Isac de Freitas Brandão

The ultimate controlling owner and corporate governance in Brazil

High ownership concentration makes controlling blockholders powerful enough to use private benefits of control and able to shape the corporate governance system to favor their own interests. This paper aims to examine the effect of the nature of the ultimate firm owner on the quality of corporate governance in Brazil.,Econometric models are estimated to assess whether the nature of the ultimate controlling shareholder affects the quality of the corporate governance system. Models are estimated using panel data methodology with coefficients estimated by the generalized method of moments system estimator.,The results show that the absence of a controlling shareholder has a positive effect on corporate governance, whereas the presence of a controlling blockholder, or a shareholder agreement among a few large shareholders, has a negative effect. This adverse effect holds when the controlling blockholder is a family or another firm. The findings are in line with the expropriation effect given that weaker corporate governance system facilitates controlling shareholders’ ability to extract private benefits of control. The findings also give support to the substitution effect as powerful blockholders take on the management monitoring function by weakening the board.,Following important previous literature, the study investigates the effect of the nature of large controlling shareholders on the adoption of good corporate governance practices. The work provides additional evidence on the effect of the nature of large controlling shareholders on the quality of the corporate governance system in Brazil, taking into account the main kinds of controlling blockholders present in that market. The findings give support to both the expropriation and substitution hypotheses highlighting the presence of the principal-principal agency model in an important emerging market, Brazil.

Satisfação no serviço público: um estudo na Superintendência Regional do Trabalho e Emprego no Ceará

Job satisfaction is seen as an aspect that, when present, motivates employees and affects positively their productivity. In this perspective, the present work intended to identify the preponderant factors for job satisfaction in Regional Superintendent of Labor and Employment (SRTE / CE), in the Light of Herzberg’s two-factor theory. It was carried out a survey with three distinct groups of public agents: labor inspectors, administrative servers and trainees. The data were analyzed by quantitative method and content analysis. The questionnaire contained a five-point Likert-type satisfaction scale, concerning the level of satisfaction of surveyed people with five motivational factors and six hygiene factors, in addition there were two open questions about other aspects with which the respondents were satisfied or dissatisfied. The results revealed that the motivational factors prevailed in the generation of satisfaction in the three investigated groups were carrying out professional, activities performed and the responsibility assigned; related to hygiene factors, respondents were more satisfied in general, under the supervision and interpersonal relationships. These results corroborate previous research conducted in other governmental entities. Additionally, correlation analyzes and no-parametric tests showed that the profile characteristics may influence the respondents satisfaction with hygiene and motivational factors analyzed.