"10.1108\/ijchm-03-2017-0135"},{"key":"ref67","unstructured":"Laoworapong, M., Supattarakul, S., & Swierczek, F. D. (2015). Corporate governance, board effectiveness, and performance of Thai listed firms. AU Journal of Management, 13(1), 25-40."},{"key":"ref68","unstructured":"Law n.\u00ba 2\/2017, from 1st August, Di\u00e1rio da Rep\u00fablica, 1.\u00aa S\u00e9rie, n.\u00ba 147. (2017). Regime da representa\u00e7\u00e3o equilibrada entre mulheres e homens nos \u00f3rg\u00e3os de administra\u00e7\u00e3o e fiscaliza\u00e7\u00e3o das entidades do setor p\u00fablico empresarial e das empresas cotadas em bolsa. Retrieved from: https:\/\/dre.pt\/web\/guest\/legislacao-consolidada\/-\/lc\/107731023\/201904010846\/diploma?consolidacaoTag=Igualdade+de+G%C3%A9nero&did=10 7796790&_LegislacaoConsolidada_WAR_drefrontofficeportlet_rp=indice"},{"key":"ref69","unstructured":"Leal, R., Ferreira, V., & Silva, A. (2002). A governan\u00e7a corporativa no Brasil e no mundo. Editoriais Ltda., Rio de Janeiro."},{"key":"ref70","doi-asserted-by":"publisher","unstructured":"Linck, J. S., Netter, J. M., & Yang, T. (2008). The determinants of board structure. Journal of Financial Economics, 87(2), 308-328. https:\/\/doi.org\/10.1016\/j.jfineco.2007.03.004","DOI":"10.1016\/j.jfineco.2007.03.004"},{"key":"ref71","doi-asserted-by":"publisher","unstructured":"Martin-Reyna, J. M., & Duran-Encalada, J. A. (2012). The relationship among family business, corporate governance and firm performance: Evidence from the Mexican stock exchange. Journal of Family Business Strategy, 3, 106-117. https:\/\/doi.org\/10.1016\/j.jfbs.2012.03.001","DOI":"10.1016\/j.jfbs.2012.03.001"},{"key":"ref72","doi-asserted-by":"publisher","unstructured":"Martins, A. (2017). Family businesses, corporate governance and the Portuguese SPQ. Working Paper. Retrieved from: https:\/\/ssrn.com\/abstract=3137372 or http:\/\/dx.doi.org\/10.2139\/ssrn.3137372","DOI":"10.2139\/ssrn.3137372"},{"key":"ref73","doi-asserted-by":"publisher","unstructured":"Matos, M., & G\u00f3is, C. (2013). Caracter\u00edsticas do conselho de administra\u00e7\u00e3o e divulga\u00e7\u00e3o de responsabilidade social corporativa: Estudo das empresas na bolsa de valores de Lisboa. Revista de Gest\u00e3o, Finan\u00e7as e Contabilidade, 3(2), 3-23. https:\/\/doi.org\/10.18028\/2238-5320\/rgfc.v3n2p3-23","DOI":"10.18028\/2238-5320\/rgfc.v3n2p3-23"},{"key":"ref74","doi-asserted-by":"publisher","unstructured":"Minichilli, A., Brogi, M., & Calabr\u00f2, A. (2016). Weathering the storm: Family ownership, governance, and performance through the financial and economic crisis. Corporate Governance: An International Review, 24(6), 552-568. https:\/\/doi.org\/10.1111\/corg.12125","DOI":"10.1111\/corg.12125"},{"key":"ref75","unstructured":"Monks, R., & Minow, N. (2008). Corporate governance. 4th Edition, Wiley, England."},{"key":"ref76","doi-asserted-by":"publisher","unstructured":"Morck, R., Wolfenzon, D., & Yeung, B. (2005). Corporate governance, economic entrenchment, and growth. Journal of Economic Literature, 53, 655-720. https:\/\/doi.org\/10.1257\/002205105774431252","DOI":"10.1257\/002205105774431252"},{"key":"ref77","unstructured":"Mota, J. (2011). Impacto da corporate governance na performance das empresas cotadas em bolsa: Caso Portugu\u00eas. (Master thesis, Instituto Superior de Economia e Gest\u00e3o, Portugal). Retrieved from: https:\/\/iconline.ipleiria.pt\/bitstream\/10400.8\/3778\/1\/Disserta%C3%A7%C3%A3o%20In%C3%AAs%20Lu%C3%ADs.pdf"},{"key":"ref78","doi-asserted-by":"publisher","unstructured":"Ntim, C. G, Lindop, S., & Thomas, D. A. (2013). Corporate