Starting from the decades of 1970 and, especially, 1980, the processes of
liberalization and deregulation of the fi nancial and foreign exchange markets were
expanded, in national and international scale. That allowed the intensifi cation of
the process of “fi nancialization” of the economy.12 Guttmann (2008, pp. 12-4)
observes that such movement, within the scope of non-fi nancial institutions, is
linked, especially, to the dominance of the logic of maximization of shareholder
value. In this context, the priorities of the company are focused on the short