Corporate Governance in Brazil: Reflection on the Epistemological Approach of Imre Lakatos

Objective: The objective of this study is to investigate corporate governance in Brazil from the epistemological perspective of Imre Lakatos, reflecting on the applicability of his concepts—hard core, protective belt, auxiliary hypotheses, positive and negative heuristics—to the field of governance, highlighting strengths, weaknesses, and possible directions for research programs. Theoretical Framework: The study is based on the methodology of Imre Lakatos's scientific research programs, articulating his core concepts with the literature on corporate governance. The study considers the contributions of classic authors such as Jensen and Meckling (1976) and Silveira (2002; 2004), as well as normative contributions from the IBGC (2020), the CVM, and corporate legislation, which have shaped the development of governance in Brazil. Method: This is a theoretical, reflective, and conceptual essay that does not seek to empirically test hypotheses, but rather to interpret and discuss Lakatos's epistemological foundations in the context of corporate governance. The analysis was conducted through a critical review and integration of the literature, allowing for the reconstruction of historical, normative, and institutional approaches related to the topic. Results and Discussion: The results revealed that the establishment of a protective belt of the hard core in Brazilian corporate governance is still poorly adhered to, given that progressive and regressive hypotheses and movements can be shared by different paradigms. However, it was difficult to clearly separate positive and negative heuristics, given the complexity of the relationships between variables such as company size, economic-financial performance, and ownership structure. Research Implications: This essay contributes to the field of corporate governance by offering an epistemological reflection on the limits and potential of applying Lakatosian methodology. The theoretical implications encompass an understanding of the field's evolution as a research program under constant development, while the practical implications include support for researchers and managers interested in strengthening the conceptual foundation of governance practices, integrating them with social and environmental dimensions. Originality/Value: The study's value lies in its original contribution by bringing Imre Lakatos' epistemology closer to the debate on corporate governance in Brazil.