Bakgrund: Corporate Governance även kallad bolagsstyrning, är något som dagligen berör företag och utgör därmed en central del inom företagsorganisationer. Den teori som blivit mest uppmärksammad inom bolagsstyrning är agentteorin, som förklarar intressekonflikter mellan agent-principalen i ett bolag. Tidigare studier har visat på skillnader i länders bolagsstyrning, främst mellan de anglosaxiska och europeiska länderna gällande ägarstrukturen. För att motverka intressekonflikter som agentteorin uppmärksammar har olika riktlinjer för god bolagsstyrning, i form av koder, tillkommit som kompletterar lagstiftningen.   Syfte: Syftet med studien är att undersöka hur börsnoterade bolag på OMX30 Stockholmsbörsen förhåller sig till svensk kod för bolagsstyrning. Studien ämnar även att ta reda på om det finns något mönster mellan bolagens ägarstruktur och hur företagen väljer att följa Koden. Metod: För att kunna besvara studiens undersökningsfrågor avser studien att använda sig av en kvalitativ innehållsanalys med en deduktiv ansats. Undersökningen har genomförts genom att granska offentlig information i form av årsredovisningar, bolagsstyrningsrapporter samt företagshemsidor för studiens valda företag, som finns noterade på OMX30 Stockholmsbörsen mellan åren 2013-2017. Slutsatser: Den genomförda undersökningen visar på att samtliga bolag i studien väljer att följa svensk kod för bolagsstyrning utan avvikelser, där bolag med ett spritt ägande utgör en majoritet. Däremot visar undersökningen ingen signifikant trend på en minskad eller ökad avvikelse från Kodens riktlinjer från åren 2013–2017. Det finns ingen ägarstruktur som utgör en majoritet bland studiens undersökta bolag, utan fördelar sig någorlunda jämnt bland företagen. Studien visar även på att bolagen avviker mest från kodreglerna 2.4 och 9.2. / Background: Corporate Governance is something that concerns companies regularly and is forming a central part of corporate organizations. Agency-theory is the most attentive theory in Corporate Governance, which explains the differ goals and interests between the agents and principals in a company. Previous studies have shown differences between anglosaxisk and european countries, concerning the ownership structure.To prevent interest conflicts in companies several policies, presented as Codes have been presented in different countries.    Purpose: The purpose of this study is to analyze how companies on the OMX30 Stockholm Stock Exchange, apply the main principles of the Swedish Corporate Governance Code. The study also aims to review if there is any pattern regarding the companies ownership structure and how the companies choose to follow the Code. Method: In order to examine and answer the questions of this study, the study intends to use a qualitative content approach with a deductive approach. The study has been conducted by reviewing public information from annual reports, corporate governance reports and websites for the selected companies during the years 2013-2017. Conclusion: The findings of the study indicates that most of the companies apply the Swedish Code of Corporate Governance without any deviations, where companies with a dispersed ownership is a majority. The study does not show any significant trend of a decreased or increased deviation from the code during the years 2013-2017. There is no ownership structure constituting a majority of the study’s investigated companies. The most common deviations in this study are 2.4 and 9.2 from the Swedish Code.

