Submitted by Elba Lopes (elba.lopes@fecap.br) on 2018-03-26T16:30:03Z No. of bitstreams: 2 Marta de Lourdes Ferreira.pdf: 815747 bytes, checksum: 5a3ca6df9a2d575450bc76d1bec0c528 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-03-26T16:30:03Z (GMT). No. of bitstreams: 2 Marta de Lourdes Ferreira.pdf: 815747 bytes, checksum: 5a3ca6df9a2d575450bc76d1bec0c528 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2016-09-06 / The main objective of this research was to raise and present isomorphism???s evidences in Operational Risk Management (ORM) of Financial Institutions (FIs) operating in Brazil. As specific objectives, to identify convergences and evaluate why they occur. It was made a qualitative and descriptive study of the historical development of ORM in FIs, regulations and similar works. It was carried out content analysis of "Pillar 3" Reports from ten IFs (75% of total assets) that acted in Brazil between 2013 and 2015. It was used descriptive categorizations of situations/events based on the theoretical framework, classified as performance evidence. It was found the presence of 100% of categories from coercive mechanism, 78% from the normative and 70% from the mimetic, proving the simultaneous performance of the mechanisms. The main categories for mechanism and disclosure index were: a) Coercive: related to legal compliance (100%); other risk management beyond the mandatory (89%); Business Continuity Plan (78%), a model of the three defense lines (56%), and prioritization of risks (56%). b) normative: committee responsibilities, executive officers and alike (100%); training in operational risk (78%), and dissemination of the risk culture (67%). c) mimetic: the use of technology in ORM (100%) and in loss databases (78%); the standardization of procedures between headquarters and branches (78%), as well as the use of indicators (78%). As a convergence point, there is a search for improvement of the ORM, and the compliance with requested criteria for approval of internal models to calculate capital requirements. The homogenization of the ORM was due to the legal demands, and its beneficial effects positively change the environment. The public disclosure of principles, the best practices and "Pillar 3" Reports allow other companies to use the main information and implement their own ORM structures. As future researches, we suggest the evolution of operational losses and evidence of the ORM performance; the current development stage of internal models; the profile analysis of people hired in the area, from the perspective of normative isomorphism; the technologies used in the ORM to identify mimetic isomorphism; the categories update of each mechanism, including technology area characteristics and human resources; as well as the research replication for companies subject to specific regulations, such as SOX and capital markets. / O objetivo principal da pesquisa ?? levantar e apresentar evid??ncias do isomorfismo na Gest??o de Riscos Operacionais (GRO) de Institui????es Financeiras (IFs) que operam no Brasil. O objetivo espec??fico ?? identificar pontos de converg??ncia e avaliar porque ocorrem. Realizada pesquisa qualitativa e descritiva da evolu????o hist??rica da GRO em IFs, regulamenta????es e trabalhos semelhantes. Efetuada an??lise de conte??do do Relat??rio ???Pilar 3??? de dez IFs (75% do total de ativos) que atuaram no Brasil entre 2013 e 2015. Utilizadas categoriza????es descritivas de situa????es/eventos conforme referencial te??rico, classific??veis como evid??ncias de atua????o. Constatou-se a presen??a de 100% das categorias do mecanismo coercitivo, 78% do normativo e 70% do mim??tico, comprovando a atua????o simult??nea dos mecanismos. Principais categorias por mecanismo e ??ndices de evidencia????o: a) coercitivo: relacionadas ao atendimento legal (100%); gest??o de outros riscos al??m dos obrigat??rios (89%); Plano de Continuidade de Neg??cios (78%), Modelo das Tr??s Linhas de Defesa (56%) e prioriza????o de riscos (56%). b) normativo: responsabilidades de comit??s, diretores e assemelhados (100%); treinamento em risco operacional (78%) e dissemina????o da cultura de risco (67%). c) mim??tico: uso de tecnologias na GRO (100%) e em bancos de dados de perdas (78%); padroniza????o de procedimentos entre matriz e filiais (78%) e o uso de indicadores (78%). Como ponto de converg??ncia, v??-se a busca pelo aperfei??oamento da GRO e o atendimento aos requisitos necess??rios para aprova????o de modelos internos para c??lculo de requerimentos de capital. A homogeneiza????o da GRO ocorreu em fun????o das demandas legais e seus efeitos ben??ficos alteram positivamente o ambiente. A divulga????o p??blica de princ??pios, melhores pr??ticas e relat??rios ???Pilar 3??? permite que outras organiza????es usem as informa????es como base e implantem suas pr??prias estruturas de GRO. Sugest??es de pesquisa: evolu????o de perdas operacionais e com evid??ncias de atua????o da GRO; est??gio atual de desenvolvimento dos modelos internos; an??lise do perfil dos profissionais contratados na ??rea, sob a ??tica do isomorfismo normativo; tecnologias usadas na GRO buscando evid??ncias do isomorfismo mim??tico; e replica????o da pesquisa para organiza????es sujeitas a regulamenta????es espec??ficas como SOX e mercado de capitais.