governance and risk reporting in South Africa: A study of corporate risk disclosures in the Pre and Post-2007\/2008 global financial crisis periods. International Review of Financial Analysis, 30, 363-383. https:\/\/doi.org\/10.1016\/j.irfa.2013.07.001","DOI":"10.1016\/j.irfa.2013.07.001"},{"key":"ref79","unstructured":"Nunes, A. (2014). A remunera\u00e7\u00e3o dos administradores executivos em sociedades cotadas integrantes do PSI 20. (Master thesis, Universidade Cat\u00f3lica Portuguesa, Portugal). Retrieved from: https:\/\/repositorio.ucp.pt\/ bitstream\/10400.14\/17702\/1\/TESE.pdf"},{"key":"ref80","doi-asserted-by":"publisher","unstructured":"Olsen, R. A., & Cox, C. M. (2001). The influence of gender on the perception and response to investment risk: The case of professional investors. Journal of Psychology and Financial Markets, 2(1), 29-36. https:\/\/doi.org\/10.1207\/S15327760JPFM0201_3","DOI":"10.1207\/s15327760jpfm0201_3"},{"key":"ref81","doi-asserted-by":"crossref","unstructured":"Pillai, R., & Al-Malkawi, H. N. (2018). On the relationship between corporate governance and firm performance: Evidence from GCC countries. Research in International Business and Finance, 44, 394-410. https:\/\/doi.org\/10.1016\/j.ribaf.2017.07.110","DOI":"10.1016\/j.ribaf.2017.07.110"},{"key":"ref82","unstructured":"Resende, J. M. (2017). Corporate governance. In The International Comparative Legal Guide to: Corporate Governance 2017, 10th Edition, ICLG. Retrieved from: https:\/\/iclg.com\/"},{"key":"ref83","unstructured":"Rodrigues, J., Seabra, F., & Mota, C. (2008). Independ\u00eancia dos administradores nos bancos Portugueses no PSI 20. Revista Portuguesa e Brasileira de Gest\u00e3o, 7(3), 34-42."},{"key":"ref84","unstructured":"Rodrigues, E. (2012). Corporate governance: A rela\u00e7\u00e3o entre as carater\u00edsticas do conselho de administra\u00e7\u00e3o e o desempenho das empresas na Euronext Lisbon. (Master thesis, Universidade T\u00e9cnica de Lisboa, Portugal). Retrieved from: https:\/\/www.repository.utl.pt\/handle\/10400.5\/61"},{"key":"ref85","unstructured":"Rodrigues, S. (2014). A remunera\u00e7\u00e3o dos gestores no corporate governance: Estudo comparativo da realidade Portuguesa com o projeto Su\u00ed\u00e7o de limita\u00e7\u00e3o legal das remunera\u00e7\u00f5es dos CEO. (Master thesis, Instituto Polit\u00e9cnico de Viseu, Portugal). Retrieved from: http:\/\/repositorio.ipv.pt\/handle\/10400.19\/176?offset=20"},{"key":"ref86","doi-asserted-by":"publisher","unstructured":"Romano, R. (2005). The Sarbanes-Oxley Act and the making of quack corporate governance. Yale Law Journal, 114(7), 1521-1611. https:\/\/doi.org\/10.2139\/ssrn.596101","DOI":"10.2139\/ssrn.596101"},{"key":"ref87","unstructured":"Santos, J. (2009). Corporate governance: desenvolvimentos recentes e a realidade Portuguesa. (Master thesis, Universidade Aberta, Portugal). Retrieved from: https:\/\/repositorioaberto.uab.pt\/bitstream\/10400.2\/1581\/1\/ TMCFE_JoaquimSantos.pdf"},{"key":"ref88","unstructured":"Santos, H. M. (2011). O governo das organiza\u00e7\u00f5es: A voca\u00e7\u00e3o universal do corporate governance. Coimbra, Editora Almedina."