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Governance codes and types of issuer. An empirical research on a global sample

  • Greco, Giulio
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    We study the relationship between the types of issuer and the governance codes contents in the neo-institutional social theory perspective, using a global sample of over 70 national governance codes. We hypothesize that the code recommendations are influenced by the nature of isomorphic pressure to embrace new social practices, exerted by the different types of issuer. The findings show that codes issued involving multiple stakeholders’ groups and organizations into hybrid committees are more likely to: (1) include recommendations that take into account multiple political and social institutional demands; (2) adapt the mainstream agency-theory-based governance model to the national setting features. Overall, the policy-making negotiations among different stakeholders’ groups in the local institutional setting appear to be determinant in shaping the code recommendations and in improving the promotion of good governance practices among firms. To the best of the authors' knowledge, this study is the first to systematically investigate the relationship between the types of issuer and the codes contents.

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    File URL: http://mpra.ub.uni-muenchen.de/37854/1/MPRA_paper_37854.pdf
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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 37854.

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    Date of creation: 05 Apr 2012
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    Handle: RePEc:pra:mprapa:37854
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    1. Dyck, Alexander & Zingales, Luigi, 2002. "Private Benefits of Control: An International Comparison," CEPR Discussion Papers 3177, C.E.P.R. Discussion Papers.
    2. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
    3. Zingales, Luigi, 1994. "The Value of the Voting Right: A Study of the Milan Stock Exchange Experience," Review of Financial Studies, Society for Financial Studies, vol. 7(1), pages 125-48.
    4. Jensen, Michael C, 1993. " The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Finance, American Finance Association, vol. 48(3), pages 831-80, July.
    5. DING, Yuan & STOLOWY, Hervé & FU, Linghui & WANG, Huiwen, 2004. "Disclosure and determinants studies : an extension using the divisive clustering method (DIV)," Les Cahiers de Recherche 798, HEC Paris.
    6. Paul Collier & Mahbub Zaman, 2005. "Convergence in European Corporate Governance: the audit committee concept," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(6), pages 753-768, November.
    7. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
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