Made available in DSpace on 2009-11-18T18:50:25Z (GMT). No. of bitstreams: 1 ACF20.pdf: 899998 bytes, checksum: e3fab140004fcb0ea64c86d376a45a7d (MD5) Previous issue date: 2004 / The research aimed at analysing the political and discursive practices of the metanarrative of employability in the contemporary organizational field, heading for the understanding of the social and micropolitical devices which happen to produce some especific kinds of subjectivities within organizations. From a post-modern epistemological perspective (Weltanshauung), the research focused on the issues concerning the production of subjectivities in the existing organizational society beyond the traditional theoretical standpoints whose common assumptions are due to the modernist approaches of organizational analysis. A deconstructive theoretical approach was emphasized across the whole text and it was mainly inspired and intellectually based upon Michel Foucault's genealogical démarche. His original conceptualization of power-knowledge relations informed the development of a methodology so as to analyse the discursive practices which determine many of the human resources policies concerning employability. The main thesis presented employability as a grand-device of micropolitical control towards the production of subjectivities whose main operation technologies are: an economic modernizing rhetoric, a moralistic dietetics and an instrumental education. Several discursive fragments from different academicists, journalists and some authors from the managerial litterature were taken into account so as to carefully deconstruct their speeches. This analysis revealed the mechanisms of production of pasteurized, mercantile and erratic subjectivities. Some inquietudes of heuristic nature are featured in the domain of organizational, psychological, sociological and political perspectives heading for new studies. / Este estudo investiga as possibilidades de generalização das práticas de governança corporativa a organizações operando em ambientes não mercantilistas. Os limites da teoria da agência, referencial teórico predominante no desenvolvimento dessas práticas, são analisados no ambiente dos fundos de pensão brasileiros a partir da verificação da aplicação dos mecanismos de monitoramento, controle e incentivos, previstos por essa teoria, por patrocinadores e participantes, e a percepção dos gestores quanto à importância desses mecanismos na conformação de seu comportamento. Alternativamente, é examinada a extensão da busca de legitimidade pelos gestores, segundo o referencial da teoria institucional. São comparados os resultados obtidos para fundos com perfis diversos quanto a variáveis como tipo de plano, origem do patrocinador e maturidade. Os resultados indicam uma diferença no uso e percepção daqueles mecanismos, em virtude principalmente da natureza do patrocinador, volume de ativos de investimento, tempo de existência e maturidade do fundo. Não foram obtidas diferenças estatísticas significativas para a percepção dos fatores institucionais, sugerindo a existência de elevada coesão no campo organizacional constituído pelos fundos de pensão.

Submitted by Volnei Adriano de Freitas (volnei.freitas@bb.com.br) on 2015-12-17T20:08:20Z No. of bitstreams: 1 dissertação-organizações-freitas - final.pdf: 1409596 bytes, checksum: ac9cd49ceabb2a2d596ab36a283889f0 (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2015-12-18T10:23:26Z (GMT) No. of bitstreams: 1 dissertação-organizações-freitas - final.pdf: 1409596 bytes, checksum: ac9cd49ceabb2a2d596ab36a283889f0 (MD5) / Made available in DSpace on 2015-12-18T11:35:43Z (GMT). No. of bitstreams: 1 dissertação-organizações-freitas - final.pdf: 1409596 bytes, checksum: ac9cd49ceabb2a2d596ab36a283889f0 (MD5) Previous issue date: 2015-11-30 / This study has as its theme the role of the Internal Audit Function (IAF) in the corporate governance system (CGS) in financial institutions, or simply banks, operating in Brazil. The FAI is an evaluation mechanism of procedures, policies and processes that acts from the operating environment of an organization. Based on this, the objective of this study was to investigate why and how the FAI was incorporated into the SGC and the consequences generated for both. The qualitative study, of exploratory and descriptive nature, used a multitheoretical approach, applying the agency theory and institutional theory. By this approach we tried to use the relationship between the need for monitoring to achieve organizational efficiency and the structural impact of the pressures of the external environment in defining the role and positioning of the FAI in the GSC. A semi-structured interview, used as data collection method, was applied to ten audit employees of five large banks, besides three people connected to the Board of Directors on banks. The study made the following findings: i) the FAI was incorporated into the SGC because the complexity derived from the evolution of the banking business made it difficult to monitoring banks by the principal and the regulator; ii) three factors worked in an interrelated way as drivers of this merger: the evolution of the banking business, the regulation and the convergence of assumptions and practices; and iii) the organizational repositioning resulted in consequences on the scope of the FAI work, the intensification of