},{"key":"ref89","unstructured":"Sardinha, A. (2014). Os determinantes da ado\u00e7\u00e3o dos modelos de corporate governance nas empresas do mercado bolsista da Pen\u00ednsula Ib\u00e9rica. (Master thesis, Instituto Polit\u00e9cnico de Bragan\u00e7a, Portugal). Retrieved from: https:\/\/bibliotecadigital.ipb.pt\/bitstream\/10198\/10312\/1\/Ana%20Isabel%20Cordeiro%20Sardinha.pdf"},{"key":"ref90","doi-asserted-by":"publisher","unstructured":"Shank, T., Paul, R., & Stang, J. (2013). Do investors benefit from good corporate governance? Corporate Governance: An International Review, 13(4), 384-396. https:\/\/doi.org\/10.1108\/CG-03-2010-0027","DOI":"10.1108\/cg-03-2010-0027"},{"key":"ref91","doi-asserted-by":"publisher","unstructured":"Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52(2), 737-783. https:\/\/doi.org\/10.1111\/j.1540-6261.1997.tb04820.x","DOI":"10.1111\/j.1540-6261.1997.tb04820.x"},{"key":"ref92","doi-asserted-by":"publisher","unstructured":"Shukeri, S. N., Shin, O. W., & Shaari, M. S. (2012). Does board of director\u2019s characteristics affect firm performance? Evidence from Malaysian public listed companies. International Business Research, 5(9), 120-127. https:\/\/doi.org\/10.5539\/ibr.v5n9p120","DOI":"10.5539\/ibr.v5n9p120"},{"key":"ref93","unstructured":"Silva, A., Vitorino, A., Alves, C. F., Cunha, J. A., & Monteiro, M. A. (2006). Livro branco sobre corporate governance em Portugal. Instituto Portugu\u00eas de Corporate Governance."},{"key":"ref94","doi-asserted-by":"publisher","unstructured":"Silva, A., In\u00e1cio, H., & Vieira, E. (2019). Handbook of organizational auditing and assurance in the digital age (1-400). In R. P. Marques, C. Santos, & H. In\u00e1cio (Ed.), corporate governance characteristics and audit fees: Evidence from Portugal and Spain (pp. 26-50). IGI Global. https:\/\/doi.org\/10.4018\/978-1-5225-7356-2.ch002","DOI":"10.4018\/978-1-5225-7356-2.ch002"},{"key":"ref95","unstructured":"Silva, D. (2009). O impacto do corporate governance na estrutura de capitais. (Master thesis, Universidade do Porto, Portugal). Retrieved from: https:\/\/repositorio-aberto.up.pt\/bitstream\/10216\/53856\/2\/DISSERTDaniel Silva.pdf"},{"key":"ref96","unstructured":"Silva, H. J. (2017). Corporate governance e performance: O impacto dos administradores n\u00e3o executivos na performance das empresas cotadas em Portugal. (Master thesis, Universidade do Porto, Portugal). Retrieved from: https:\/\/repositorio-aberto.up.pt\/handle\/10216\/107584"},{"key":"ref97","doi-asserted-by":"publisher","unstructured":"Silveira, A. (2002). Governan\u00e7a corporativa, desempenho e valor da empresa no Brasil. (Master thesis, Universidade de S\u00e3o Paulo, Brasil). Retrieved from: http:\/\/www.teses.usp.br\/teses\/disponiveis\/12\/12139\/tde-04122002-102056\/pt-br.php","DOI":"10.11606\/d.12.2002.tde-04122002-102056"},{"key":"ref98","doi-asserted-by":"publisher","unstructured":"Soltani, B., & Maupetit, C. (2015). Importance of core values of ethics, integrity and accountability in the European corporate governance codes. Journal of Management and Governance, 19(2), 259-284. https:\/\/doi.org\/10.1007\/s10997-013-9259-4","DOI":"10.1007\/s10997-013-9259-4"},{"key":"ref99","doi-asserted-by":"publisher","unstructured":"Steigenberger, N. (2014). Only a matter of chance? How firm performance measurement impacts study results. European Management Journal, 32(1), 46-65. https:\/\/doi.org\/10.1016\/j.emj.2013.09.003","DOI":"10.1016\/j.emj.2013.09.003"},{"key":"ref100","unstructured":"Stuart, S. (2017). U.S. Board Index. Social Media @ Spencer Stuart."