Governança corporativa nas micro e pequenas empresas brasileiras: implantação e aplicação dos princípios fundamentais em suas finanças

Abstract

In Brazil, the small companies are important not only for the economy but also for job creation, being responsible for 52% of the formal labor in the country and about a quarter of its GDP. However, there is still a need for public aids and policies that facilitate the establishment of new small firms and, most importantly, helping them maintain stability and continuity. The mortality rate of such companies are directly associated with problems regarding financial planning and control. There are several improvement and implementation opportunities using the concepts of transparency, fairness, accountability and corporate responsibility preached by the Corporate Governance, which can guide the actions to guarantee the firm’s sustainability and facilitate their gathering of necessary resources. In spite of having a greater emphasis on large corporations, the Corporate Governance concepts and pillars apply to any business structure. Implementing and adapting them for use in the management of smaller companies, would contribute to mitigate the risks arising from inefficient financial information monitoring. According to this research, due to these business being part of the informal sector and not making use of important information, the business experience is the sole responsible for the company's success. Some of the possible actions when using the basic principles of corporate governance are: creating protective mechanisms for companies and family businesses; taking actions that allow the managers to better control the cash flow; highlighting flaws and opportunities to obtain funding; providing the financial managers other possibilities to specify prices and demand planning.