conflicts for the maintenance of independence, the perception of FAI value by CGS and the training process for internal auditors. The study had as main contributions to the CGS: the revelation of the potential of FAI to generate inputs to monitoring, by acting as its extension in the complex banking operating environment; and the proposed use of FAI as resources to generate inputs to strategic decisions. For FAI, the study suggests that, to be consolidated as governance mechanism, it needs to qualify its staff and develop methodologically to deliver consistent information to decision-making by GSC. / Este estudo tem como tema o papel da Função de Auditoria Interna (FAI) no sistema de governança corporativa (SGC) de instituições financeiras, ou simplesmente bancos, atuando no Brasil. A FAI é um mecanismo de avaliação de políticas, procedimentos e processos que age a partir do ambiente operacional de uma organização. Baseando-se nisso, o objetivo do trabalho foi investigar porquê e como a FAI foi incorporada ao SGC, e as consequências geradas para ambos. O estudo qualitativo, de natureza exploratória e descritiva, utilizou uma abordagem multiteórica, aplicando a teoria da agência e a teoria institucional. Pela abordagem buscou-se utilizar a relação entre à necessidade de monitoramento para atingir a eficiência organizacional e o impacto estruturante das pressões do ambiente externo na definição do papel e do posicionamento da FAI no SGC. A entrevista semiestruturada, utilizada como método de coleta de dados, foi aplicada a dez funcionários de auditoria de cinco bancos de grande porte, além de três indivíduos ligados ao Conselho de Administração em bancos. O estudo apresentou as seguintes conclusões: i) a FAI foi incorporada ao SGC porque a complexidade derivada da evolução do negócio bancário dificultou o monitoramento dos bancos por parte do principal e do regulador; ii) três fatores atuaram de forma inter-relacionada como direcionadores dessa incorporação: a própria evolução do negócio bancário, a regulação e a convergência de premissas e práticas; e iii) o reposicionamento organizacional resultou em consequências quanto ao escopo do trabalho da FAI, à intensificação dos conflitos para a manutenção da independência, à percepção de valor agregado pela FAI ao SGC e ao processo de capacitação dos auditores internos. O estudo apresentou como principais contribuições ao SGC: a revelação do potencial da FAI para gerar insumos para o monitoramento ao atuar como sua extensão no complexo ambiente operacional bancário; e a proposta de utilização da FAI como recursos para gerar insumos às decisões estratégicas. Quanto à FAI, o estudo sugere que, para que se consolide como mecanismo de governança, necessita qualificar seu quadro funcional e se desenvolver metodologicamente para entregar informações condizentes à tomada de decisão pelo SGC.

Made available in DSpace on 2010-04-20T21:00:26Z (GMT). No. of bitstreams: 3 silviamontes.pdf.jpg: 15510 bytes, checksum: 69c0cc717aee542e0b58b0a369e96487 (MD5) silviamontes.pdf: 205734 bytes, checksum: e0e79a13f2432a1b556c5ccf9e77a6a4 (MD5) silviamontes.pdf.txt: 63049 bytes, checksum: fe745b0eb4d5ad32f45e7416f9b4a182 (MD5) Previous issue date: 2008-02-12T00:00:00Z / This paper investigates, what determines the use of derivatives by the non-financial companies listed in São Paulo Stock Exchange (BOVESPA). To our knowledge, no prior study in Brazil analyzed risk management under the perspective of managerial risk aversion and agency theory. This is our main contribution to academic study. In this research, 125 listed companies were selected, from which 82 present good levels of corporate governance (named as “Nível 1”, “Nível 2” or “Novo Mercado”). The selected period corresponds to calendar year 2006. Through the binary response model, logit, we found following statistically significant results: positive relation between derivative use and the variables firm’s leverage, market value and outside control blocks and negative relation with firm’s quick-ratio. Existence of stock option programs or characteristic as CFO´s age, CFO´s years vested in the firm or tenure of firm´s CFO´s were not relevant for determining risk management strategies in the companies. / O objetivo da pesquisa consiste em identificar os fatores determinantes à utilização de derivativos por empresas não financeiras listadas na Bolsa de Valores de São Paulo (Bovespa). A principal contribuição aos estudos já publicados sobre esse tema consiste na avaliação, se estrutura de propriedade e/ou motivos gerenciais influenciam as estratégias de redução do risco da firma. Foram coletados dados de 125 empresas de capital aberto referente ao período 2006, sendo que destas empresas, 82 apresentam níveis diferenciados de boas práticas de governança corporativa (Nível 1, Nível 2 ou Novo Mercado). Através do modelo de variáveis binárias Logit, identificaram-se as seguintes evidências: grau de endividamento, valor de mercado da companhia e concentração de propriedade estão positivamente relacionadas com a utilização de derivativos. Já a adoção de políticas financeiras alternativas, mensurada pelo índice de liquidez seca, apresenta relação negativa. Características como 'existência de programas de opções de ações' e 'idade', 'tempo de empresa' e 'prazo de mandato do diretor financeiro' não se mostraram estatisticamente significantes.

