Governança corporativa é um conjunto de mecanismos que visa alinhar interesses entre as diferentes partes envolvidas que compõem a empresa. Os interesses muita vezes são conflitantes em virtude de que o indivíduo tende a maximizar sua utilidade pessoal, e desta discrepância de busca individual surge o conflito, conhecido como de interesse. O conflito pode ocorrer com qualquer envolvido na companhia, porém este trabalho estudará os que ocorrem entre o agente e o principal. O agente pode ser tanto funcionários da empresa, como investidor minoritário, sendo que o principal é representado pelo acionista controlador, que detém o poder sobre a companhia. Os mecanismos de governança corporativa podem ser internos e externos à corporação. Dentre os internos se destacam: conselho de administração, conselho fiscal, estrutura de propriedade, remuneração dos executivos, relatórios contábeis em concordância com as normas internacionais publicados periodicamente, e política de distribuição de dividendos. Dentre os externos os que se destacam são: possibilidade de aquisição hostil, mercado de trabalho competitivo, leis de proteção aos investidores, crosslistings e parecer contábil dos relatórios financeiros realizados por empresas externas de auditoria com renome no mercado. O conjunto de mecanismos visa alcançar os princípios básicos de governança corporativa: transparência, equidade, prestação de contas e responsabilidade corporativa. A presente pesquisa investigou a relação entre governança corporativa e o desempenho econômico-financeiro das empresas brasileiras listadas na BM&FBOVESPA entre os anos 2010 e 2014, representando o período posterior à crise econômica mundial desencadeada pelos títulos de subprime americanos, ocorrida no segundo semestre de 2008, e anterior à crise econômica e política no Brasil, iniciada em 2015. Foi utilizado o índice de governança IGC desenvolvido por Silva e Leal (2005) para medir a governança. O desempenho econômico-financeiro das empresas foi medido através das variáveis Q-tobin e taxa de lucro econômico. O modelo utilizou ferramentas que diminuem os problemas de endogeneidade e causalidade reversa, que são: inserir variáveis de controle e utilizar o método de regressão MMG-Sis (Método dos momentos generalizados - Sistêmico). Os resultados obtidos comprovaram o esperado pela literatura, pois o índice de governança corporativa influenciou positivamente o desempenho da empresa. Para a variável taxa de lucro econômico (TLE) o resultado apresentou significância estatística no nível de 5%, o que torna confiável a alegação. Já para a variável Q-tobin, apesar de também apresentar relação positiva com a governança, a análise estatística não se mostrou robusta a ponto de poder exercer alguma afirmativa sobre o resultado. Por fim, a pesquisa observou uma melhora na governança corporativa nas empresas da amostra ao longo dos anos e em relação a outras pesquisas de anos anteriores. / Corporate governance is a set of mechanisms to align interests between the different individuals who compose the company. The interests a lot of times are conflicting because of the individual´s seek to maximize their personal utility, and from this discrepancy of individual pursuit comes the conflict, known as interest. Conflict can occur between any involved in the company, but this work study those between the agent and the principal. The agent may be employees of the companies or minority investors and the main one is represented by the controlling shareholder, which holds power over the company. Corporate governance mechanisms can be internal and external to the corporation, the internal are: Board of Directors, audit committee, ownership structure, executive compensation, financial reporting in accordance with international standards published periodically and dividend distribution policy . The external are: possibility of hostile takeover, competitive labor market, protection laws for investors, cross-listings and accounting advice of financial reports made by external companies with renowned consultancy market. The mechanisms aim to achieve the basic principles of corporate governance: transparency, fairness, accountability and corporate responsibility. This study investigated the relationship between corporate governance and the financial performance of Brazilian companies listed on the BM&FBOVESPA between 2010 and 2014, representing the period after the global economic crisis triggered by securities US subprime, in the second half of 2008 and previous economic and political crisis in Brazil, which began in 2015. It was used the IGC governance index developed by Silva and Leal (2005) to measure governance. And the financial performance of the companies was measured by the variables: Q-Tobin and economic profit rate. The model used tools that reduce the endogeneity and reverse causality, which are: insert control variables and use the system GMM (Generalized method of moments) estimator as regression method. The results confirmed the expected by the literature as the corporate governance index positively influenced the performance of the company. For the variable TLE the result was statistically significant at the 5% level, which makes it reliable. As for the Q-tobin variable, although also have positive relationship with governance, statistical analysis was not robust to be able to exercise some confirmation about the result. Finally, research has found improved corporate governance in companies over the years and improvement over other research from previous years.