Submitted by Kelson (kelson@ucb.br) on 2016-08-10T18:59:09Z No. of bitstreams: 1 JulioCesardasNevesDissertacao2016.pdf: 2453492 bytes, checksum: 16fbfc7bb7d59d2a8f8daeb409caec9f (MD5) / Made available in DSpace on 2016-08-10T18:59:09Z (GMT). No. of bitstreams: 1 JulioCesardasNevesDissertacao2016.pdf: 2453492 bytes, checksum: 16fbfc7bb7d59d2a8f8daeb409caec9f (MD5) Previous issue date: 2016-02-19 / The present dissertation sought to present fairly straightforward doctrinal and jurisprudential debate about the tax immunity of private pension fund, maintained by philanthropic institution of education, nonprofit ??? for their employees. Where, initially, it was social solidarity, as constitutional basis to ensure a fair and egalitarian society. Then sought to introduce demographic scenario social security raised by the Brazilian Institute of geography and statistics-IBGE. Furthermore, it was held about explanation of constitutional power to tax immunities ??? emphasizing the constitutional and legislation infra-constitutional commandment that surround and permeate the pension funds. There was talk the sponsorship of private pension plans by Entity, non-profit education in favor of their employers. Already at the end were presented needs to have a corporate and social security governance of pension plans. And, in conclusion found that observing the commandments law, pension funds are effectively supported by the standard vaccines and lend themselves to an important role with regard to the political-administrative and social balance of the country. / A presente disserta????o buscou apresentar de forma bastante objetiva discuss??o doutrin??ria e jurisprudencial acerca da imunidade tribut??ria de fundo de previd??ncia complementar, mantido por institui????o filantr??pica de educa????o, sem fins lucrativos ??? para seus empregados. Onde, inicialmente, tratou-se da solidariedade social, como fundamento constitucional para garantir uma sociedade justa e igualit??ria. Em seguida, buscou-se apresentar o cen??rio demogr??fico previdenci??rio levantado pelo Instituto Brasileiro de Geografia e Estat??stica ??? IBGE. Ademais, foi realizada explana????o acerca das imunidades constitucionais ao poder de tributar ??? enfatizando o mandamento constitucional e a legisla????o infraconstitucional que cercam e permeiam os fundos de previd??ncia complementar em estudo. Falou-se ainda, do patroc??nio dos planos de previd??ncia complementar por Entidade de Educa????o, sem fins lucrativos em favor de seus empregadores. J?? na parte final foram apresentadas necessidades de se ter uma governan??a corporativa e previdenci??ria dos planos de previd??ncia complementar. E, na conclus??o constatou que observados os mandamentos legais, os fundos de pens??o efetivamente est??o amparados pela norma imunizante e, ainda, se prestam a um papel important??ssimo no que se refere ao equil??brio social e pol??tico-administrativo do pa??s.

Made available in DSpace on 2015-12-03T18:33:11Z (GMT). No. of bitstreams: 1 Marcelo_Bueno_de_Morais.pdf: 923077 bytes, checksum: 0240fffe544bfb3c0675036c9ebb3cbd (MD5) Previous issue date: 2014-11-04 / This dissertation considers the relationship between the practice of corporate governance and the implied cost of capital by the Brazilian??s publicly held companies seeking companies in the Novo Mercado da BM&FBovespa has lower implied cost of capital over the business of Traditional Market. The sample was used in this research includes the 228 largest non-financial publicly held companies in Brazil, in which 114 include Novo Mercado and 114, Traditional Market. The period considers from 2000 to 2013. As a proxy for corporate governance was used companies included in Novo Mercado segment. The Easton estimation method was used to calculate the implied cost of capital. The results show strong evidence of lower cost of capital for higher levels of corporate governance during the last ten years. / Esta disserta????o investiga a rela????o entre a pr??tica da governan??a corporativa e o custo de capital impl??cito das empresas brasileiras de capital aberto, buscando verificar se as empresas do Novo Mercado da BM&FBovespa possuem menor custo de capital impl??cito em rela????o as empresas do Mercado Tradicional. A amostra utilizada contempla as 228 maiores empresas n??o financeiras de capital aberto do Brasil, sendo 114 do Novo Mercado e 114 do Mercado Tradicional. O per??odo de an??lise compreende os anos 2000 a 2013. Como proxy de governan??a corporativa foi utilizada a participa????o da empresa no Novo Mercado e para o c??lculo do custo de capital impl??cito foi utilizado o m??todo de Easton. Os resultados mostram que nos ??ltimos 10 anos existem fortes ind??cios apontando para custos de capital menores para maiores n??veis de governan??a corporativa.

