Instituições, governança corporativa e desempenho econômico: uma análise comparativa

Abstract

This article focuses on the governance of USA large corporations towards their financialization in comparison with the peculiar models adopted by Japanese and Korean companies based on their countries’ successful catching-up experiences in distinct phases of capitalism. The context of financial globalization, beginning in the 1980s, has deepened the financialization of large corporations. The governance model of Shareholder Value Maximization (SVM) emerges as the organizational "best practice" in this context. From these experiences of SVM adoption by public companies of these catching experiences, our hypothesis is that this model has imposed constraints on the formulation of policies for economic development by the National States. The process of financial liberalization that has taken place in Japan and South Korea has brought the governance of public companies in these countries closer to the SVM model, which has reduced the degrees of freedom of these states to implement development policies.