Politically connected firms may extract rent which significantly improves their financial performance, but with social costs to others in form of market distortions. The thesis presents the first empirical analysis of personal political connections to government ministers in the Czech Republic. We estimated value of political connections and inspected subsidies and public procurements allocation as channels of rent extraction on firm-level data set of 1993-2015 period. For both approaches, cross-section regressions and dynamic matching on covariates and propensity score, we found that connected firms significantly underperform their similar rivals, but slightly improve their performance over the time of connection to minister in office. Connected firms gain significantly more subsidies which confirms subsidy allocation as a channel of rent extraction. We interpret our results that firms may seek political connections as the last option how to improve their bad financial results and remain on the market. Biased subsidy allocation to connected firms in sectors where firms are dependent on subsidies like agriculture creates market distortions and could lead to significant consumer harm.

The researcher, who is also an educator, a School Management Team member and a union official, observed that conflict among educators at schools was a cause of concern. This situation prompted the researcher to explore how school leaders and educators perceived conflict among educators at school in order to determine the perceived possible causes of conflict, the perceived possible consequences of conflict, how conflict was currently dealt with and the perceptions regarding appropriate measures to address the handling of conflict. The research was underpinned by the interpretive paradigm and followed a case study approach that involved three primary schools residing in close proximity to one another in the Northern Areas of Port Elizabeth, South Africa. Data was collected from educators and school leaders ranging from Post Level One educators to principals and covering educators from the Foundation Phase, Intermediate Phase and Senior Phase. Data was gathered by making use of an open-ended questionnaire, semi-structured personal interviews and semi-structured focus group interviews. The findings revealed that the research participants mostly viewed conflict negatively and associated it (conflict) with disagreements, misunderstandings, verbal and non-verbal fighting, and diverse views or opinions. The possible causes as identified by the participants were categorised into data-based conflict, relationship conflict, structural conflict, interest-based conflict and needs-based conflict. Data-based conflict related to issues concerned with communication, a lack of transparency and consultation, and the spreading of gossip and untruths. Relationship conflict pertained to favouritism, not valuing the opinions of others, and a lack of respect or tolerance. Structural conflict, as highlighted by the participants, were linked to issues of management and leadership, workload allocations and time tabling, punctuality and time issues and the role and responsibilities of employees. Value-based conflict was ascribed to different beliefs and viewpoints of people and differences in valuing guidance from others. Interest-based conflict was closely connected to appointments and limited possibilities around promotion posts as well as to issues with resources. Needs-based conflict focused on individuals‟ self-esteem needs and people‟s need for power and (or) status. Conflict was also perceived as having both positive and negative consequences. Positive aspects related to improved relationships, better understanding, change and improved attitudes and the development of personal growth. Negative aspects of conflict were associated with the manifestation of defiant attitudes and intolerance, poor cooperation, the formation of groups and cliques, poor morale and work ethic, poor health and stress, absenteeism and negative effects on teaching and the learners. Regarding the handling of conflict, the findings highlighted the perception that conflict is mostly avoided and (or) inadequately handled and when it was dealt with, it was done unprofessionally and inappropriately. The findings also pertained to suggestions in dealing with conflict in an appropriate manner. Here, the following important practical ways or aspects of handling conflict were suggested, namely ensuring that aggrieved parties were provided with opportunities to raise their issues, listening with serious intent, applying confidentiality and professionalism, openness and transparency, provision of fair hearings and treatment, the utilisation of policies and procedures, the value of conflict management training and the inclusion of external intervention in resolving conflict. Various outcomes were suggested by the findings. These were linked to striving towards a win-win situation, respect and understanding for all, compromise and agreement and satisfying all parties with agreements reached. The promotion of third party intervention was emphasised, with participants highlighting the characteristics that these third parties had to reflect and the procedures which they had to follow when attempting to resolve conflicts. Recommendations are also provided. In terms of these recommendations drafted, this study concludes that the recommendations can be grouped related to professional development opportunities and policies and procedures. Finally, in exploring educators‟ perceptions of conflict in three Northern Areas primary schools in Port Elizabeth, the researcher gained valuable insights into conflict among educators at schools, which could benefit educators (teachers, SMT‟s and principals) and education in general.

