El presente artículo ha tenido como objetivo cuestionar la relación entre la práctica del buen gobierno corporativo y la generación de valor en la empresa, considerando los últimos acontecimientos suscitados a nivel mundial y nacional asociados a escándalos de corrupción de diversos grupos empresariales. Asimismo, en la presente investigación se ha descrito primero la historia del gobierno corporativo, luego se ha expuesto los diversos conceptos, actores, principios y teorías que sostienen la práctica de la buena gobernanza, después se analizaron las diversas posturas de especialistas en la materia que están favor y en contra respecto a la relación entre la generación de valor y la práctica del gobierno corporativo. Para finalizar, se planteó una respuesta a la pregunta en cuestión, basada en las posturas de los expertos. / The purpose of this article is to question the relationship between the practice of good corporate governance and the generation of value in the company, considering the latest global and national developments associated with corruption scandals of various business groups. In addition, the present research has first described the history of corporate governance, then exposed the various concepts, actors, principles and theories that underpin the practice of good governance, This was followed by an analysis of the various positions of specialists in the matter who are in favor of and against regarding the relationship between value generation and the practice of corporate governance. Finally, an answer was given to the question in question, based on the positions of the experts. / Trabajo de Suficiencia Profesional

Submitted by Thaís Malheiros Assumpção (thaismalheiros1983@gmail.com) on 2017-05-18T17:53:46Z No. of bitstreams: 1 2017-05-15 Diss Thais.pdf: 2818930 bytes, checksum: 90a535e19962c8866c9749b2bd1f0597 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2017-05-18T17:58:57Z (GMT) No. of bitstreams: 1 2017-05-15 Diss Thais.pdf: 2818930 bytes, checksum: 90a535e19962c8866c9749b2bd1f0597 (MD5) / Made available in DSpace on 2017-05-18T19:58:13Z (GMT). No. of bitstreams: 1 2017-05-15 Diss Thais.pdf: 2818930 bytes, checksum: 90a535e19962c8866c9749b2bd1f0597 (MD5) Previous issue date: 2017-04-25 / O propósito desta pesquisa foi examinar a apropriação de valor gerado por certificações ambientais para edifícios de escritórios. Para responder a essa pergunta, primeiramente examinou-se o universo brasileiro desse tipo de selo por meio de pesquisa documental, que mostrou que o selo LEED é o mais utilizado em edificações de escritórios. Em seguida, entrevistas semi-estruturadas foram conduzidas com três grupos de stakeholders desse mercado: empresas usuárias, incorporadoras e gestores de fundos de investimentos imobiliário. Como ferramenta para triangular os dados primários, entrevistou-se um consultor especializado no processo de certificação de empreendimentos. Os resultados sugeriram que os três grupos apropriam o valor gerado pelo LEED por meio de menores despesas operacionais; empresas usuárias e incorporadoras identificaram que essa apropriação também se dá por meio de ganhos reputacionais; e incorporadores e gestores de fundos de investimentos apontaram o acesso a locatários que exigem essa certificação. Além disso, as incorporadoras citaram maior taxa de ocupação dos empreendimentos; e as empresas usuárias mencionaram acesso a novos conhecimentos, vantagens advindas de uma melhor qualidade ambiental interna e gestão mais profissional do edifício. Esse último fator, não identificado na literatura, constitui uma contribuição relevante dessa pesquisa, já que acrescenta à literatura de green buildings um novo aspecto a ser investigado. / The purpose of this research was to examine the appropriation of value generated by environmental certifications for office buildings. To answer this question, we first examined the Brazilian universe of this type of certification through documentary research, which showed that LEED is the most used certification in office buildings. Then, semi-structured interviews were conducted with three groups of stakeholders: user companies, real estate investment fund managers and developers. As a tool to triangulate the primary data, a consultant specialized in the process of this type of certification was interviewed. The results suggested that the three groups appropriated the value generated by LEED through lower operating expenses; User and incorporating companies have identified that this appropriation also takes place through reputational gains; And developers and fund managers pointed out access to renters who require this certification. In addition, the developers cited a higher rate of occupation of the projects; And the user companies mentioned access to new knowledge, advantages resulting from a better internal environmental quality and more professional management of the building. This last factor, not identified in the literature, constitutes a relevant contribution of this research, since it adds to the green buildings literature a new aspect to be investigated.