Challenging Institutional Path Dependence Through Field Configuring Events: Exploring the Collective Institutional Entrepreneurship of the Sustainable Stock Exchanges Initiative

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review Pub Date : 2024-10-20 DOI:10.1111/corg.12622

Steve Loren

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引用次数: 0

Abstract

Research Question/Issue

How can a global social movement, mobilized through a multi-stakeholder initiative, promote the uptake of novel governance practices in distinct national institutional environments?

Research Findings/Insights

Using data from all 114 of the world's stock exchanges, covering over 99% of global stock market capitalization as of 2018, I find that exchanges in common-law countries were more likely to become early partners of the Sustainable Stock Exchanges Initiative (SSEI) after its launch in 2012. However, exchanges based in civil-law countries experienced a higher likelihood (i.e., risk) of adoption, as measured by the hazard ratio, particularly during a series of sustained field-configuring events (FCEs) promoted by the SSEI. Over time, this increased hazard ratio indicated a rising likelihood of adoption for civil-law-based exchanges, eventually surpassing that of their common-law counterparts.

Theoretical/Academic Implications

While institutional environments' path dependency can facilitate or hinder the adoption of governance practices, collective institutional entrepreneurship (CIE) can moderate this path dependency and reveal new information regarding the structural fit between promoted governance practices and their institutional environments.

Practitioner/Policy Implications

The insights provided by this study can help practitioners understand why some practices face resistance in specific institutional environments, while others are more readily accepted. These insights also help practitioners communicate the elements of governance practices that implicitly align with the institutional environments in which they are seeking adoption.

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通过现场配置事件挑战制度路径依赖：探索可持续证券交易所倡议的集体制度企业家精神

研究问题/议题如何通过多方利益相关者倡议动员全球社会运动，促进在不同的国家制度环境中采用新的治理实践？根据全球114家证券交易所（截至2018年，覆盖全球股票市值的99%以上）的数据，我发现，自2012年可持续证券交易所倡议（SSEI）启动以来，普通法国家的交易所更有可能成为其早期合作伙伴。然而，根据风险比衡量，大陆法系国家的交易所采用的可能性（即风险）更高，特别是在SSEI推动的一系列持续的现场配置事件（fce）期间。随着时间的推移，这种风险比的增加表明，民法交易所被采用的可能性越来越大，最终超过了普通法交易所。虽然制度环境的路径依赖可以促进或阻碍治理实践的采用，但集体制度企业家精神（CIE）可以调节这种路径依赖，并揭示有关促进的治理实践与其制度环境之间结构契合的新信息。本研究提供的见解可以帮助从业者理解为什么一些做法在特定的制度环境中面临阻力，而另一些做法更容易被接受。这些见解还帮助实践者沟通治理实践的元素，这些元素隐含地与他们正在寻求采用的制度环境保持一致。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Corporate Governance-An International Review Multiple-

CiteScore

7.00

自引率

11.30%

发文量

期刊介绍： The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.