Corporate governance has been a hot bed for scholars from diverse disciplines. Managers whose interests are not congruent with that of shareholders‟ do not have the incentive to maximize shareholder value. Agency theory implicitly assumes corporations as arenas of the principal-agent conflict. On the other hand, organizational perspectives maintain that firms differ in their adopted corporate governance level depending on the environmental contingencies in which they operate. This study develops a contingency framework by synthesizing agency theory and organization theory. The aims of this study are to examine the effect of firm level contingencies on corporate governance and examine the moderating impact of firm level contingencies on the relationship between corporate governance and firm financial performance in the Ethiopian non-financial share companies. Data were collected from public and private sources for 42 companies covering the period 2009-2013. For the first time overall corporate governance index is constructed from board structure, ownership structure, and disclosure and transparency. By specifying fixed effect regression models the study accounts for the presence of unobserved firm heterogeneity. Moreover, a moderation fixed effect model is specified for the corporate governance-performance relationship. Results show that firms choose their corporate governance in response to contexts in which they operate. High-risk firms have good corporate governance. Corporate governance is enhanced if the largest owner is government or bank. Findings show not only the positive influence of corporate governance on financial performance but also the positive effect of corporate governance on financial performance is enhanced where there are high agency problems. Firm growth, firm level risk and identity of the largest shareholder moderate the relationship between corporate governance and firm financial performance. The study contributes to the literature by providing evidence that firms endogenously choose their corporate governance and the effect of corporate governance on performance depends on firm level contingencies. For practice, the positive link between corporate governance and financial performance informs us that instituting and enforcing corporate governance should be taken seriously. Areas that require priority include the legal frameworks and their enforcement, additional corporate governance standards, strong financial market particularly a stock market. Future research can build on the limitations of the study. For instance, researchers can increase the sample size, compare industries or perform cross-country studies. / Business Management / DBL

Made available in DSpace on 2016-08-02T21:42:42Z (GMT). No. of bitstreams: 1 Mauricio Pelanda - GTI.pdf: 896750 bytes, checksum: 215944fec31935c742d360ac53010be4 (MD5) Previous issue date: 2006-12-19 / IT Governance has grown to be more critical in the Brazilian business atmosphere as a direct result of world changing events such as the fall of the American stock exchange, NASDAQ, the configuration restructure after the terrorist attacks of September 11, 2001 on the United States and the passing of the Sarbanes-Oxley Act in 2002. This management model has been adopted by organizations looking for not only obtaining better IT administrative control but also to comply with requirements enforced by legal agencies. Implementing IT Governance is a complex process as the challenge is identifying the best model within the business world. Companies ought to evaluate and implement those models that better suit their needs. The objective of this study is to analyze IT Governance models adopted by organizations in Brazil evaluating their results, maturity levels, benefits, challenges and tendencies leading to a better understanding of these models further contributing to the lack of IT Governance studies in Brazil. This empirical research studies multiple management models employed by several companies and how their framework, methodologies and best practices have been used for their effectiveness. Furthermore, the findings of this research reveal all aspects involving the implementation of IT Governance in the organizations and how such aspects have shaped each models, trends and performance. Keywords: IT Governance, Control Management, Best Practices, Agency Theory. / O tema Governança de Tecnologia da Informação (GTI) tornou-se mais premente no ambiente empresarial brasileiro, principalmente após as repercussões mundiais ocorridas com a queda da bolsa de valores americana Nasdaq, com a nova configuração mundial após os ataques aos Estados Unidos em 11 de setembro de 2001 e a partir da promulgação da Lei Sarbanes-Oxley em 2002. Esse modelo de gestão tem sido implementado por organizações que buscam não somente obter melhor controle de gestão em Tecnologia da Informação, como para aquelas que têm de atender às conformidades legais exigidas pelos órgãos de controle. Implementá-la é um processo complexo e desafiador em virtude da necessidade de se identificar o melhor modelo de GTI dentre as práticas existentes no mundo empresarial. As empresas precisam fazer uma composição daquelas que melhor se aderem às suas realidades. Este trabalho tem como objetivo analisar os modelos de GTI adotados em organizações no Brasil, avaliar os seus resultados, seus níveis de maturidade, os seus benefícios, suas dificuldades e suas tendências, contribuindo assim para o seu melhor entendimento e para amenizar a carência de estudos nessa área no Brasil. Este estudo, que é de natureza empírica, baseou-se na metodologia de estudo de casos múltiplos realizado em cinco empresas para explorar como este modelo de gestão vem sendo adotado, quais estruturas, metodologias e práticas de mercado têm sido utilizadas para a sua efetividade. Neste contexto, apresentam-se os resultados obtidos, os aspectos que envolvem a implementação dos modelos de GTI nas organizações, as dificuldades encontradas, o que têm condicionado o seu desempenho e suas tendências.

