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Are Codes Fostering Convergence in Corporate Governance? An Institutional Perspective

In: The Convergence of Corporate Governance

Author

Listed:
  • Ilir Haxhi
  • Ruth V. Aguilera

Abstract

This chapter discusses the role of corporate governance codes’ in the context of pressures for corporate governance convergence across countries. We show that there is a diverging convergence as corporate governance practices continually evolve. Further, given that codes are non-mandatory in most countries, firms can cherry pick to adopt those practices that best fit their interests. This is consistent with the view that firms as agents have some degree of freedom in creating their corporate governance portfolio even though they are embedded in a given national or institutional environment (Aguilera and Jackson, 2003; Aguilera, Desender, and Castro-Kabbach, 2011). In this chapter, we seek to address the following questions posed in this book through the lenses of corporate governance codes: What are the institutional drivers that propel firms in different nations towards convergence in corporate governance? What are the major impediments that stand in the way of convergence? What empirical evidence suggests that we are moving towards or away from convergence?

Suggested Citation

  • Ilir Haxhi & Ruth V. Aguilera, 2012. "Are Codes Fostering Convergence in Corporate Governance? An Institutional Perspective," Palgrave Macmillan Books, in: Abdul A. Rasheed & Toru Yoshikawa (ed.), The Convergence of Corporate Governance, chapter 11, pages 234-248, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-02956-0_11
    DOI: 10.1057/9781137029560_11
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    Cited by:

    1. ATM Adnan & Hilda Tandigalla, 2017. "The Dramatic Shift In Emphasis From A Shareholder-Dominated Approach To A Stakeholder-Oriented Corporate Governance Model," European Journal of Business and Economics, Central Bohemia University, vol. 12(2), pages 11151:12-11, January.

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