},{"key":"ref101","unstructured":"Tierno, M. (2014). Corporate governance and Portuguese listed companies\u2019 performance. (Master thesis, Instituto Superior de Economia e Gest\u00e3o, Portugal). Retrieved from: https:\/\/www.repository.utl.pt\/handle\/104 00.5\/11398"},{"key":"ref102","doi-asserted-by":"publisher","unstructured":"Torchia M., Calabr\u00f2, A., Huse, M., & Brogi, M. (2010). Critical mass theory and women directors\u2019 contribution to board strategic tasks. Corporate Board: Role, Duties and Composition, 6(3), 42-51. https:\/\/doi.org\/10.22495 \/cbv6i3art4","DOI":"10.22495\/cbv6i3art4"},{"key":"ref103","doi-asserted-by":"publisher","unstructured":"Valenti, M. A., Luce, R., & Mayfield, C. (2011). The effects of firm performance on corporate governance. Management Research Review, 34, 266-283. https:\/\/doi.org\/10.1108\/01409171111116295","DOI":"10.1108\/01409171111116295"},{"key":"ref104","unstructured":"Vaz, J. C. (2013). A OPA e o controlo societ\u00e1rio: A Regra de n\u00e3o frustra\u00e7\u00e3o. Edi\u00e7\u00f5es Almedina, S.A., Lisboa."},{"key":"ref105","unstructured":"Vicente, P. (2014). Corporate governance e o setor empresarial p\u00fablico em Portugal: Contributo para um normativo regulador. (Master thesis, Instituto Superior de Ci\u00eancias e Pol\u00edticas, Portugal). Retrieved from: https:\/\/www.repository.utl.pt\/handle\/10400.5\/7963"},{"key":"ref106","doi-asserted-by":"publisher","unstructured":"Vieira, E. S. (2018). Board of directors\u2019 characteristics and performance in family firms and under the crisis. Corporate Governance: The International Journal of Business in Society, 18(1), 119-142. https:\/\/doi.org\/10.1108\/CG-01-2017-0010","DOI":"10.1108\/cg-01-2017-0010"},{"key":"ref107","doi-asserted-by":"publisher","unstructured":"Villanueva-Villar, M., Rivo-L\u00f3pez, E., & Lago-Pe\u00f1as, S. (2016). On the relationship between corporate governance and value creation in an economic crisis: Empirical evidence for the Spanish case. Business Research Quarterly, 19, 233-245. https:\/\/doi.org\/10.1016\/j.brq.2016.06.002","DOI":"10.1016\/j.brq.2016.06.002"},{"key":"ref108","doi-asserted-by":"publisher","unstructured":"Weisbach, M. S. (1988). Outside directors and CEO turnover. Journal of Financial Economics, 20, 431-460. https:\/\/doi.org\/10.1016\/0304-405X(88)90053-0","DOI":"10.1016\/0304-405x(88)90053-0"},{"key":"ref109","doi-asserted-by":"publisher","unstructured":"Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581-606. https:\/\/doi.org\/10.1016\/j.jfineco.2012.03.005","DOI":"10.1016\/j.jfineco.2012.03.005"}],"container-title":["Corporate Law and Governance Review"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/virtusinterpress.org\/IMG\/pdf\/clgrv1i1p5.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/virtusinterpress.org\/IMG\/pdf\/clgrv1i1p5.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/virtusinterpress.org\/IMG\/pdf\/clgrv1i1p5.pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,2,16]],"date-time":"2020-02-16T09:09:02Z","timestamp":1581844142000},"score":1,"resource":{"primary":{"URL":"https:\/\/virtusinterpress.org\/BOARD-OF-DIRECTORS-SPECIFICITIES-IN-THE-CONTEXT-OF-PORTUGUESE-CORPORATE.html"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2019]]},"references-count":110,"journal-issue":{"issue":"1","published-online":{"date-parts":[[2019]]}},"URL":"https:\/\/doi.org\/10.22495\/clgrv1i1p5","archive":["Portico","Portico"],"relation":{},"ISSN":["2664-1542","2707-1111"],"issn-type":[{"type":"electronic","value":"2664-1542"},{"type":"print","value":"2707-1111"}],"subject":[],"published":{"date-parts":[[2019]]}}}