Corporate governance and the internationalisation of African firms: An institutional investor perspective

IF 2.9 Q2 MANAGEMENT
Dominik Anderhofstadt, Nicolene Wesson, Suzette Viviers
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Abstract

The aim of this study was to investigate the impact of corporate governance on the internationalisation of African firms from the perspective of institutional investors. While African firms have significantly expanded their international operations over the past two decades, international business literature has not given the related corporate governance aspects enough attention. In particular, the complex interaction between firm-level corporate governance mechanisms and country-level corporate governance systems has considerable implications for the value creation of internationalisation strategies. To address this research gap, semi-structured interviews were conducted with 24 senior decision-makers of institutional investors operating in South Africa, Botswana, Zambia, Mauritius, Ghana, and Nigeria to gain an unprecedented view of the internationalisation of African firms. Based on the findings of the thematic analysis, this study developed a theoretical framework of high practical relevance that combines the concepts of corporate governance and internationalisation in the dynamic and diverse African context. The study further provides novel insights into the cultural dimension of corporate governance by demonstrating that the outcome of corporate governance practices depends on cultural norms and values across a multinational firm’s international operations.

Abstract Image

公司治理与非洲企业的国际化:机构投资者视角
本研究旨在从机构投资者的角度研究公司治理对非洲企业国际化的影响。虽然非洲企业在过去二十年中大幅拓展了国际业务,但国际商业文献并未对相关的公司治理问题给予足够重视。特别是,公司层面的公司治理机制与国家层面的公司治理体系之间复杂的互动关系对国际化战略的价值创造具有相当大的影响。针对这一研究空白,我们对在南非、博茨瓦纳、赞比亚、毛里求斯、加纳和尼日利亚运营的 24 家机构投资者的高级决策者进行了半结构化访谈,以获得对非洲企业国际化的前所未有的看法。根据专题分析的结果,本研究制定了一个具有高度现实意义的理论框架,将公司治理和国际化的概念结合到动态和多样化的非洲环境中。通过证明公司治理实践的结果取决于跨国公司国际业务中的文化规范和价值观,本研究进一步对公司治理的文化层面提出了新的见解。
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来源期刊
CiteScore
4.80
自引率
11.10%
发文量
32
期刊介绍: The International Journal of Disclosure and Governance publishes a balance between academic and practitioner perspectives in law and accounting on subjects related to corporate governance and disclosure. In its emphasis on practical issues, it is the only such journal in these fields. All rigorous and thoughtful conceptual papers are encouraged. To date, International Journal of Disclosure and Governance has published articles by a former general counsel and a former commissioner of the SEC, practitioners from Cleary Gottlieb, Skadden Arps, Wachtell Lipton, and Latham & Watkins as well as articles by academics from Harvard, Yale and NYU. The readership of the journal includes lawyers, accountants, and corporate directors and managers.
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