Leonardo Bispo de Jesus Júnior, Hamilton de Moura Ferreira Júnior, Uallace Moreira Lima, Mauro Borges Lemos

Instituições, governança corporativa e desempenho econômico: uma análise comparativa

Introduction

Instituições, governança corporativa e desempenho econômico: uma análise comparativa . Analisa governança corporativa, financeirização e desempenho econômico em EUA, Japão, Coreia do Sul. Explora o impacto do modelo de valor para o acionista nas políticas de desenvolvimento.

Abstract

O artigo discute a evolução da governança das grandes corporações norte-americanas e o seu processo de financeirizaçãoem comparação com os modelos adotados por países que tiveram processos de catching up em fases distintas docapitalismo (Japão e Coreia do Sul). O contexto da globalização financeira, a partir dos anos de 1980, agudizou afinanceirização das grandes corporações. O modelo de governança da Maximização do Valor para o Acionista (MVA) surge como a “mellhor prática” organizacional nesse contexto. A partir destas experiências, hipotetiza-se que a adoçãodeste modelo impõe constrangimentos à formulação de políticas para o desenvolvimento econômico pelos Estados Nacionais. Percebe-se que o processo de liberalização financeira, ocorrido no Japão e na Coreia do Sul, aproximou agovernança das empresas de capital aberto destes países do modelo da MVA, o que tem reduzido os graus de liberdadedo Estado na implementação de políticas para o desenvolvimento. Palavras-chaves: Financeirização; Governança Corporativa; Inovação Organizacional; Competitividade; Desempenho Econômico.

Review

The article "Instituições, governança corporativa e desempenho econômico: uma análise comparativa" tackles a highly relevant and complex topic: the interplay between corporate governance models, financialization, and national economic development. The abstract clearly articulates the paper's objective, which is to compare the evolution of US corporate governance and its financialization with the experiences of Japan and South Korea, nations that underwent distinct catching-up processes. A key strength lies in its timely focus on how the "Shareholder Value Maximization" (MVA) model, arising in the context of financial globalization post-1980s, potentially constrains the ability of national states to formulate effective economic development policies, especially following financial liberalization in these East Asian economies. This comparative institutional approach offers valuable insights into the differing impacts of global financial trends on national governance structures and policy space. While the abstract sets a compelling analytical agenda, certain areas could benefit from more explicit theoretical or empirical grounding within the full paper. The assertion that MVA emerges as the "best organizational practice" merits further critical examination, particularly in light of its hypothesized constraints on national development. A more nuanced discussion of *how* this "best practice" designation is constructed and challenged would strengthen the argument. Furthermore, while the abstract points to financial liberalization in Japan and South Korea leading to an approximation with the MVA model, the specific mechanisms and institutional adaptations (or resistance) through which this convergence occurs could be elaborated. Understanding the specific *types* of economic development policies constrained, and the *degree* of this constraint in each country, would provide richer empirical detail. In conclusion, this paper addresses a critical issue at the intersection of institutional economics, corporate finance, and development studies. Its comparative framework focusing on advanced and catching-up economies provides a valuable lens through which to understand the complex implications of financialization for national policy autonomy. The central hypothesis regarding the MVA model's limiting effect on state-led development is provocative and highly relevant for contemporary debates on economic policy. Given the importance of the topic and the clear articulation of its scope, the paper represents a significant contribution to the literature and is recommended for publication.

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