Reflexão sobre as funções da governança corporativa

Abstract

An investigation to determine the important functions of corporative governance was conducted to highlight mechanisms of this approach both from an economic and organizational perspective so as to understand why it has become importance in organizational studies. The evolution of organizations has separated ownership and control, often to the detriment owners or stockholders. This was analyzed from an economic point of view by the transaction cost theory and more importantly by the agency theory that explain and attempt to resolve these divergencies between owners and managers. From the organizational perspective other agents were included, without limiting the scope to only stockholders or owners and managers of a strategic level. The principal function of corporative governance systems is to resolve conflict of interests existent between the diverse agents that take part in a company. Therefore the challenge to governance is to assure that the organization is managed in consonance with stakeholder interests.