Publications
Scientific and technical output
- 2027In preparationBook
Governança Corporativa: práticas que geram valor
Lugoboni, L. F.; Mello, R. V.; Andrade, D.; Carvalho, W. D.
GEN Atlas — under contract, in production · release expected February 2027
- 2026PresentedArticle
O papel da TI na integração entre GRC e ERM: uma revisão sistemática da literatura
Carvalho, W. D.; Meirelles, J. P. S.; Costa, D. A.
1st EPPEN Research Colloquium · Unifesp, Osasco Campus, October 29–30, 2026
Abstract
Information Technology (IT) is recurrently presented as an enabler of the convergence between Governance, Risk and Compliance (GRC) and Enterprise Risk Management (ERM), yet this claim is seldom examined systematically. This study analyses how academic literature addresses the role of IT in that integration. A theory-driven systematic literature review (SLR) was conducted and reported according to PRISMA 2020, covering Web of Science and Scopus, with the last search on 24 November 2025. The search identified 173 records which, after duplicate removal and the application of eligibility criteria, resulted in 13 studies analysed in full. The findings indicate that IT appears in three recurring roles: governed object and source of risk, compliance instrument (mapping requirements onto controls, continuous monitoring and analytics), and a means of integrating IT frameworks. GRC-ERM integration, however, is not investigated: only one of the 13 studies uses the ERM construct, none explicitly addresses the elements that would characterise integration, and none includes it in its research agenda. The findings are synthesised in the Missing Link Model between GRC and ERM. We conclude that IT-mediated convergence is, in the literature examined, an untested premise rather than a research object, and we propose to reformulate it: IT integrates components of IT GRC, and the connection with ERM depends on a link not yet observed empirically.
Keywords. Information Technology; Governance, Risk and Compliance (GRC); Enterprise Risk Management (ERM); IT Governance; Systematic Literature Review
- 2026PresentedConference Proceedings
Assimetria de informação nas decisões de conselho: uma revisão sistemática da literatura
Carvalho, W. D.; Lugoboni, L. F.; Nascimento, J. O.
EnANPAD 2026 — CON division, Governance, Auditing and Internal Control · UNIFOR, Fortaleza, Brazil, September 23–25, 2026 · presented orally, published in the proceedings
Acceptance letterAbstract
our translation; the original has no version in this language
This study analyzes how information asymmetry shapes the relationships between CEOs and advisory boards and its implications for decision-making in corporate governance. Drawing on a systematic literature review grounded in the PRISMA protocol, it examines evidence from research published in high-impact journals, focusing on the informational and relational mechanisms that structure these interactions. The results indicate that information asymmetry is not limited to a governance failure but constitutes a multidimensional phenomenon that simultaneously enables and compromises decision quality. Vertical asymmetry stems from CEO control over the informational flow, whereas horizontal asymmetry emerges from social ties that create informal information channels. These mechanisms can broaden access to knowledge but may also reduce monitoring independence. The study argues that the effectiveness of advisory boards depends on the balance between access to information and critical autonomy. As a contribution, it integrates the vertical and horizontal dimensions of information asymmetry and broadens the understanding of informational dynamics within advisory structures.
Keywords. Corporate governance; Information asymmetry; Advisory boards
- 2026PublishedArticle
Independência não se declara, se expõe!
Carvalho, W. D.
Governança FECAP, year IV, no. 12, August 2026 · A vida como ela é section
Abstract
our translation; the original has no version in this language
The yardstick that measured the independence of Brazilian boards has changed. What has not changed yet is what it can see.
- 2026In preparationArticle
Information Asymmetry in Board Decision-Making: A Systematic Literature Review
Carvalho, W. D.; Lugoboni, L. F.; Nascimento, J. O.; Zittei, M. V. M.
Systematic review following the PRISMA protocol · venue to be defined
Abstract
This study examines how information asymmetry (ASIN) shapes the relationships between CEOs and advisory boards and its implications for decision-making in corporate governance. Drawing on a systematic literature review grounded in the PRISMA protocol, evidence from research published in high-impact journals is examined, with a focus on the informational and relational mechanisms that structure these interactions. The results indicate that ASIN is not merely a governance failure but a multidimensional phenomenon that simultaneously enables and compromises decision quality. Vertical ASIN stems from CEO control over the informational flow, whereas horizontal ASIN emerges from social ties that create informal information channels. These mechanisms can broaden access to knowledge but may also reduce monitoring independence. The study argues that the effectiveness of advisory boards depends on the balance between access to information and critical autonomy. As a contribution, it integrates the vertical and horizontal dimensions of ASIN, drawing on a sample of 14 studies, and broadens the understanding of informational dynamics within advisory structures.
Keywords. Corporate governance; Information asymmetry; Advisory boards; CEO; Board of Directors
- 2026Under reviewArticle
Códigos de conduta das empresas da B3: influências do setor de atuação e da estrutura de governança corporativa
Lugoboni, L. F.; Pacheco, M. A.; Koga, A. S.; Carvalho, W. D.; Nascimento, J. O.