Durant ces dernières années, le phénomène de l’implication du Conseil d’Administration (CA) dans le processus stratégique occupe une place importante dans les recherches académiques et dans l’actualité économique. L’objectif de ce travail est de comprendre ce phénomène dans le contexte des entreprises françaises. Pour ce faire, nous l’appréhendons comme un processus intermédiaire entre ses facteurs déterminants (le système de gouvernance de l’entreprise et les caractéristiques du CA) et ses facteurs d’évaluation (la performance de l’entreprise). Nous mobilisons ainsi une démarche méthodologique mixte qui combine une étude qualitative exploratoire et une étude par questionnaire de recherche adressé aux dirigeants et administrateurs des entreprises du SBF 250. Ce travail montre que la diversité de nationalité, les compétences générales et relationnelles des administrateurs ainsi que la présence d’un comité stratégique favorisent l’implication du CA dans le processus stratégique. En étudiant l’effet de cette dernière sur la performance de l’entreprise, les résultats montrent que l’implication du CA dans le processus d’établissement des choix stratégiques représente une source de création de valeur. Par ailleurs, une forte implication des administrateurs dans le processus de mise en œuvre stratégique et de contrôle influence négativement la performance de l’entreprise. Appuyés par une typologie des modes d’implication du CA (ou des « profils-types » des CA), ces résultats mettent en évidence l’importance du style d’intervention des administrateurs dans le processus stratégique afin d’expliquer son influence sur la performance de l’entreprise. / Over the past few years, research in corporate governance has devoted an increasing amount of attention to boards of directors’ involvement in the strategic decision making process. This doctoral study aims to understand this phenomenon in the French context. We apprehend it as an intermediate process between its determinant factors (corporate governance system and board characteristics) and its evaluation factors (corporate performance).Therefore, we mobilize a mixed methodological research approach that combines an exploratory qualitative study and a questionnaire survey addressed to managers and directors of the SBF 250 companies.This work shows positive and significant effect of the nationality diversity, the general and interpersonal skills of directors and the strategic committee on board members’ involvement in the strategic process. Moreover, empirical results highlight that board involvement in the process of establishing strategic choices makes an efficient contribution to the firm’s value creation. However, strong board involvement in the implementation and control process has a negative influence on corporate performance. Supported by a typology of board involvement’s forms (or "Boards’ Typical-Profiles"), these results emphasize the importance of directors’ forms of participation in different steps of the strategic process to explain its influence on corporate performance.

