Disciplinas

Governança Corporativa


Disciplina: EAD5951-3

Área de Concentração: 12139

Número de Créditos: 8

Carga do curso:

Teórico
(Por semana)
Prática
(Por semana)
Estudos
(Por semana)
DuraçãoTotal
42215120
Objetivos:
Esta disciplina apresenta o tema da Governança Corporativa e sua implicação no ambiente de negócios contemporâneo. O aluno deverá ter clareza das abordagens teóricas que embasam a aplicação dos mecanismos de governança corporativa em diferentes tipos de organização, sejam empresas de capital aberto ou fechado, empresas de controle familiar, organizações do Estado e Terceiro Setor.

Especificamente os objetivos da disciplina são:

• Caracterizar a natureza e os propósitos das organizações
• .Apresentar as principais teorias que embasam as questões de governança (Agency Theory, Stewardship Theory/Stakeholder Theory).
• Apresentar os direcionadores da Governança Corporativa: Caracterizar o histórico, importância, conceitos e questões centrais de governança corporativa.
• Discutir as forças internas e externas de governança (mecanismos).
• Caracterizar os Modelos de Governança e discutir a aplicação dos conceitos de Governança em diferentes tipos de organização.
• Discutir a evolução da Governança Corporativa no Brasil e tendências.
• Desafios de Governança em Empresas de Controle Familiar: especificidades, aspectos racionais e emocionais, processo sucessório.
• Novas fronteiras da Governança: aspectos comportamentais. Ciências cognitivas e o processo decisório.

Justificativa:
O ambiente contemporâneo dos negócios é caracterizado pelo desafio da comunicação instantânea. Neste contexto os mercados financeiros estão integrados, os investidores exercem seu ativismo aumentando volatilidade dos fluxos de capital, impactando diferentes países, mercados e firmas.
Nos países emergentes é cada vez mais demandada a internalização dos conceitos de boas práticas de governança (transparência, prestação de contas, equidade e reponsabilidade corporativa). Empresas tipicamente de controle familiar estão mais ativas na busca de oportunidades no mercado financeiro, tendo como contrapartida que avançar em processos de profissionalização e sucessão. Ao mesmo tempo em que a conduta sustentável e responsável está na essência dos processos decisórios das organizações. Em todo este cenário, as questões de Governança Corporativa exercem um papel central.

Conteúdo:
• Apresentação
• Objetivos
• Alinhamento de expectativas
• Metodologia
• Introdução – O conceito de Governança
A natureza e o propósito das Organizações
BEAUCHAMP, T. & BOWIE, N. – Ethical Theory and Business
Chapter two – The Purpose of the Corporation
(stakeholder x stockholder view)
p. 45 – 105. printed


Teorias de Governança
• Separation of ownership and control.
• Agency x Stewardship Theory
• Enlightened Stakeholder Theory

DONALDSON, L. & DAVIS, J. - Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management, 16, 1, June 1991. DIGITAL

FAMA, E. JENSEN, M. – Separation of Ownership and Control” DIGITAL
JENSEN, M. – Value Maximization, Stakeholder Theory and the Corporate Objective Function, HBS, working paper, oct. 2001. ” DIGITAL

Teorias e os Mecanismos de Governança
TIROLE, Jean. 2006 The Theory of Corporate Governance. Princeton University Press, 2006. p. 15-73. DIGITAL
Governança Corporativa no Brasil e no Mundo
CLARKE, T. – Theories of Corporate Governance. Routledge, 2004. P. 1-31. Printed

Governança Corporativa no Brasil e no Mundo
CLARKE, T. – International Corporate Governance – A Comparative Approach. Routledge, NY, 2007. Printed
ARMSTRONG, P. Thoughts on Corporate Governance and its Future, in FONTES FILHO, J.R., LEAL, R.P.C.(org.) O Futuro da Governança Corporativa: Desafios e Novas Fronteiras. São Paulo, IBGC, Ed. Saint Paul, 2013. CAP 1, pp 31-44. Printed

Discussão: elaboração dos artigos
Governança em organizações do Estado e sem fins lucrativos
MACHADO FILHO, CAP, MENDONÇA, L.; FISCHMANN, A.; GUERRA, S. – The Mechanisms of Governance in Nonprofit Organizations; Corporate Ownership and Control, v.4, n.2, pp 83-87, 2006/2007. DIGITAL

Estruturas de Governança – O Papel dos Conselhos
GUERRA, S.; FISCHMANN, AD.; MACHADO FILHO, CAP. – An Agenda for Board Research, Corporate Ownership and Control, v.6, n.3, pp 196-202, 2009. DIGITAL

CLARKE, T. – Boards and Directors: The Political Mechanisms of Corporate Governance. In International Corporate Governance – A Comparative Approach. Routledge, NY, 2007. Printed