Revista Ibero-Americana de Estratégia (RIAE) — submitted
Abstract
Purpose: to analyze how business sector and corporate governance level influence the structure and content of the codes of conduct of companies listed on B3. Design/methodology/approach: descriptive, documentary research based on a sample of 232 codes of conduct from companies in the New Market, Level 2, and Level 1 listing segments, analyzed through categorical content analysis (Bardin) and Pearson's chi-square test, covering 16 ethical themes identified in the literature. Originality/Relevance: despite the growing use of codes of conduct as corporate governance instruments, the literature still lacks studies relating their structure and content to companies' business sector and governance level, a gap this study addresses in light of institutional isomorphism theory. Findings: a common core of themes widely disseminated among companies was identified — conflict of interest, moral and sexual harassment, discrimination, and the environment. Themes such as privileged information, gifts and favoritism, nepotism, whistleblowing channels, and psychotropic substance abuse showed statistically significant differences according to business sector and corporate governance level. Contributions: the findings corroborate the institutional isomorphism perspective and offer input for boards of directors and compliance areas in drafting codes more aligned with good practices and sector-specific particularities.
Keywords. Code of conduct; Business sector; Corporate governance; Board of Directors; Institutional isomorphism
- 2026Under reviewArticle
Quando as metas corroem o que pretendem promover: uma revisão sistemática das consequências disfuncionais das metas corporativas
Carvalho, W. D.; Santos, C. G. L. B.; Lugoboni, L. F.; Gama, A. T. C. F.
Systematic review following PRISMA 2020 · submitted, under review
Abstract
our translation; the original has no version in this language
Objective: to systematize and explain the dysfunctional consequences associated with corporate performance targets, the behavioral and managerial mechanisms that sustain them, and the conditions under which they intensify. Methods: a systematic review conducted in accordance with PRISMA 2020, searching the EBSCO Business Source Complete database in May 2026 and restricted to peer-reviewed articles published between 2021 and 2026 in SJR Q1 or Q2 journals; of the 173 records identified, 17 formed the corpus, analyzed through a qualitative synthesis structured by the typology of Franco-Santos and Otley (2018). Results: the five dysfunctional manifestations do not operate discretely, since 15 of the 17 studies cut across more than one category, and the transformation of social relationships, the most frequent one, works as the transmission channel for the others. The mechanisms identified include moral disengagement, emotional exhaustion, and fear of failure, modulated by design parameters, governance structures, and individual characteristics. Conclusions: deviance emerges as a rational response to the design of the measurement system rather than as an episodic moral failure, which shifts managerial intervention from controlling the individual to designing the targets.
Keywords. management by objectives; personnel management; ethics; work environment; leadership · JEL: M12, M52, D23
- 2026GrantedPatent
Unidade rotativa independente de edifício ou congênere
Maistro, E. B.; Carvalho, W. D.; Teixeira, D. A.
Letters Patent BR 102025004727-6 · INPI, Brazilian Patent and Trademark Office · filed 12 Mar 2025, granted 14 Apr 2026 · assignee: TOTB Participações Ltda · classification E04B 1/346
- 2025PublishedTechnical Report
Gerenciando riscos corporativos: uma análise da taxonomia de Kaplan e Mikes
Carvalho, W. D.; Andrade, D.; Lugoboni, L. F.
Revista Internacional de Debates da Administração e Públicas (RIDAP), vol. 10, no. 1, pp. 1–6 · e-ISSN 2595-7260
Download PDFAbstract
Corporate risk management has evolved from an isolated function into an integrated and strategic process central to contemporary governance. This article proposes an analytical framework to classify and manage risks based on the taxonomy of Kaplan and Mikes, distinguishing preventable, strategic, and external risks. It argues that each category requires distinct approaches, tools, and control systems, avoiding one size fits all solutions. The study discusses the role of a Risk Management Office as a mechanism for organizational coordination, as well as the contribution of the Chief Risk Officer in integrating ERM into decision making. The findings indicate that a differentiated approach to risk management improves resource allocation, strengthens the ability to anticipate and respond to threats, and contributes to greater resilience and higher quality corporate governance.
Keywords. Corporate Risk Management; Risk Taxonomy; Corporate Governance; Chief Risk Officer; Risk Management Office
- 2025PublishedChapter
Os desafios multifacetados do líder trifuncional no conselho consultivo: uma jornada ética e de valores fundamentada na governança corporativa
Carvalho, W. D.
Chapter 33. In: OKUHARA, R. (coord.). Ecossistema de Conselhos. Editora BOC, 2025 · ISBN 978-65-85593-70-0 · edited volume with 33 contributing authors
Abstract
our translation; the original has no version in this language
This chapter analyzes the ethical and governance challenges of the tri-functional leader, a professional who simultaneously holds the positions of minority shareholder, CEO, and chair of the advisory board. It is argued that this overlap blurs the boundaries between ownership, strategic execution, and the conduct of the collegiate body's work, increasing the risk of conflicts of interest. The dilemmas specific to each role are examined: as shareholder, the ownership stake shapes the perception of risk; as CEO, pressure for results shifts the focus to execution and accountability; as chair, what is expected is neutrality in conducting proceedings, faithful minutes, custody of confidential information, and the facilitation of dialogue between management and board members. Privileged access to information is identified as the most sensitive point: the leader must mitigate asymmetries and adverse selection by providing complete, timely, and clear data, above all to independent board members, whose presence is treated as a pillar that strengthens governance rather than an obstacle. Transparency, fairness, accountability, and corporate responsibility are discussed as standards of conduct, together with practical mitigation mechanisms: explicit delimitation of roles, declaration of conflicts, abstention from deliberations, and direct channels with board members. It is concluded that advanced training in governance supplies the analytical lenses, but personal integrity guides decisions under pressure; success lies not in the absence of challenges but in the capacity to face them without compromising the company's continuity.
Academic output is also recorded on the Lattes CV.