Made available in DSpace on 2014-12-17T15:24:28Z (GMT). No. of bitstreams: 1 MariaCAM_DISSERT.pdf: 2169603 bytes, checksum: 3fe8ca13759f3d69379e281ba42971b4 (MD5) Previous issue date: 2014-04-29 / Outsourcing has emerged as one of the new ways of guiding the work. For its advantages and be consistent with the paradigms of managerial reform, outsourcing also started to be used in the Public Administration. However, taking into account the particularities of the latter, some issues are relevant when outsourcing concluded with the State. Gains notoriety, for example, the step of monitoring these contracts, to the extent that, from this activity, we can avoid the negative effects of outsourcing like the fact that the state will pay for labor and wage liens that are obligation of the company providing the services. This study aims to understand the perception that this process is under the Federal University of Rio Grande do Norte, from the point of view of different stakeholders, also explaining the motivations that these agents have to perform the supervisory process. As a theoretical basis was used the Agency Theory, which reinforces the supervisory activities as a necessary means to minimize moral hazard and adverse selection, seeking to understand not only the different motivations tax contracts to properly perform their duties, but also analyze other phenomena arising from this contractual relationship. To achieve the proposed objectives, were taken a literature review and a presentation of how to organize the management and oversight of contracts in UFRN. The methodological procedures included questionnaires and interviews with those involved in the process. After analyzing the results obtained in the survey instruments , and also based on the laws, regulations and instructions governing the procurement process within the UFRN, it was concluded that the process of overseeing the outsourcing of labor contracts in UFRN is not fully institutionalized, some points should be strengthened in order to have the consolidation of this process, highlighting the need for training of UFRN servers that act as tax, the knowledge that the contractual penalties are applied effectively, the need that there is a supervisor of tax of contractors and also the realization of the rotation system of outsourced employees / A terceiriza??o surgiu como uma das modalidades novas de orienta??o do trabalho. Por suas vantagens e por estar em conson?ncia com os paradigmas da Reforma Gerencial, a terceiriza??o tamb?m passou a ser utilizada na Administra??o P?blica. Todavia, levando-se em considera??o as particularidades desta ?ltima, algumas quest?es se mostram relevantes quando da terceiriza??o celebrada com o Estado. Ganha notoriedade, por exemplo, a etapa de fiscaliza??o desses contratos, na medida em que, a partir dessa atividade, podem-se evitar os efeitos negativos da terceiriza??o, como o fato de que o Estado venha a arcar com ?nus trabalhistas e salariais que s?o de obriga??o da empresa prestadora dos servi?os. O presente trabalho tem por objetivo compreender qual a percep??o que se tem desse processo no ?mbito da Universidade Federal do Rio Grande do Norte, sob o ponto de vista dos diferentes agentes envolvidos, explicando, ainda, quais as motiva??es que esses agentes possuem para o desempenho do processo de fiscaliza??o. Como embasamento te?rico, foi utilizada a Teoria da Ag?ncia, a qual refor?a a atividade de fiscaliza??o como meio necess?rio para minimizar o risco moral e a sele??o adversa, buscando entender n?o s? as diferentes motiva??es que levam os fiscais dos contratos a desempenharem corretamente as suas atribui??es, mas, tamb?m, analisar outros fen?menos decorrentes dessa rela??o contratual. Para alcan?ar os objetivos propostos, foi feita uma revis?o da literatura e uma apresenta??o de como se organiza a gest?o e fiscaliza??o dos contratos na UFRN. Os procedimentos metodol?gicos inclu?ram question?rios e entrevista com os agentes envolvidos no processo. Ap?s a an?lise dos resultados obtidos nos instrumentos de pesquisa, e baseando-se tamb?m nas leis, instru??es normativas e contratos que disciplinam o processo no ?mbito da UFRN, concluiu-se que o processo de fiscaliza??o dos contratos de terceiriza??o de m?o de obra na UFRN n?o est? totalmente institucionalizado, devendo alguns pontos serem refor?ados para que se tenha a consolida??o desse processo, destacando-se a necessidade de treinamento dos servidores da UFRN que atuam como fiscais, o conhecimento de que as penalidades contratuais s?o efetivamente aplicadas, a necessidade de que exista um supervisor dos fiscais das empresas contratadas e, ainda, a efetiva??o do sistema de rod?zio dos funcion?rios terceirizados

Corporate social responsibility (CSR) is widely discussed in the business community in terms of its effectiveness. However, studies of factors that can affect CSR are not so many. The purpose of this study is to evaluate of the impact of ownership structure on Environmental and Social performance. This study was conducted on the example of 174 cases among Swedish companies, listed on the Stockholm Stock Exchange, Environmental and Social performance, which was represented by the largest information provider Thomson Reuters. Using the experience of previous studies, a model of relationship between ownership structure and Environmental and Social performance was founded and a multiple regression analysis was performed. The most significant result of the study, confirmed by previous empirical studies and theoretical literature, is the existence of a relationship between capital structure and CSR performance. Foreign investors, who came to the Swedish market, have a stable positive connection with performance. This form of ownership, like majority control, did not find sufficient evidence to the impact on Environmental and Social performance in this study. The Minority control and Joint Minority and Management control showed no influence on performance in Swedish companies.

