Corporate Governance in the firms.

Furthermore the study on this topic was expanded beyond the

shareholders-managers relationship since that on the present days all the stakeholders are
considered in the Corporate Governance mechanisms. All the agents that have influence in a normal
basis of a company are considered, since the creditors, suppliers, government, banks, regulators,
clients, sponsors and in an extreme point the society in general. This new trend is more evident in
Europe as in the United States of America the capital markets perspective drive the Corporate
Governance mechanisms. In fact, the Corporate Governance in the USA plays a role so fundamental
that it is the only country that has it legislated through the Sabarnes-Oxlet Act (2002)5.