Face au phénomène complexe de la vulnérabilité, le législateur a compris que la réponse ne pouvait pas être unique. Le nombre de mesures proposées en droit des majeurs protégés est ainsi suffisamment conséquent pour qu’une grande diversité de situations apparaisse. Que ce soit sur le plan de l’âge, de la situation familiale, sociale ou professionnelle ou au regard du handicap ou de l’état de santé (physique ou mental), la « population » des majeurs protégés présente une forte hétérogénéité. La loi offre à l’organe de protection, titulaire d’un pouvoir pour exercer sa mission, de multiples outils pour sauvegarder l’intérêt du majeur protégé. Variables, ces instruments laisseraient à penser qu’il n’est pas concevable de construire une théorie générale du pouvoir cohérente en droit des majeurs protégés. Toutefois, en ce domaine, au cœur de la notion de pouvoir, se trouve le critère de la prise en charge de l’intérêt exclusif du majeur protégé. C’est là en effet le critère auquel il est systématiquement fait référence. L’objectif de notre thèse était dès lors de parvenir à démontrer que s’il existe en droit des majeurs protégés des variables attachées au pouvoir, ces dernières ne sauraient masquer l’unité de son régime. La découverte de constantes, lesquelles sont consubstantielles au pouvoir en ce domaine, permet d’en extraire une théorie générale. À partir de cet instant, le pouvoir en droit des majeurs protégés prend une coloration nouvelle. En adaptant la définition proposée par la doctrine à la spécificité du droit des majeurs protégés, nous proposons de définir le pouvoir comme la prérogative juridique et/ou matérielle confiée à un organe de protection et le plus souvent sous le contrôle d’un juge, qui ne remédie pas forcément à une incapacité d’exercice mais qui est toujours répartie entre différents organes. Le pouvoir est finalisé par l’intérêt exclusif, mais non égoïste, d’une personne majeure vulnérable, du fait de l’altération de ses facultés personnelles. Tant le principe de responsabilité que celui de l’interdiction d’agir sous l’empire d’un conflit d’intérêts constituent des procédés efficients pour lutter contre le mauvais exercice du pouvoir. Une conception renouvelée du pouvoir a ainsi pu être proposée à partir de l’étude de ses variables et de ses constantes en droit des majeurs protégés. Ayant abouti à une théorie générale du pouvoir, l’étude ici menée peut donc servir de base à une analyse critique du droit positif et aboutir à son amélioration. / Confronted to the complex phenomenon that vulnerable adults represent, the legislative body has realized that the answer to this situation had to be multi-faceted. The number of measures taken in the field of the vulnerable adult's legal status is substantial enough to lead to a great variety of situations. Vulnerable adults represent a widely heterogeneous group whether we look at age, family, social and work situations, or physical or psychological conditions. The protective body that holds the power to carry out its mission has various legal tools at its disposal to protect the vulnerable adult's interests. These instruments are variable, and could first lead us to think that it would be impossible to build a consistent general theory of legal power in the field of the vulnerable adults’ protection. Here, however, at the heart of the notion of power, stands the idea of how to fully care to the vulnerable adult's sole interest. It is the one guideline that is systematically referred to. Thus, our goal was to show that even though there are many power-related variable features in the legal field of vulnerable adults protection and safeguarding, they cannot dissimulate the unity of the field. As we unveiled the permanent features, inherent to the power in this matter, it allowed us to draw a general theory. From then on, the concept of power in the vulnerable adults protection takes a different tone. By adjusting the classic definition of power to the specificity of the vulnerable adult protection and its legal field, we propose to define the power as the legal and/or material prerogative entrusted to a protective body and mostly under the control of a judge. This prerogative does not necessarily remedy the incapacity to act in law but is always divided between several actors. The purpose of the power is the sole but non-egotistic interest of the vulnerable adult because of his or her cognitive impairment. The principle of responsibility and the principle of a ban on acting under the influence of a conflict of interests are both efficient ways to prevent an improper use of power. The analysis of variables and permanent features in the vulnerable adult protection legal field thus allowed us to propose a refreshed idea of power. Since the study undertaken here has resulted in a general theory of legal power, it can then be used as a critical analysis of positive/substantive law and lead to its improvement.

