PAPERS

Los consejeros independientes sufren en su reputación si la compañía está mal gestionada. Que los consejeros independientes dimitan "ruidosamente" puede informar al mercado de los problemas internos de una compañía:

“Researchers have shown that directors who sit on boards of firms in trouble see their reputations tarnished and face consequences in their future employability as directors… following a financial fraud lawsuit in firms where they are directors, outside directors experience a decline in other board seats they hold.. outside directors of firms that restate earnings lose reputational capital… fewer board seats for outside directors after having served on boards of companies that experience financial distress… outside directors have fewer new directorships if the board supports actions that are against shareholders’ interests. Further, directors benefit from sitting on boards of better performing firms… unexpected director departures are strongly significant in… predicting future adverse events” Fahlenbrach, Rüdiger, Low, Angie and Stulz, Rene M., The Dark Side of Outside Directors: Do They Quit When They are Most Needed?.

El grado de cumplimiento de las recomendaciones de los Códigos de Buen Gobierno en relación con las transacciones vinculadas (Related party transactions) puede reflejar la "salud" del gobierno corporativo de un país mucho mejor que el nivel general de cumplimiento formal de las recomendaciones 

Italia: "In particular, we find that whereas 85.9% of the market is formally compliant, only 32.6% of our sample has implemented the Code’s recommendations in a sufficiently satisfactory way" en lo que a las transacciones vinculadas se refiere. Y una buena observación sobre el sentido de los Códigos de Buen Gobierno "If it is assumed that a Code is a collection of best practices, then it should be clear to market participants that a best practice can no longer be defined as such when it is followed by the whole market. ... However, if the market is satisfied with a mere formal statement of compliance, companies will inevitably tend to go along with it, and will not feel the need to actually pursue the Code’s principles. Differently, if it is assumed that the Code sets only minimum standards, then  firms should provide information in such a way that allows the market to effectively discriminate single firms with respect to their actual level of compliance... the high level of compliance formally stated reveals the lack of appropriate monitoring mechanisms to disclose deviation of actual practices from the standards stated". Bianchi, Marcello, Ciavarella, Angela, Novembre, Valerio and Signoretti, Rossella, Comply or Explain? Investor Protection Through Corporate Governance Codes (March 1, 2010). ECGI - Finance Working Paper No. 278/2010.