Corporate Governance-An International Review最新文献

{"title":"Contracting With the Government on CSR: Evidence From the Supply Chain","authors":"Rui Hu,&nbsp;Karen Jingrong Lin,&nbsp;Albert Tsang","doi":"10.1111/corg.70023","DOIUrl":"https://doi.org/10.1111/corg.70023","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study examines the role of government as a major customer in influencing corporate social responsibility (CSR) initiatives among supplier firms. Specifically, it investigates whether firms that rely on government customers are more likely to engage in substantive CSR practices to meet government expectations and maintain strong business relationships.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Our findings indicate that supplier firms with greater reliance on government customers exhibit a higher propensity to adopt CSR-related executive compensation plans, establish CSR committees within their boards of directors, and voluntarily disclose climate change risks in their SEC filings. These effects are more pronounced for firms operating in states governed by Democrats and for smaller firms. To address endogeneity concerns, we employ instrumental variable analysis, difference-in-differences estimation, and entropy balancing, all of which reinforce the robustness of our results.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study contributes to the literature on CSR and stakeholder theory by highlighting the government's role as an influential stakeholder in shaping firms' CSR engagement through supply chain relationships. It also extends research on political economy by demonstrating how political leadership at the state level moderates firms' CSR responsiveness to government customers.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our findings suggest that policymakers can leverage government procurement policies to incentivize broader CSR adoption among supplier firms, thereby fostering positive social externalities. Firms seeking to establish or maintain government contracts should consider aligning their CSR strategies with government expectations to enhance their business relationships and long-term sustainability.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"417-444"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147564250","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CEO Pay Differences Between US and Non-US Firms: A New Longitudinal Investigation","authors":"Ruiyuan (Ryan) Chen,&nbsp;Sadok El Ghoul,&nbsp;Omrane Guedhami,&nbsp;Feiyu Liu","doi":"10.1111/corg.70021","DOIUrl":"https://doi.org/10.1111/corg.70021","url":null,"abstract":"&lt;div&gt;\u0000 \u0000 \u0000 &lt;section&gt;\u0000 \u0000 &lt;h3&gt; Research Question/Issue&lt;/h3&gt;\u0000 \u0000 &lt;p&gt;Public and academic debates typically portray US CEOs as exceptionally well paid. Yet, evidence on the existence and magnitude of a US CEO pay premium is mixed and dated. This study uses an expanded, longitudinal dataset to identify whether such a pay premium exists and explores potential differences across countries, time, and governance and institutional contexts.&lt;/p&gt;\u0000 &lt;/section&gt;\u0000 \u0000 &lt;section&gt;\u0000 \u0000 &lt;h3&gt; Research Findings/Insights&lt;/h3&gt;\u0000 \u0000 &lt;p&gt;Using a dataset of over 42,000 firm-year observations from 34 countries during 2001–2018, we document a persistent but heterogeneous US CEO pay premium. Compared with non-US peers, US CEOs receive 23% more total pay and 20% more equity-based compensation, on average, particularly in comparison with CEOs in non-G7 versus G7 countries. Propensity score matching confirms that the results are not driven by systematic firm differences, and analyses of top earners show that these outliers amplify but do not generate the premium. Say-on-pay rules reduce overall pay gaps but intensify the equity-based share. Internationalization raises CEO pay levels, whereas “Americanization” (i.e., US ownership, directors, and cross-listings) boosts both total pay and equity incentives, especially among non-G7 firms. Cohort and time-series analyses reveal convergence in total pay for more recent IPOs and years, but equity-based premiums remain consistently positive.&lt;/p&gt;\u0000 &lt;/section&gt;\u0000 \u0000 &lt;section&gt;\u0000 \u0000 &lt;h3&gt; Theoretical/Academic Implications&lt;/h3&gt;\u0000 \u0000 &lt;p&gt;These findings advance the executive compensation literature by showing that the US CEO pay premium is neither universal nor static but contingent on the comparison group, timeframe, and governance environment, pointing to the need for theories that account for these sources of variations. Despite the growing popularity of US-style equity incentives, the observed equity premium indicates that stock-based pay remains a defining feature of American compensation relative to global peers.&lt;/p&gt;\u0000 &lt;/section&gt;\u0000 \u0000 &lt;section&gt;\u0000 \u0000 &lt;h3&gt; Practitioner/Policy Implications&lt;/h3&gt;\u0000 \u0000 &lt;p&gt;For boards and investors, our findings highlight the importance of contextualizing CEO pay benchmarking and scrutinizing outlier contracts. For policymakers, say-on-pay rules create disadvantages for cash-and-bonus pay but favor equity-based pay in the United States only; The opposite effect occurs elsewhere. Finally, as pay practices across G7 economies converge, the gap with non-G7 countries persists and could have important implications for cross-border competition for executive talent.&lt;/p&gt;\u0000 &lt;/","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"358-383"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.70021","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147570130","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Green Networks and Green Bond Issuances","authors":"Han Wang,&nbsp;Elaine Laing,&nbsp;Tanusree Jain","doi":"10.1111/corg.70022","DOIUrl":"https://doi.org/10.1111/corg.70022","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study investigates the impact of board networks with previous green bond issuers—hereafter referred to as green networks—on the propensity of green bond issuances relative to conventional bonds across 45 economies.