Made available in DSpace on 2015-12-03T18:33:15Z (GMT). No. of bitstreams: 1 Aparecida_Goncalves_da_Silva.pdf: 1221190 bytes, checksum: 650c6372013e23986bfb8e689ab0948b (MD5) Previous issue date: 2015-08-10 / This research highlights the practices of internal audit as an instrument influenced management to improve performance, through the review of the perception of managers of a Public Financial Institution. It was a qualitative and quantitative descriptive study, with a single observation field study, by means of a questionnaire investigation. The main population was composed of managers and subordinates to the area of internal audit (control group) and the Administrative strategic planning and subordinate areas (user group). To reach the goal of the study, it was applied questionnaire surveys, available online. The survey results confirmed the perception of the use of internal audit as an instrument in decision making, susceptible to improvement in the strategic planning process and effects on the administrative cycle of the institution, on aspects of Performance Audit. Among the main findings, it was evident that the perception of managers, that the researched financial institution shows concern in results-oriented management but the internal audit is apparently more focused on the control (in the evaluation of the implemented performance) rather than planning (in the criticism of planned performance) / Esta pesquisa evidencia as pr??ticas da Auditoria Interna como instrumental de gest??o influenci??vel ?? melhoria de Desempenho, pela an??lise da percep????o de gestores de uma Institui????o Financeira P??blica. Como m??todo de pesquisa, foi feita pesquisa de car??ter descritivo quali-quantitativo, com estudo de campo de ??nica observa????o, por meio de investiga????o por question??rio, tendo como popula????o gestores diretamente ligados e subordinados ?? ??rea de Auditoria Interna (grupo de controle) e ??s ??reas Administrativas de planejamento estrat??gico e subordinadas (grupo de usu??rios). Para alcan??ar o objetivo, foram utilizadas surveys de question??rio, com disponibilidade de acesso online, atrav??s de link web. Os resultados da pesquisa confirmaram a percep????o dos gestores quanto a utiliza????o da Auditoria Interna como instrumental na tomada de decis??o, influenci??vel a melhorias no processo de planejamento estrat??gico e efeitos no ciclo administrativo da institui????o nos aspectos da Auditoria de Desempenho. Dentre os principais achados, foi evidenciado que, na percep????o dos gestores, a institui????o financeira pesquisada apresenta preocupa????o em gest??o orientada a resultados, por??m, a Auditoria Interna, aparentemente, est?? mais focada no controle (avalia????o do desempenho realizado) e n??o em planejamento (cr??tica do desempenho planejado)

Made available in DSpace on 2015-12-03T18:35:03Z (GMT). No. of bitstreams: 1 Eduardo_Carmona.pdf: 1166688 bytes, checksum: b3087541f5e157167d8a31bca6b4780e (MD5) Previous issue date: 2008-08-25 / The choice of this theme was motivated by personal interest of the author and by his presence in the area, in addition, the changes due to publication of the Sarbanes & Oxley generated great impacts on the internal audit activity in insurance companies. The general objective of the research is to examine the new skills to meet changes in the insurance market after the Sarbanes & Oxley, and aims to identify specific skills required of the internal auditor active in the insurance market and verify the perception of the internal auditor active in the insurance market on the degree of importance of these skills. In this context, this research provides the lifting of three assumptions: H1 The skills required of internal auditors working in the insurance market are equivalent to a whole; H2 Among the skills required of internal auditors working in the insurance