IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/37854.html
   My bibliography  Save this paper

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

Author

Listed:
  • Greco, Giulio

Abstract

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.

Suggested Citation

  • Greco, Giulio, 2012. "Governance codes and types of issuer. An empirical research on a global sample," MPRA Paper 37854, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:37854
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/37854/1/MPRA_paper_37854.pdf
    File Function: original version
    Download Restriction: no

    References listed on IDEAS

    as
    1. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 43-58.
    2. Alexander Dyck & Luigi Zingales, 2004. "Private Benefits of Control: An International Comparison," Journal of Finance, American Finance Association, vol. 59(2), pages 537-600, April.
    3. repec:hrv:faseco:30728046 is not listed on IDEAS
    4. 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 125-148.
    5. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    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 301-325, June.
    8. Marie Chavent & Yuan Ding & Linghui Fu & Herve Stolowy & Huiwen Wang, 2006. "Disclosure and determinants studies: An extension using the Divisive Clustering Method (DIV)," European Accounting Review, Taylor & Francis Journals, vol. 15(2), pages 181-218.
    9. Philippe Robert-Demontrond & R. Ringoot, 2004. "Introduction," Post-Print halshs-00081823, HAL.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    governance codes; types of issuer; policy-making negotiations;

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G3 - Financial Economics - - Corporate Finance and Governance

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:37854. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter). General contact details of provider: http://edirc.repec.org/data/vfmunde.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.