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Corporate Governance and Globalization: Toward an Actor-Centred Institutional Analysis

In: Creating Value through International Strategy

Author

Listed:
  • Ruth V. Aguilera
  • George S. Yip

Abstract

Despite globalization, multinational companies (MNCs) continue to be heavily influenced by the institutional context of the country in which their corporate headquarters are located (Ferner and Quintanilla 1998). For example, European MNCs accounted for 32 per cent of the world’s 500 largest firms in 2001 (Fortune Global 500, 2002). But there is a large discrepancy between each European country’s share of the top 500 MNCs and its share of population or gross domestic product (GDP). So the UK accounts for 22 per cent of all Western European companies in the Fortune Global 500 in 2002, but only 15 per cent of population (in Western Europe) and 17 per cent of GDP; while Italy accounts for similar proportions of population and GDP but only 5 per cent of European Fortune Global 500 MNCs. In this chapter, we argue that the discrepancy in the degree of globalization is partially explained by the country’s institutional environment. In particular, we draw on actor-centred institutionalism to identify how corporate governance actors might influence globalization.

Suggested Citation

  • Ruth V. Aguilera & George S. Yip, 2004. "Corporate Governance and Globalization: Toward an Actor-Centred Institutional Analysis," Palgrave Macmillan Books, in: Africa Ariño & Pankaj Ghemawat & Joan E. Ricart (ed.), Creating Value through International Strategy, chapter 5, pages 55-67, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-00556-3_5
    DOI: 10.1057/9780230005563_5
    as

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