market, technical knowledge is more important; H3 Among the skills required of internal auditors working in the insurance market, the interpersonal and communication skills are more important. To conduct this research was conducted a survey that allowed bibliographic detect the powers of internal audit in the face of demands for transparency and accountability post-publication of the law, then there was a group of integrated focus for professionals working in auditing and consulting companies insurance which enabled describe the specific skills of the internal auditor in the insurance market. As a result of the focus group pointed to 19 skills required of the internal auditor. In a second stage, was drawn up a questionnaire, where 12 were selected among the powers given by the focus group. The questionnaire was answered by 105 internal auditors. As a result of this research, identified itself as the most important skills identified were: Knowing the Sarbanes - Oxley Mastering the concepts and methodology of the audit, and know the concepts of COSO. There is also a trend that there is the possibility that number 2 (H2) presented. It can be concluded with the results achieved in this research that the impact generated by the Sarbanes & Oxley influenced directly in the execution of internal audit activities in the insurance companies and consequently the skills required in his role. / A escolha desse tema foi motivada pelo interesse pessoal do autor e por sua atua????o na ??rea, adicionalmente, as altera????es ocorridas devido ?? publica????o da lei Sarbanes & Oxley produziram grande impacto na atividade de auditoria interna em companhias de seguros. O objetivo geral da pesquisa consiste em analisar as novas compet??ncias para atender ??s mudan??as ocorridas no mercado segurador ap??s a lei Sarbanes & Oxley, bem como tem como objetivos espec??ficos identificar as compet??ncias requeridas do auditor interno atuante no mercado segurador e verificar a sua percep????o sobre o grau de import??ncia dessas compet??ncias. Nesse contexto, esta pesquisa propicia o levantamento de tr??s hip??teses: H1: As compet??ncias requeridas dos auditores internos atuantes no mercado segurador s??o equivalentes em seu conjunto; H2: Dentre as compet??ncias requeridas dos auditores internos atuantes no mercado segurador, os conhecimentos t??cnicos s??o mais importantes; H3: Dentre as compet??ncias requeridas dos auditores internos atuantes no mercado segurador, as habilidades interpessoais e de comunica????o s??o mais importantes. Para a realiza????o desta pesquisa, foi realizado um levantamento bibliogr??fico que permitiu detectar as compet??ncias da auditoria interna diante das exig??ncias de transpar??ncia e responsabilidade p??s-publica????o da lei; posteriormente, realizou-se um Focus Group integrado por profissionais de auditoria atuantes em consultorias e companhias de seguros o qual possibilitou elencar as compet??ncias espec??ficas do auditor interno no mercado segurador. Como resultado do Focus Group apontaram-se 19 compet??ncias requeridas do auditor interno. Em uma segunda etapa, foi elaborado um question??rio, em que foram selecionadas 12 compet??ncias dentre as apresentadas pelo Focus Group. Esse question??rio foi respondido por 105 auditores internos. Como resultado desta pesquisa, identificou-se que as compet??ncias mais importantes apontadas foram: Conhecer a lei Sarbanes - Oxley e dominar os conceitos da metodologia de auditoria, bem como conhecer os conceitos do COSO. Verifica-se, tamb??m, que existe uma tend??ncia ?? hip??tese de n??mero 2 (H2) apresentada. Pode-se concluir, com os resultados obtidos nesta pesquisa, que os impactos gerados pela lei Sarbanes & Oxley influiram diretamente na execu????o das atividades de auditoria interna em companhias de seguros e, conseq??entemente, nas compet??ncias exigidas em sua fun????o.