Novos direcionadores: O processo de tomada de decisão e as ciências cognitivas
EES, H. V.; GABRIELSSON, J.; HUSE, M. – Toward a Behavioral Theory of Boards and Corporate Governance. Corporate Governance: An International Review, 2009, v. 17 n. 3, pp 307-319, May 2009. DIGITAL

BAILEY, Bernard C.& Peck, Simon I. – Boardroom Strategic Decision Making Style: Understanding the Antecedentes. Corporate Governance: An International Review, p.p 131-146, 2013. DIGITAL

Novos direcionadores: O processo de tomada de decisão e as ciências cognitivas

LEBLANC, R.; SCHWARTZ, M.S. – The Black Box of Board Process: gaining acess to a dificult subject. – Corporate Governance, v.15, n.5, p.p. 843-851, Sept 2007. DIGITAL

Governança em Empresas de Controle Familiar
SHARMA, Pramodita - An Overview of the Field of Family Business Studies: Current Status and Directions for the Future. Family Business Review, vol. XVII, no. 1, March 2004. DIGITAL

HOY, Frank – Book Review: Keeping the family business wealthy: How to plan for continuing growth, profitability and family leadership. Family Business Review, 25:117, 2012. DIGITAL

Governança em Empresas de Controle Familiar
Bammens, Y.; et. al. Voordeckers, W.; Van Gils, A.- Board of Directors in Family Business: A Literature Review and Research Agenda.– International Journal of Management Review. Vol 13, 2011.

Case Study
ROLE PLAY – Simulation of Board Meeting

Apresentação dos artigos

Apresentação dos artigos


Avaliation methods:

Notas:

Bibliografia:
BAILEY, Bernard C.&Peck, Simon I. – Boardroom Strategic decision Making Style: Understanding the Antecedentes. Corporate Governance: An International Review, , p.p 131-146., 2013. DIGITAL
BEAUCAMP, T. & BOWIE, N. – Ethical Theory and Business, Prentice Hall, 6 ed., 2001.

BECHT, M. , BOLTON, P. , ROELL, A. Corporate Governance and Control. NBER working paper series. Disponível: < http//www.nber.org/papers/w9371>
BLAIR, M. – Ownership and Control: Rethinking Corporate Governance for the Twenty first Century.
COFFEE Jr, J. What Caused Enron? A Capsule Social and Economic History of the 1990s. in CLARK, T. – Theories of Corporate Governance. Routledge, 2004.p.333-358.
CLARKE. T. Theories of Corporate Governance. Routledge. NY, 2004.
CLARKE, T. – International Corporate Governance – A Comparative Approach. Routledge, NY, 2007
CONFORTH, C. The Governance of Cooperatives and Mutual Associations: A Paradox Perspective. Annals of Public Cooperative Economics 75:1 2004 pp 11-32.
COLLI, Andrea and ROSE, Mary – Family Business, in Jones, Geoffrey and ZEITLIN, Jonathan - The Oxford Handbook of Business History, 2008.
DAVIS, D. SCHOORMAN, D., DONALDSON, L. Toward a Stewardship Theory of Management” in CLARK, T. – Theories of Corporate Governance. Routledge, 2004. P. 119-134.
DEMSETZ, H. – The Structure of Ownership and the theory of the Firm. Journal of Law & Economics, vol. XXXVI, june, 1983.
DIENHART, John W. Business, Institutions and Ethics. New York: Oxford University Press, 2000.
DE WIT, M., WADE, M., SCHOUTEN, E. – Hardwiring and Softwiring corporate responsibility: a vital combination. Corporate Governance, v.6, n.4, 2006.
DONALDSON, L. & DAVIS, J. - Stewardship Theory or Agency Theory: CEO Governance and Shareholder
Returns. Australian Journal of Management, 16, 1, June 1991
EES, H. V.; GABRIELSSON, J.; HUSE, M. – Toward a Behavioral Theory of Boards and Corporate Governance. Corporate Governance: An International Review, 2009v. 17 n. 3, pp 307-319, May 2009.
FAMA, E.F. , JENSEN, M. Separation of Ownership and Control. Journal of Law and Economics. Vol XXVI, junho, 1983.
FREEMAN, E. A Stakeholder Theory of the Modern Corporation. In: DIENHART, John W. Business, Institutions and Ethics. New York: Oxford University Press, 2000.
FRIEDMAN, Milton. The Social Responsibility of Business is Increase Its Profits. N.Y.: New York Times Magazine, 13 set., 1970. In: DIENHART, John W. Business, Institutions and Ethics. New York: Oxford University Press, 2000.
GARDBERG, N. & FOMBRUM, C. - Corporate Citizenship: Creating Intangible Assets across Institutional Environments. Academy of Management Review, v.31, n.2, p.p 329-346., 2006
GUERRA, S.; FISCHMANN, AD.; MACHADO FILHO, CAP. – An Agenda for Board Research, Corporate Ownership and Control, v.6, n.3, pp 196-202, 2009
GUERRA, S. – Is Blood Thicker than Money? Upsides, pp 15-19, abril 2007.
GORDON, J. What Enron Means for the Management and Control of the Modern Business Corporation: Some Initial Reflections. In CLARK, T. – Theories of Corporate Governance. Routledge, 2004. p. 322 – 332.
GORGA, E. Does Culture Matter for Corporate Governance? A Case Study of Brazil. Working paper 257, Stanford Law School, 2003.
GROENEWEGEN J. – Who should control the firm? Insights from New and original Institutional Economics. Journal of Economic Issues, v. XXXVIII, N.2, june 2004
HAAG, KAJSA - Rethinking family business succession - From a problem to solve to an ongoing practice JIBS Dissertation Series No. 082, Jönköping International Business School. DIGITAL
HALL, B. & KHURANA, R. – Al Dunlap at Sunbean – HBS - n.9-899-218, 2003.
HARVARD BUSINESS REVIEW – “HBS on Corporate Governance. HBS Business School Press, 2000.
HARVARD BUSINESS REVIEW – “Processo Decisório. Elsevier, ed. Campus, 2006.
HERRERO, Gabriel, CRUZ, Natália, MERINO, Elena. The Non Residual Claim Problem in Non Profit Organizations. International Society for New Institutional Economics, 6th Annual Conference, Cambridge, MA, 2002.
HOY, Frank – Book Review: Keeping the family business wealthy: How to plan for continuing growth, profitability and family leadership. Family Business Review, 25:117, 2012.
JENSEN, Michael. Value Maximization, Stakeholder Theory and the Corporate Objective Function. Boston: Harvard Business School. Working Paper 00-058, abr., 2000.
LA PORTA, R. et. al – Investor protection and Corporate Governance. John F. Kennedy School of Government.Harvard University. Faculty Research Working Papers Series, 2001.