Magister Legum - LLM / The culture of corruption is rooted deeply in Kenya. It may be described as an incurable infectious disease.1 Kenya has been ranked as one of the most corrupt countries in the world. For the last three years, Kenya has scored less than 27 percent in the Corruption Perceptions Index published by Transparency International. Corruption persists mainly because those in public office benefit from it and the existing institutions lack both the will and capacity to stop it. It persists despite the legislation, institutions and measures that have been put in place to fight it.3 The Ethics and Anti-Corruption Commission is the main institution mandated to combat corruption in Kenya. The primary anti-corruption laws are the Public Officer Ethics Act No 4 of 2003, the Leadership and Integrity Act No 18 of 2014, the Public Officer Ethics (Management, Verification and Access to Financial Declaration) Regulations of 2011 and the Kenyan Constitution of 2010. One of the key anti-corruption measures is the system of wealth declarations by public officials established by the Public Officer Ethics Act (POEA). The POEA did not have an easy passage into law. When it was introduced in 2002, Kenya was governed by the Kenya African National Union (KANU), led by President Moi. The regime was characterised by autocratic rule, high levels of politically sanctioned corruption, rapid economic decline and massive accumulation of wealth for the politically connected.4 Unsurprisingly, President Moi did not assent to the enactment of the POEA. The National Rainbow Coalition (NARC) came into power in 2003 and re-commenced the process to pass the POEA into law. This was done with a view to curbing corruption and bolstering donor confidence.5 Regrettably, the NARC administration quickly replicated the corrupt practices of its predecessor, despite being elected on a platform of zero tolerance towards corruption. The new administration, which had promised war on corruption, instead was embracing corruption and denying citizens constitutional reforms.

published_or_final_version / Politics and Public Administration / Master / Master of Philosophy

Através do presente trabalho, demonstra-se que a função social da empresa é o fundamento e a justificativa para o reconhecimento e a proteção de interesses alheios aos dos sócios na sociedade limitada. Nos três primeiros capítulos, o objetivo é apontar qual o fundamento teórico da funcionalização do direito de propriedade, quais corolários dela decorrem e qual a sua importância para o exercício da empresa. Defende-se que a função social da propriedade é imperativo decorrente da ordem jurídica do mercado, moldada principalmente pelo princípio da solidariedade social. Por sua vez, a função social da empresa é corolário da função social da propriedade. Sustenta-se que a funcionalização do exercício da empresa repercute no exercício da atividade empresarial, acarretando obrigações positivas e negativas aos sócios majoritários (controladores) e administradores das sociedades empresárias, assim como incide sobre o exercício do direito de propriedade de parcelas do capital, do que decorrem obrigações atinentes aos sócios. A partir do capítulo quarto, objetiva-se sistematizar a composição de interesses na sociedade limitada, em abordagem que inclui tanto os conflitos que envolvem os sócios entre si, como os que os vinculam a terceiros, como a própria sociedade, os credores, os empregados, etc. No primeiro aspecto, versa-se sobre: deliberações sociais; o direito de recesso como forma de resolução de conflitos entre os sócios; a dissolução parcial como instrumento para assegurar a liberdade de não permanecer associado; as restrições ao exercício abusivo da administração; a transparência como instrumento de preservação dos interesses dos minoritários; o direito de participação nos lucros e no acervo social em caso de dissolução e liquidação da sociedade; o direito à manutenção da mesma proporção no capital social e o acordo de quotista como instrumento de composição de interesses. No segundo, sobre o conflito de interesses entre a sociedade e o sócio, em razão do exercício do direito de voto; a exclusão dos sócios nas modalidades de resolução da sociedade em relação ao sócio minoritário, da exclusão do sócio majoritário e do sócio remisso; aspectos da composição do capital social; os efeitos externos da sociedade, em abordagem que apreciará as conseqüências da autonomia patrimonial, a responsabilidade dos sócios e administradores e a desconsideração da personalidade jurídica; aspectos da proteção dos interesses dos empregados e da preservação do meio ambiente. A partir da análise doutrinária e