Shareholders ou Stakeholders – Por quais interesses são tomadas as decisões dos CFOs?

Abstract

Within the corporate governance spectrum, the debate about which is the companies’ real role is old. Two antagonistic theories stand out: the theory of shareholders and the theory of stakeholders. The governance model in Brazil, according to studies and researches, presents a higher focus in the support to the companies’ interests, in consequence it is expected that the managers of the companies located in Brazil, through their actions and decisions be aligned with these targets. In this paper, the objective is to get to understand in the interest of whom do Chief Financial Officers – CFOs, who work in companies located in Brazil, make their decisions. By conducting a survey with these professionals, it was noticed that there is a tendency towards a balance in the choice of decisions that seek to meet the interests of shareholders and stakeholders, signaling that, in fact, their decisions seek to obtain the companies’ best results. Therefore, the majority of CFOs have an interesting behavior towards shareholders as well as stakeholders, since a company that achieves better results and maximizes its wealth, offers for both groups perennial benefits and results.