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The Influence of Institutionally Embedded Ownership on Anglo-American Corporate Governance Migration into Emerging Economy IPO Firms

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Listed:
  • Hearn, Bruce

    (School of Business, Management and Economics,)

  • Oxelheim, Lars

    (School of Business and Law, University of Agder, Norway)

  • Randøy, Trond

    (School of Business and Law, University of Agder, Norway)

Abstract

We argue that the corporate governance of emerging economy IPO firms is influenced by firm-specific institutionally embedded block ownership groups. Applying an extended institutional logic perspective and using a mixed-effects ordered probit model, our findings from 190 IPO-firms from 22 African countries 2000–2016, support the notion that five major block owner categories (corporate, private equity, non-executive, business group, state) exerts very different influence on African firms’ degree of adoption of Anglo-American corporate governance measures. We find that the influence from the various block owner groups is significantly moderated by institutional quality and tribalism, but to different degrees and directions across block owner groups. Our contextually embedded firm-specific results support the criticism of a one-hat-fits-all global and uniform corporate governance model.

Suggested Citation

  • Hearn, Bruce & Oxelheim, Lars & Randøy, Trond, 2017. "The Influence of Institutionally Embedded Ownership on Anglo-American Corporate Governance Migration into Emerging Economy IPO Firms," Working Paper Series 1190, Research Institute of Industrial Economics.
    • Handle: RePEc:hhs:iuiwop:1190
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    References listed on IDEAS

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    More about this item

    Keywords

    IPO; Corporate Governance Practice; Institutional Theory; Africa; Emerging Economies;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M16 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - International Business Administration

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