jurisprudencial, demonstra-se como o princípio da função social da empresa é importante para a composição de interesses na sociedade limitada. / Through the present work we demonstrate that the social function of the firm is the basis as well as the evidence for the acknowledgment and protection minoritys and stakeholders interests in the private limited partnership. In the three first chapters it is analyzed the theoretical basis for the functionalization of the property right. It is supported that the property social function is mandatory due to the market juridical order shaped mainly by the social solidarity principle. The social function of the firm, in its turn, is corollary of the property social function. It also falls upon the exercise of property right of the capital portions of which elapse obligations which are referent to the partners. In the others chapters, the aim is to systemize the composition of interests in the private limited partnership, in an approach that includes conflicts which involve the partners among themselves as well as the ones which entail them to stakeholders, like the society itself, creditors, employees, etc. In the first aspect it runs upon social decisions; the right of recess as a way to solve conflicts among partners; the partial dissolution as an instrument to assure freedom of not continuing associated; the restrictions to the abusive exercise of management; transparency as an instrument of preservation of the minoritys interests: the right of participation in the profits and in the social patrimony in case of dissolution and liquidation of the society; the right of maintaining the same proportion in the social capital and the partners agreement as an instrument of composing interests. In the second one, concerning the conflict of interests between the society and the partner, due to the right of voting; the exclusion of partners in the modalities of resolution of society concerning the minority partner; of the exclusion of the majority partner as well as of the careless partner; aspects of the composition of the social capital. The external effects of the society, in approach which will appreciate the consequences of patrimonial autonomy, partners and managers responsibility and juridical personality disrespect; aspects of the protection of employees interests and environment preservation. Departing from the doctrinaire and jurisprudential analysis it is demonstrated how the principle of the enterprises social function is important for the composition of interests in the limited society.

O presente trabalho tem por objetivo traçar os principais contornos do instituto do benefício particular, positivado na legislação brasileira por meio do artigo 115, §1º, da Lei n. 6.404/76, diferenciando-o do instituto relativo ao interesse conflitante nas sociedades, insculpido no mesmo dispositivo supra citado. A partir da análise do Direito Comparado, constatou-se que o benefício particular, tal como o conhecemos hoje no Brasil, tem origem na legislação francesa, especificamente nas Leis de 17 de julho de 1956 e 24 de julho de 1867. Os contornos de sua conceituação, portanto, estão intimamente ligados às razões de ordem histórica e teleológica que levaram o legislador estrangeiro a criá-lo, o qual visava, à época, afastar os abusos e inconveniências decorrentes da aprovação, em assembleia, de vantagens especiais e exclusivas pelo próprio sócio beneficiário dessas vantagens. Complementarmente, por meio da análise e interpretação sistemática da legislação societária brasileira e de outras fontes de direito disponibilizadas, como a doutrina e a jurisprudência, pôde-se definir algumas das características mais marcantes do instituto, das quais se pode destacar a licitude, a gratuidade e o caráter social das vantagens a ele associadas, garantindo ao beneficiado acesso aos fundos sociais. Em paralelo, para fins de mera comparação com o instituto do benefício particular, foram abordados alguns aspectos relativos ao instituto do conflito de interesses, reafirmando conceitos doutrinários já sedimentados acerca do alcance do interesse social e procurando, a partir da análise da legislação brasileira e comparada, fixar alguns elementos intrínsecos a esse instituto, tal como a ilicitude e o caráter extrassocial da vantagem visada pelo acionista conflitado. Comparando as características do benefício particular e do conflito de interesses, pode-se concluir que, apesar da aparente semelhança que carregam, tratam-se de institutos distintos, que regulam situações diversas, não podendo ser confundidos ou tomados um pelo outro, sendo possível, de fato, se estabelecer um critério relativamente seguro