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Corporate Governance in Emerging Economies: A Review of the Principal-Principal Perspective

  • Michael N. Young
  • Mike W. Peng
  • David Ahlstrom
  • Garry D. Bruton
  • Yi Jiang
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    Instead of traditional principal-agent conflicts espoused in most research dealing with developed economies, principal-principal conflicts have been identified as a major concern of corporate governance in emerging economies. Principal-principal conflicts between controlling shareholders and minority shareholders result from concentrated ownership, extensive family ownership and control, business group structures, and weak legal protection of minority shareholders. Such principal-principal conflicts alter the dynamics of the corporate governance process and, in turn, require remedies different from those that deal with principal-agent conflicts. This article reviews and synthesizes recent research from strategy, finance, and economics on principal-principal conflicts with an emphasis on their institutional antecedents and organizational consequences. The resulting integration provides a foundation upon which future research can continue to build. Copyright Blackwell Publishing Ltd 2008.

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    Article provided by Wiley Blackwell in its journal Journal of Management Studies.

    Volume (Year): 45 (2008)
    Issue (Month): 1 (01)
    Pages: 196-220

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    Handle: RePEc:bla:jomstd:v:45:y:2008:i:1:p:196-220
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