Corporate Governance Codes: A Review and Research Agenda

Abstract

Manuscript Type: Review\ud Research Question/Issue: This study reviews previous country-level and firm-level studies on corporate governance codes up\ud to 2014 in order to highlight recent trends and indicate future avenues of research.\ud Research Findings/Results: Our data show that research on codes increases over time consistentlywith the diffusion and the relevance\ud of the empirical phenomenon.Despite previous studies substantially enriching our knowledge of the antecedents and consequences\ud of governance codes, our study shows there are still several opportunities tomake significant contributions in this area.\ud Theoretical Implications: Agency theory is the dominant theoretical framework, although other theoretical perspectives\ud (especially the institutional one) are increasingly adopted. Future studies should be aimed at widening and combining various\ud theoretical lenses so as to develop new interpretations and a better understanding of governance codes.\ud Practical Implications: Legislators and policymakers should continue to develop and update the recommendations of national\ud governance codes in order to address the potential failures of corporate governance mechanisms in place

Decision-Making Process in Japanese Board Room. Audit & Supervisory Board as a Source of Information to Outside Board Members: A Systematic Review

“…Following previous reviews (e.g., Tranfield et al, 2003;Pugliese, Bezemer, Zattoni, Huse, Van der Bosch, & Volberda, 2009;Cuomo, Mallin, & Zattoni, 2016), we performed content analysis with criteria for codifying in two stages: (1) author/year; type of material -article, book, book chapter; methodology; country; concepts mentioned in connection to our topic; topic; and (2) for the concepts themselves, we identified additionally the number and percentage spread among the sources. The procedure we followed consisted of preliminary stage, in which two coders initially developed and tested the coding scheme on a sample of six articles.…”

“…We to Board-leve between th the time li showed tha decision-m board-leve Cuomo et al (2016) in their review of Corporate Governance Codes mentioned that the Agency theory is mostly used by authors, followed by institutional theory. Other theories (e.g., stakeholder theory, political theory, efficiency theory, stewardship theory, contingency theory, conflict and signaling theories, and financial system theory) are rarely adopted.…”

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“…The two sets of data/verses were collected in order to measure inter-rater reliability using percentage of agreement (Cuomo et al 2016;Dewey 1983).…”

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“…Despite corporate governance principles and guidelines being promoted by policy-makers, few studies (Cuomo, Mallin, & Zattoni, 2016) adopt a policy-maker perspective with a view to reconciling the academic and business worlds with the policy-makers' world. In fact, the state of knowledge on corporate governance principles research seems to be suffering from a "deadlock" situation, as there is conflicting evidence on the effectiveness of national and supranational corporate governance codes/principles (Aguilera & Cuervo-Cazurra, 2009;Aguilera, Florackis & Kim, 2016).…”