Made available in DSpace on 2016-03-15T19:26:39Z (GMT). No. of bitstreams: 1 Heloisa Belotti Bedicks.pdf: 1599271 bytes, checksum: f1fbf2bb10eaff82d22d57c4aae6203e (MD5) Previous issue date: 2008-08-07 / A company s ownership structure is a key aspect of the corporate governance discussion. This dissertation analyzes, through case studies, pioneering companies in Brazil which adopted dispersed control structures without any controlling shareholder individual or group. This study has two main aims: identifying the reasons that led those companies to adopt such ownership structures and the main changes that occurred after those changes, especially with respect to the companies governance practices. Since dispersed control is a very recent movement in Brazil, this dissertation is justified by the scarcity of similar studies in the country and in dispersed control companies in other emerging economies. The study analyzed six Brazilian company cases, through detailed interviews based on a standard questionnaire, analysis of corporate reports, and other data. Two main reasons emerged from the study: a favorable market window coupled with the former controllers desire to leave, were found to be the main drivers for most companies analyzed. With regard to changes to corporate governance practices, a substantial impact was noticed on their relations with shareholders following the change in company control, particularly their general meeting attendance. Moreover, it was also determined that the stability in Brazil s macroeconomic scenario has enabled the capital market to play its role of financing the growth of new companies. In this context, this kind of company structure may become a new Brazilian corporate model, replacing the traditional concentrated structure. However, it is not clear whether this option has become feasible just for a short moment of excitement of the market. The feasibility of this structure, therefore, needs further time testing, especially during periods of depression at the stock market, and in assessing the evolution of these pioneering companies performance, as they will be facing critical moments when making important corporate decisions and replacing their leaders. / A estrutura de propriedade das empresas é um aspecto chave para a discussão da temática da governança corporativa. Esta dissertação analisa, por meio de estudos de casos, as empresas brasileiras pioneiras na adoção de estruturas societárias dispersas, sem a figura de um acionista controlador ou bloco de controle. O trabalho possui dois objetivos principais: identificar os fatores motivadores que levaram estas empresas a adotarem tal estrutura de propriedade e as principais alterações ocorridas pós-mudança societária, principalmente em relação às práticas de governança corporativa adotadas. Em função do movimento de pulverização de capital ainda ser muito recente no Brasil, o trabalho se justifica pela escassez de estudos similares no país e em empresas com estruturas pulverizadas de outras economias emergentes. O trabalho analisou casos de seis empresas nacionais, por meio de entrevistas em profundidade conduzidas com base em um questionário padrão, análise de relatórios corporativos e outros dados secundários. O trabalho apresenta dois resultados principais: em relação às motivações, observou-se que uma janela de mercado favorável, aliada ao desejo de saída dos antigos controladores, constituiu-se no fator motivador preponderante da maior parte das empresas analisadas. Em relação às mudanças nas práticas de governança corporativa, observou-se um impacto substancial no relacionamento com os acionistas após a reconfiguração societária, principalmente na participação destes nas assembléias das companhias. Além disso, como resultado geral constatou-se também que a estabilidade do cenário macro-econômico brasileiro está permitindo que o mercado de capitais cumpra o seu papel de financiar o crescimento de novas empresas. Nesse contexto, observa-se que essa forma de estrutura societária pode ser um novo modelo empresarial brasileiro, ao invés da tradicional estrutura concentrada. Entretanto, não fica claro se esta opção tornou-se viável apenas por um momento de certa "euforia" do mercado. Portanto, a viabilidade desta estrutura ainda precisará ser "testada" ao longo do tempo, o que deverá ocorrer em momentos de depressão do mercado acionário e em função da evolução do desempenho destas empresas pioneiras, que terão seus momentos críticos na tomada de grandes decisões empresariais e na substituição de suas lideranças.