The Cross-National Diversity of Corporate Governance: Dimensions and Determinants

  title={The Cross-National Diversity of Corporate Governance: Dimensions and Determinants},
  author={Ruth V. Aguilera and Gregory Jackson},
  journal={Academy of Management Review},
We develop a theoretical model to describe and explain variation in corporate governance among advanced capitalist economies, identifying the social relations and institutional arrangements that shape who controls corporations, what interests corporations serve, and the allocation of rights and responsibilities among corporate stakeholders. Our “actor-centered” institutional approach explains firm-level corporate governance practices in terms of institutional factors that shape how actors… 

Figures from this paper

Corporate governance and national institutions: A review and emerging research agenda

We present a critique of corporate governance research grounded in agency theory and propose that cross-national comparison of corporate governance should consider how the nature and extent of agency

Corporate Governance and the Environment: What Type of Governance Creates Greener Companies?

We build on a stakeholder–agency theoretical perspective to explore the impact of particular corporate governance mechanisms on firm environmental performance. Our empirical evidence shows that

Institutional Antecedents of Corporate Governance Legitimacy

The authors studied panel data for corporate governance ratings in 50 countries between 1997 and 2005 to understand what the country-level predictors of corporate governance legitimacy might be.


Challenging universal perspectives that directed previous mainstream research, this theoretical paper addresses the potential influence of contextual variables on corporate governance. The main

Institutional change and corporate governance diversity in China’s SOEs

Abstract This study investigates the impact of different types of state ownership on corporate governance, with particular reference to state-owned enterprises in China. Our findings are that Chinese

National Culture and Corporate Governance

In a series of cross-country comparisons, we show that national culture is statistically significant in differentiating countries with different corporate governance systems. Using the Schwartz

Why Does Corporate Governance Matter for International Business

Corporate governance relates to the structure of rights and responsibilities among the parties with a stake in the firm (Aoki, 2001). Effective corporate governance employs mechanisms to ensure

Social Responsibility as a Factor of Convergence in Corporate Governance

For a long time, the corporate governance decisions and the connected disclosure activities were often direct to the satisfaction of shareholders’ expectations, sometimes with significant differences

Comparative and International Corporate Governance

In this article, we examine the state of the art in comparative and international corporate governance by identifying the key research questions, main concepts, and paradigms of explanations of

Corporate Governance Reforms and Firm Ownership Around the World

Corporate governance reforms have traditionally been studied from the opposing perspectives of global convergence and local persistence, but empirical support for each of these alternatives is mixed



Information, Corporate Governance, and Institutional Diversity: Competitiveness in Japan, the USA, and the Transitional Economies

From the Publisher: "This book uses comparative institutional analysis to explain differences in national economic performance. Countries have their own rules for corporate governance and they have

Modes of business governance: European management styles and corporate cultures

This article examines the role of corporate culture. It highlights the impact that cultural norms and institutional values may play in shaping managerial decision making in German, French, Swedish

Theoretical and Comparative Perspectives on Corporate Organization

The study of corporate governance has expanded both its theoretical and its empirical scope. We define governance broadly to include the social organization of firms and their relations to their

Ownership and Control: Rethinking Corporate Governance for the Twenty-First Century

This book is a guide through the historical, legal and institutional background of corporate governance debates. It explains the three broad views on the relationship among the governance,

Capital unbound? The transformation of European corporate governance

This article represents a first attempt to analyse the forces at work in the transformation of European corporate space, at both the national and supranational levels. In doing so, it consciously

A Taxonomy of Systems of Corporate Governance

This paper argues that debate on corporate governance in an international context is hampered by the lack of a coherent framework. A taxonomy of systems of corporate governance is proposed as a

Corporate Elite Networks and Governance Changes in the 1980s

Changes in corporate governance practices can be analyzed by linking the adaptations of individual firms to the structures of the networks in which firms' decision makers are embedded. Network

Financial integration, corporate governance, and the performance of multinational companies

Cross-country differences in institutions of corporate governance and corporate finance tend to be undermined by the increasing internationalization of financial markets. This book discusses the key

Management and ownership effects: evidence from five countries

Despite the growing recognition in the corporate governance literature that the relationship between ownership concentration and profitability is context dependent, this issue has not yet been