LEVINSON, H – Conflicts that Plague Family Business. HBR, 1971.
MACHADO FILHO, CAP, MENDONÇA, L. ; FISCHMANN, A.; GUERRA, S. – The mechanisms of Governance in Nonprofit Organizations; Corporate Ownership and Control, v.4, n.2, pp 83-87, 2006/2007.
NASSREDDINE, G.; ANIS, J. – A Cognitive Approach to Corporate Governance: A Visualization Test of Mental Models with the Cognitive Mapping Technique. Journal fo defese Resource Management, v.3, n.1(4) 2012.
PANUNZI, F., BURKART, M., SHLEIFER, A. – Family Firms. Ssrn. http// papers.ssrn.com/abstract_id 298631
POLLAK, R. Transaction Cost Approach to families and householdes. Journal of Economic Literature 23: 581-608., 1985.
RAPPAPORT, A. Creating Shareholder value. The Free Press, N.Y, 1998. cap 1 – Shareholder Value and Corporate Purpose. P 01-12).
RAPPAPORT, A . New Thinking on how to link executive pay with performance. HBR - march-april, 1999.
RICHARDSON, R., LARCKER, D., TUNA, I. Does Corporate Governance Really Matter. ssrn. 2004.
SCHIEHLL E., OLIVEIRA DOS SANTOS, I. Ownership structure and composition of board of directors: evidence on Brazilian publicy-traded companies. RAUSP, v.39, n.4 out/dez 2004.
SILVEIRA, Alexandre Di M. da, LEAL, Ricardo P. C.; CARVALHAL-DA-SILVA, André L.; BARROS, Lucas A. B.. Evolution and Determinants of Firm-Level Corporate Governance Quality in Brazil. SSRN Working Paper Series. Jun. 20, 2007. Disponível em SSRN: .
SHLEIFER, A., VISHNY R.W. A Survey of Corporate Governance. The Journal of Finance. Vol.LII, n.2 1997.
STERNBERG, Elaine. The Stakeholder Concept: A Mistaken Doctrine. Leeds: Foundation for Business Responsibilities, Issue paper n.4. nov. 1999.
TIROLE, Jean. The Theory of Corporate Finance. Princeton University Press, 2006.
THE ECONOMIST ; The Good Company. A survey of corporate social responsibility Jan 22-28th, encarte, p.p3-16, 2005.
VAN DEN BERGHE, L.A.A & CARCHON, s. Agency Relations within family Business System: an explanatory approach. Corporate Governance, v.11, n.3, jul 2003.
WILLIAMSON, O. The Mechanisms of Governance. Oxford Universtity Press, 1996. p. 171-19 4.


APPRAISAL CRITERIA

The students will be evaluted based on their active participation during the course (seminars, exercises, group dynamics) and the elaboration of an academic paper related to some issues of the program.