para distingui-los entre si, conferindo uma maior segurança jurídica aos aplicadores do direito, evitando-se, assim, algumas interpretações equivocadas acerca dos institutos, tais como aqueles constantes nos posicionamentos da Comissão de Valores Mobiliários analisados ao final desse trabalho. / The current paper has the sole purpose of designing the main lines of the private benefits regulation, reaffirmed by means of Act 115, §1st, in the Brazilian law number 6.404/76, distinguishing it from institutions that relate to conflicting partnership interests, comprehended by the same aforementioned Act. From assessing the Paired Law regulation, it has been understood that the private benefits, such as it is currently recognized in Brazil, is based on the French legislation, more specifically on the July 17, 1956 and July 24, 1867 Acts. Therefore, the contours of its conceptualism are intimately connected to historic and teleological reasoning that took the foreign regulator to create it and which aimed, at that time, to keep away abuse and inconveniences resulting from the approval, in an shareholders meeting, of special and exclusive advantages by their own beneficiary parties. In addition, by means of systematically assessing and interpreting the Brazilian Corporate Law and other Law resources made available, such as the Law doctrine and jurisprudence, it was possible to determine some of the most outstanding characteristics of such an institute, among which the lawfulness, gratuity and social character of the advantages associated with it can be highlighted, thus assuring the access of the beneficiary party to social funds. In parallel, by means of solely comparing the private benefits regulation, some aspects regarding the conflict of interests were also assessed, reaffirming doctrine concepts about the reach of social interests that are already established and trying to determine, by means of analyzing the Brazilian Corporate Law and Paired Law, some of the elements that are inherent to that establishment, such as its wrongfulness and the extrasocial character of the advantage pledged by the conflicting party. By pairing the characteristics of private benefits and the conflict of interests, it is concluded that, despite their apparent similarities, those are distinct institutes that regulate diverse situations, which cannot be confused or taken by one another and, in fact, it is possible to establish a relatively safe criteria to differentiate both, thus providing greater judicial accuracy to Law enforcers, and this way avoiding misinterpretation of regulation, such as those that are common to the positioning of the Brazilian Securities and Exchange Commission that are analyzed in the end of this paper.

Typescript (Photocopy) / Bibliography: leaves 307-320 / vii, 320 leaves ; 30 cm. / Title page, contents and abstract only. The complete thesis in print form is available from the University Library. / Thesis (Ph.D.)--Dept. of Community Medicine, University of Adelaide, 1992

Submitted by Cristiano Grimaldi (cristiano.grimaldi@petrobras.com.br) on 2014-05-05T22:17:47Z No. of bitstreams: 1 Tese MEX FGV 2014_Cristiano_pós banca_v3_protegido.pdf: 2260317 bytes, checksum: b9698f6188661977e8a68e2d4452f237 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2014-05-06T13:10:08Z (GMT) No. of bitstreams: 1 Tese MEX FGV 2014_Cristiano_pós banca_v3_protegido.pdf: 2260317 bytes, checksum: b9698f6188661977e8a68e2d4452f237 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2014-05-07T13:18:36Z (GMT) No. of bitstreams: 1 Tese MEX FGV 2014_Cristiano_pós banca_v3_protegido.pdf: 2260317 bytes, checksum: b9698f6188661977e8a68e2d4452f237 (MD5) / Made available in DSpace on 2014-05-07T13:18:52Z (GMT). No. of bitstreams: 1 Tese MEX FGV 2014_Cristiano_pós banca_v3_protegido.pdf: 2260317 bytes, checksum: b9698f6188661977e8a68e2d4452f237 (MD5) Previous issue date: 2014-02-27 / Decisões são tomadas de diversas formas e em todos os momentos, mas foi o francês Henry Fayol que propôs um modelo estruturado para essa tomada de decisão, definindo o papel dos dirigentes e suas responsabilidades na administração da empresa. No desenvolvimento do trabalho, foram estudados diversos modelos de processo decisório, como o modelo clássico racionalista, o modelo da racionalidade limitada, o modelo político, as coalizões envolvidas no processo, teorias de responsabilidade social corporativa, teorias de governança corporativa, entre outros. À luz destes modelos e baseado na missão da Petrobras, de ser uma empresa segura e rentável, o autor faz uma suposição e enquadra o processo decisório da empresa no modelo clássico racionalista, focado na maximização