A governança corporativa na perspectiva da profissionalização da gestão das sociedades de economia mista : uma análise de compatibilidade e efetividade dos mecanismos estabelecidos pela Lei 13.303/2016

Abstract

The present study aims to explore the compatibility and effectiveness within the corporate governance mechanisms focused on the professionalization of the administrators enacted on Federal Law 13.303/2016. After the historical reconstitution of the evolution of corporate governance, the research resulted on the registration of important theoretical premises. At first, we can verify that the agency problem does not attend only to private companies, neither it is limited to the conflicts related to profitability. Secondly, it is observed that the definition of “corporate governance” has higher range on the purpose to mitigate conflicting interests. Being strong in these two premises, the investigation points out to the dogmatic theoretical compatibility established in the norms from the state-owned companies guidelines directed to the professionalization of the administrators, with inherent public interest to the mixed economies societies. Such compatibility is supported by the study of cases developed in 15 mixed economies societies, from which arises the 53,9% global adhesion rate, with an increasing tendency, taking as model a set of constant practices from the Brazilian Code of Corporate Governance - Publicly-Held Companies. However, the triangulation of collected data from questionnaires, interviews and corporate documents brings to light, also, the main difficulties the companies face, revealing that the financial costs and the barriers to organizational culture stand out among the challenges which need to be overcome, so that it rises the degree of adequacy to mechanisms and practices of governance recommended by Law 13.303/2016, aiming at the effective increase in the professionalization of administrators.