Made available in DSpace on 2015-12-03T18:35:04Z (GMT). No. of bitstreams: 1 Ademar_Lucas.pdf: 1485296 bytes, checksum: 9ffbcd8ffda7505b281291f57926d773 (MD5) Previous issue date: 2008-05-01 / One of the main goals of the companies is to have a consistent internal controls system, with not only the objective of attending the legal rules, specially COSO and Corporate Finance, but also get prepared to be in compliance to the daily routines, turning them into a model when compared to the principal competitors and mainly the present and future investors. To attend and obtain the systems and internal controls mechanisms proposed by Sarbanes-Oxley certifications is actually a big challenge for most of the multinational companies registered in SEC (US Securities and Exchange Commission). Lean structures, rare resources with challenging deadlines assume the huge responsibility to attend the requirement that without a vigorous implementation project, in many cases fail or reach the objectives with high costs and end up destroying value instead of generating it. So, due to this scenario, this work has the objective of contributing to the analysis of this methodology, not only to attend the law but to reduce cost and generate value through the strengthen of the internal controls systems, turning them into animating value generation process mechanisms. So, the idea is to identify the main gaps in the theory through the literature revision and a case study in order to put a question to the main deficiencies, strong points or contributions through the evaluation of the noticed practices and the proposition of a model. Finally, we can say that as a result of the research and the analyses made in this case, the vast majority of executives and other employees recognize the benefit that Sarbanes-Oxley Act has brought to the company searched. Also recognize that, although there is still necessity for systemic adequacy and infrastructure, it helps reducing and controlling the risks and reinforce the system of internal controls in all ts areas of expertise. Approach and understand that there is need for a change in the other employees' culture to be inserted in the day-to-day routine as internal controls, attention to Sarbanes-Oxley and Corporate Governance, making the control cost smaller when compared to the benefits generated. / Dentre os principais objetivos das empresas, est?? o de possuir um sistema estruturado de Controles Internos, n??o somente visando o atendimento ??s regras e normas legais, notadamente as de COSO e Governan??a Corporativa, mas tamb??m preparar a empresa para estar em "compliance" com suas atividades rotineiras, bem como representar um referencial delas em rela????o aos seus principais concorrentes e principalmente aos investidores presentes e futuros. Atender e obter a certifica????o dos sistemas e mecanismos de Controles Internos propostos pela Lei Sarbanes-Oxley, ?? atualmente um grande desafio para a maioria das empresas multinacionais que tenha registro na SEC (comiss??o de Valores Mobili??rios dos Estados Unidos da Am??rica). Estruturas enxutas com recursos escassos, com prazos desafiadores assumem a imensa responsabilidade de atender aos requisitos, sendo que sem um projeto robusto de implanta????o, em muitos casos malogram, ou realizam seus objetivos com altos custos e acabam destruindo valor ao inv??s de gerar. Diante desse quadro, o presente trabalho tem como objetivo contribuir para a an??lise dessa metodologia, n??o somente para atendimento ?? Lei, mas para reduzir custos e gerar valor atrav??s do fortalecimento dos sistemas de Controles Internos, transformando-os em mecanismos impulsionadores do processo de gera????o de valor. Para tanto, a id??ia ?? buscar identificar as principais lacunas da teoria atrav??s da revis??o da literatura e da apresenta????o de um estudo de caso, para o levantamento das principais defici??ncias, pontos fortes ou contribui????es atrav??s da avalia????o das pr??ticas percebidas e a proposi????o do modelo. Finalmente, poder-se-ia afirmar que como resultado da pesquisa e das an??lises efetuadas que, no caso sob estudo, a grande maioria dos executivos e demais colaboradores reconhecem o benef??cio que a Lei Sarbanes-Oxley trouxe para a empresa pesquisada. Reconhecem ainda que, apesar de ainda haver necessidade de adequa????o sist??mica e de infra-estrutura, ajuda na redu????o e controle dos riscos e refor??a sobremaneira o sistema de Controles Internos em todas as suas ??reas de atua????o. Abordam e entendem que h?? necessidade de alguma mudan??a na cultura dos demais colaboradores, para que seja inserida no seu dia-a-dia a cultura de Controles Internos, atendimento ?? Lei Sarbanes-Oxley e Governan??a Corporativa, fazendo com que o custo de controle seja cada vez mais reduzido, em rela????o aos benef??cios por eles gerados.

