Explaining diversity in the worldwide diffusion of codes of good governance

Haxhi, Ilir; Ees, Hans van

doi:10.1057/jibs.2009.39

Cited by 125 publications

(120 citation statements)

References 36 publications

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“…There is an increasing interest in the diffusion of CG codes across countries, with the literature showing that this process is strongly influenced by political, cultural and economic forces (Aguilera and Cuervo-Cazurra, 2004;Haxhi and van Ees, 2010). It is commonly accepted that the globalisation and liberalisation of financial markets is a key contributor to the worldwide implementation of codes of CG as listed firms compete for funds (Nestor and Thompson, 2000;Khanna and Palepu, 2004;Yoshikawa and Rasheed, 2009).…”

Section: The Spread Of Corporate Governance Codes Internationallymentioning

confidence: 99%

Corporate governance, accounting and finance: A review

Brown¹,

Beekes²,

Verhoeven³

2010

Accounting &Amp; Finance

491

410

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We review accounting and finance research on corporate governance (CG). In the course of our review, we focus on a particularly vexing issue, namely endogeneity in the relationships between CG and other matters of concern to accounting and finance scholars, and suggest ways to deal with it. Given the advent of large commercial CG databases, we also stress the importance of how CG is measured and in particular, the construction of CG indices, which should be sensitive to local institutional arrangements, and the need to capture both internal and external aspects of governance. The 'stickiness' of CG characteristics provides an additional challenge to CG scholars. Better theory is required, for example, to explain whether various CG practices substitute for each other or are complements. While a multidisciplinary approach to developing better theory is never without its difficulties, it could enrich the current body of knowledge in CG. Despite the vastness of the existing CG literature, these issues do suggest a number of avenues for future research.

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Section: The Spread Of Corporate Governance Codes Internationallymentioning

confidence: 99%

Corporate governance, accounting and finance: A review

Brown¹,

Beekes²,

Verhoeven³

2010

Accounting &Amp; Finance

491

410

View full text Add to dashboard Cite

show abstract

“…The extent to which such initiatives are successful is strongly influenced by the country's political, cultural and economic forces (Li and Harrison, 2008;Steger and Amann, 2008;Haxhi and van Ees, 2010;Brown et al, 2011;Daniel et al, 2011).…”

Section: Drivers Of Country-level Corporate Governance Reforms In Banmentioning

confidence: 99%

“…Interesting questions, therefore, remain as to how CG reforms take place, which factors are driving such reforms and how firms adapt to developments at the national level. Consequently, some researchers have examined the worldwide diffusion of CG codes Cuervo-Cazurra and Aguilera, 2004;Zattoni and Cuomo, 2008;Aguilera and CuervoCazurra, 2009;Haxhi and van Ees, 2010) while others have examined the degree of compliance by firms with national CG standards (Werder et al, 2005;Arcot and Bruno, 2006;Goncharov et al, 2006;Gupta and Parua, 2006;Nowak et al, 2006;Cleyn, 2008;Arcot and Bruno, 2009;De Castro, 2009;Arcot et al, 2010;Henry, 2010) and some have concentrated on drivers of CG reforms in the context of a mature capital market (Hermes et al, 2006). Understanding the diffusion of CG standards in emerging markets is also important, since they can present stridently different socio-political and economic environments in comparison with developed countries and therefore the drivers of CG reform may differ (Daniel et al, 2011;Adegbite, 2012).…”

Section: Introductionmentioning

confidence: 99%

Corporate governance reforms in emerging countries: A case study of Bangladesh

Biswas

2013

Int J Discl Gov

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This article considers three related research questions, all in the context of an emerging economy, Bangladesh: What is the history of corporate governance (CG) reform in Bangladesh? What explains the introduction of CG guidelines in Bangladesh? and How have the country-level initiatives to improve CG influenced the firm-level practices of CG? By analysing the agency environment and CG reforms in Bangladesh, this article finds that, in spite of the number of reform initiatives undertaken since the early 1990s, there is substantial scope for further improvement, particularly in monitoring and enforcement by regulators, both external bodies, particularly the International Financial Agencies, and domestic forces have both affected the extent of CG reform in Bangladesh; and CG regulations take effect over time as companies gradually update their CG practices to comply with the national guidelines. The introduction of annual awards by the professional institutions also seems to have motivated companies to improve their governance practices.

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“…Hence, this is a relative gesture on the part of internationally oriented compared to nationally oriented companies. However, in an international context these companies are benchmarking at an accepted (presumably higher) level (Aisbitt, 2006;Buckley and Casson, 2009;Haxhi and Van Ees, 2010).…”

Section: Differentiation In a Harmonisation Environmentmentioning

confidence: 99%

“…The composition of supervisory boards has been examined in a number of studies which have considered the importance of diversity (e.g., Erhardt et al, 2003;Haxhi and Van Ees, 2010;Kang, Cheng and Gray, 2007;Ruigrok et al, 2007;Terjesen, Sealy and Singh, 2009;Van der Walt and Ingley, 2003). Diversity in the composition of boards may include such factors as age, gender, ethnicity, culture, religion, constituency representation, independence, professional background, knowledge, technical skills and expertise, commercial and industry experience, career and life experience.…”

Section: Explaining Differentiation By Competencies Of Decision Makersmentioning

confidence: 99%

Board Competency Explanations for Differentiation in a Harmonisation Environment

Holm

Schøler

2012

RES

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Some companies decide to differentiate from others even though the regulatory establishments such as the European Union and IASB constantly strive to encourage comparability and the need for harmonisation of reporting behaviour and governance structures. Under the harmonization regime, decisions to differentiate become strategic in nature and are placed in the hands of the (supervisory) board. We examine the influence of the competency and background of supervisory board members on decisions to differentiate in reporting and governance structure. We use data from 100 listed Danish companies. We find that early IFRS implementation is related to board competency in the form of international experience, while corporate governance disclosure level is related to internationalisation, professional background in accounting/finance and gender diversity. We also find that differentiation through voluntary implementation of audit committees is related to international experience, while board decisions to abandon the Danish joint audit regime are unrelated to competency measures.

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Explaining diversity in the worldwide diffusion of codes of good governance

Cited by 125 publications

References 36 publications

Corporate governance, accounting and finance: A review

Corporate governance, accounting and finance: A review

Corporate governance reforms in emerging countries: A case study of Bangladesh

Board Competency Explanations for Differentiation in a Harmonisation Environment

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