dos lucros e resultados. Devido ao tamanho da empresa e à diversidade de assuntos para a tomada de decisão, o autor foca seus estudos na área de Abastecimento da Petrobras e analisa o processo de tomada de decisão para o aumento dos preços dos combustíveis, com o objetivo de avaliar a veracidade da sua suposição. A metodologia de pesquisa é baseada em uma pesquisa bibliográfica e investigação documental para avaliar se o modelo de tomada de decisão é realmente racional, ou se existem influências ou fatores externos que levam a um novo modelo de processo decisório. Após comparar o modelo racional com os dados e realizações da empresa, o autor faz uma triangulação de métodos, incluindo uma pesquisa de campo para avaliar a percepção dos gestores e stakeholders sobre o modelo de tomada de decisão da empresa. O autor entrevista 11 funcionários da Petrobras e 10 stakeholders externos com o intuito de coletar percepções sobre o processo decisório da Cia., finalizando com uma análise qualitativa dos dados baseada na técnica de análise de conteúdo. Com os resultados da pesquisa, o autor comprova, por meio de documentos da empresa, que a Diretoria Executiva da Petrobras é a responsável pela aprovação da política de preços da Cia. Dentre os fatores de influência no processo decisório da empresa, a inflação foi a de maior destaque, mostrando o viés político na relação entre o governo e a empresa. A política de preços da Cia. continua sendo de médio e longo prazo, acarretando em prejuízos no curto prazo para a área de Abastecimento da Petrobras. Após alcançar todos os objetivos intermediários do trabalho, o autor conclui que a suposição inicial é falsa e que o processo decisório para o aumento dos preços dos combustíveis na Petrobras se aproxima muito mais dos modelos de racionalidade limitada e político, com enfoque nos stakeholders e na competitividade do que do modelo clássico racionalista. / Decisions are taken on several manners and at all times, but it was the French Henry Fayol who proposed a structured model for this decision-making process, defining the roll of directors and its responsibilities on the administration of the companies. On the development of this paper, several models of decision-making processes were analyzed, such as the rationalist classical model, the model of bounded rationality, the political model, coalitions involved in the process, theories of corporate social responsibility, corporate governance theories, among others. In the light of these models and based on Petrobras’ mission of being a safe and profitable company, the author makes an assumption and puts the decision-making process of the company on the rationalist classical model, focused on the maximization of profits and results. Due to the size of the company and the diversity of issues for the decision-making, the author focuses his studies in the Supply area of Petrobras and analyses the decision-making process for the increase of the prices of fuels, aiming at evaluating the veracity of his assumption. The research methodology is based on a bibliographical research and documents investigation in order to check if the decision-making model is really rational or if there are external influences or factors that lead to a new model of decision-making process. After comparing the rational model with data and accomplishments of the company, the author makes a connection of methods, including a field research to evaluate the perception of managers and stakeholders regarding the decision-making model of the company. The author interviews 11 employees of Petrobras and 10 external stakeholders aiming to collect perceptions on the decision-making process of the company, concluding this paper with a qualitative analysis of the data based on the content analysis technique. Using the results of the research, the author proves through documents of the company that the Executive Board of Petrobras is responsible for the approval of the prices policy of the company. Among other influence factor on the decision-making process of the company, inflation was the most remarkable one, showing the political bias on the relation between the government and the company. The prices policy of the company continues to be medium and long-term, causing losses at short-term for the Supply area of Petrobras. After reaching all mediatory objectives of this paper, the author concludes that the initial assumption is false and that the decision-making process for the increase of the prices of fuels in Petrobras resembles the models of limited rationality and policy, focused more on the stakeholders and on the competitiveness than on the rationalist classical model.