Confiança versus controle: análise da governança do fundo garantidor para investimentos

Abstract

This article analyzes the change in the control mechanisms and trust-building in the relational governance of Investment Guarantee Fund (FGI in Portuguese acronym), a guarantee fund managed by National Bank of Economic and Social Development (BNDES in Portuguese acronym). The Fund provides guarantees for Microentrepreneurs, Small and Medium Enterprises (MPMEs in Portuguese acronym) access to credit and depends on the adhesion of financial agents to operate. For this analysis we used trust and control models in inter-organizational relationships and guarantee systems. The method used was a single case study conducted with the fund manager with documental analysis and semi-structured interviews. The results of analysis indicated that, to expand its operations, the fund had to migrate from a governance structure with structural perspective based in controls, used in the previous experience, the FGPC, to a relational structure that generates trust of financial agents.