Made available in DSpace on 2015-12-04T11:45:36Z (GMT). No. of bitstreams: 1 Jose_Carlos_Penha.pdf: 1184679 bytes, checksum: b4481f679814c2f7d3cdb3fb6dda5f07 (MD5) Previous issue date: 2005-07-19 / The purpose of this work consists of the exploratory study about the positioning of directors and managers of an eastern multinational subsidiary company established in Brazil, as regards the implementation of the requirements determined for the Sarbanes-Oxley Act for the companies which have American Depositary Receipts negotiated in North American stock exchange. Initially they are presented, from bibliographical and documentary research, the main points of the Act and the management aspects with which it interacts, as risk management, corporate governance and internal controls. In the sequence, the methods and techniques of the research are demonstrated, as well as the argument that substantiated the decision for the use of the case study method as the appropriate strategy for the research. The elaboration of the protocol for the case study consisted in the main tactics to increase the research reliability and to guide the researcher during its development. To collect the data it was elaborated and applied a questionnaire to all directors and managers of the company. The data had been treated by the descriptive Statistics, conjugated with not-parametric techniques (discriminant analysis), for the application of the Kruskal-Wallis test, with the use of SPSS software. After the data collection, treatment, analysis and interpretation, it was gotten answer to the research question, how the company directors and managers will act front to the necessity of the requirements implementation determined for the Sarbanes-Oxley Act. The research demonstrated that the directors and managers are conscious of the deficiencies of the current internal control system, corporate governance and risk management. It also demonstrated the necessity of investments for the full attendance to the requirements of the Law. In addition, it was verified that the rules of internal control and corporate governance are not fulfilled by all the employees. It was detected, also, the existence of an appetite for risks, however the culture directed to the risk management is incipient. / O objetivo deste trabalho consiste no estudo explorat??rio sobre o posicionamento dos diretores e gerentes de uma companhia subsidi??ria de multinacional oriental estabelecida no Brasil, quanto ?? implementa????o dos requisitos determinados pela Lei Sarbanes-Oxley para as empresas que possuem American Depositary Receipts negociados em bolsas de valores norte-americanas. Inicialmente s??o apresentados, a partir de pesquisa bibliogr??fica e documental, os principais pontos da citada Lei e os aspectos de gest??o com os quais interage, como gest??o de riscos, governan??a corporativa e controles internos. Na seq????ncia s??o demonstrados os m??todos e t??cnicas da pesquisa e a argumenta????o que embasou a decis??o pela utiliza????o do m??todo do estudo de caso como a estrat??gia mais adequada para a pesquisa. A elabora????o do protocolo para o estudo de caso constituiu-se na t??tica principal para aumentar a confiabilidade da pesquisa e orientar o pesquisador durante o seu desenvolvimento. Para coletar os dados foi elaborado e aplicado question??rio a todos os diretores e gerentes da empresa. Os dados foram tratados pela Estat??stica descritiva, conjugada com t??cnicas n??o-param??tricas (an??lise discriminante), pela aplica????o do teste de Kruskal-Wallis, com aux??lio do software SPSS. Da coleta, tabula????o, an??lise e interpreta????o dos dados obteve-se a resposta ?? quest??o de pesquisa, como os diretores e gerentes da empresa agir??o frente ?? necessidade de implementa????o dos requisitos determinados pela Lei Sarbanes-Oxley. A pesquisa demonstrou que os diretores e gerentes est??o conscientes das defici??ncias dos atuais sistemas de controle interno, governan??a corporativa e gest??o de riscos. Demonstrou tamb??m a necessidade de investimentos para o pleno atendimento ??s exig??ncias da Lei. Subsidiariamente, verificou-se que as regras de controle interno e governan??a corporativa n??o s??o cumpridas por todos os funcion??rios. Foi detectada, tamb??m, a exist??ncia de um apetite para riscos, por??m a cultura voltada ?? gest??o de riscos ainda ?? incipiente.

Made available in DSpace on 2015-12-03T18:33:09Z (GMT). No. of bitstreams: 1 Marcello_Marchiano.pdf: 1740349 bytes, checksum: df2913ccacd44fbf4d6f4a098e9a94bd (MD5) Previous issue date: 2014-06-24 / The individual values researches have gain growing attention of the academy, specially by it??s predicting expected behavior condition. The Schwartz Value Survey (SVS) identifies, evaluates and allows the prioritization of the human values by its relative importance. The objective of this article, exploratory research, is to apply the SVS in the board members population of the brazilian corporations, listed or not, in the BMF&Bovespa. The results allow the evaluation of the influence, the compatibility and conflict of the relation between value-behavior in both Corporate Governance systems; the pro-shareholder and pro-stakeholder. The conclusions obtained, in the sample of 121 board memebers, indicates that significative axiological priorities differences in the individuals values belonging to each of the corporate governance systems could be noted / As pesquisas dos valores individuais t??m ganhado aten????o crescente da academia, especialmente quanto ?? predi????o de comportamentos esperados. O Invent??rio de Valores de Schwartz (IVS) identifica, avalia e permite priorizar os valores humanos em fun????o de sua import??ncia relativa. O objetivo desta disserta????o, de car??ter explorat??rio, ?? aplicar o IVS na popula????o de conselheiros de administra????o das empresas brasileiras, listadas ou n??o, na BM&FBovespa. Os resultados permitiram avaliar a influ??ncia, a compatibilidade e o conflito da rela????o valor-comportamento nos dois sistemas de Governan??a Corporativa: o pr??-shareholder e o pr??-stakeholder. As conclus??es alcan??adas, na amostra de 121 conselheiros de administra????o, sugerem que existem diferen??as na prioridade axiol??gica dos valores dos indiv??duos pertencentes a cada um dos sistemas de Governan??a Corporativa