Distribuição de valor aos stakeholders por empresas em recuperação judicial

Abstract

In summary, for Stakeholder Theory, the objective of corporate governance is to create and distribute value fairly to stakeholders, reconciling moral values with the practice of business activity. The purpose of this study is to answer how companies in Judicial Recovery distribute value to Stakeholders. This is a qualitative research, performed from the collection of documents directly in the judicial recovery processes and later submitted to content analysis techniques through inductive support, with the support of NVivo v12 software. The database, built especially for this study, was structured from the information collected in 439 Judicial Reorganization proceedings, which represent the set of judicial reorganization proceedings filed from 2015 to 2017 throughout the state of São Paulo. The results obtained from the analysis of the Recovery Plans allow us to affirm that the process of value distribution does not occur in a balanced way, with a predominance of shareholder interests over the interests of the other analyzed groups, Creditors, Employees, Suppliers and Government. Thus, we can conclude that companies in Judicial Recovery do not have management strategies aligned with the principles of Stakeholder theory, which leads to an imbalance in the distribution of value in the judicial recovery process. The study also presents information on the profile of the companies that make up the sample and the result of a quantitative survey of the debt renegotiation proposals presented by the companies to their creditors, contributing to a better understanding of the circumstances surrounding the relationships in a process. judicial recovery in Brazil and opening the field for further studies.