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>The analysis provides robust evidence that firms with boards embedded in green networks exhibit a greater propensity to issue green bonds as opposed to conventional bonds. The effect is particularly pronounced for firms that obtain favorable green bond related information via their green networks and for those firms motivated to strengthen their environmental reputation. These findings suggest that board green networks function as an important mechanism for information diffusion and for signaling environmental commitment, thereby fostering the spillover of green financing practices across firms.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Grounded in resource dependence and social capital theories, the study highlights the critical role of board-level networks in shaping financing choices. Specifically, board green networks help mitigate information asymmetry and signal environmental reputation.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>The findings on green networks have direct implications for both corporate practice and public policy. Firms can leverage these networks to learn from peers' experiences, reducing risks in their own bond issuance. Policymakers could support this process by facilitating network-building and creating platforms for sharing best practices in green bonds and other sustainability initiatives. Strengthening transparency in environmental disclosures could further stimulate green bond issuance by reinforcing the credibility and spillover of such practices across firms.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"384-416"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147565506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Board Attributes, Firm Performance, and the Moderating Role of National Culture: A Meta-Analysis","authors":"Matthew Farrell,&nbsp;Chris H. Willis,&nbsp;Nathapon Siangchokyoo,&nbsp;Ryan L. Klinger,&nbsp;Jamil Kreugel,&nbsp;Hami Usta,&nbsp;Timiry R. Tian,&nbsp;Ying Thaviphoke,&nbsp;Samuel Wilson","doi":"10.1111/corg.70002","DOIUrl":"https://doi.org/10.1111/corg.70002","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>The impact of board structures on firm performance remains a contentious governance topic with competing theoretical paradigms and inconclusive empirical support. Scholars propose that national culture could reconcile contradictory evidence; yet, argumentation is fragmented and direct tests are rare. We meta-analyzed 513 samples across 54 countries to examine relationships between board structures (i.e., board size, board independence, and CEO duality) and firm performance. We model national culture, using Hofstede's six cultural dimensions, as moderators to test whether these relationships align with agency or stewardship theory across different cultural settings.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Findings indicate a substantial moderating role of national culture on board structure–firm performance relationships. However, the performance implications of board structures are contingent, varying by the specific board attribute, cultural dimension, and performance metric considered (accounting-based, market-based, or growth). For example, cultural moderators often have opposite effects on accounting versus market outcomes, and certain board features (notably, CEO duality) are more strongly influenced by culture than others. Our study is the first to meta-analyze board structure effects on growth-oriented performance measures and provides the most comprehensive meta-analytic estimates, sharpening understanding of the boundary conditions between agency and stewardship logic.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Integrating national cultural values into competing agency versus stewardship paradigms, our research offers a nuanced, culture-contingent governance framework. Synthesizing theoretical arguments and empirical evidence, we present a roadmap of saturated, contested, and nascent research questions to steer future corporate governance scholarship.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our findings counter one-size-fits-all approaches, suggesting that boards, investors, and regulators tailor board architecture and governance codes to local cultural norms.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"310-337"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.70002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147565714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Executives' Excess Compensation and Green Innovation Performance: An Attention-Based Theory Perspective","authors":"Zhengtang Zhang,&nbsp;Quan Zhang,&nbsp;Yeshen Liu,&nbsp;Kaixi Song,&nbsp;Yinfeng Wu","doi":"10.1111/corg.70029","DOIUrl":"https://doi.org/10.1111/corg.70029","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Grounded in attention-based theory, this study examines the impact of executive excess compensation (EEC) on green innovation performance, while also analyzing how contextual factors at the individual (executives' tenure, performance-induced executives' turnover), organizational (performance shortfalls, ownership), and environmental (environmental regulation, media focus) levels shape this relationship.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>EEC fosters executives' long-term orientation, which in turn directs their attention toward green innovation and ultimately enhances green innovation performance. This effect is particularly pronounced in firms characterized by long executive tenure, low performance-induced turnover, minimal performance shortfalls, stringent environmental regulations, and intense media scrutiny; it is further exacerbated in family firms and state-owned enterprises where executives possess strong incentives for political promotion. Furthermore, additional analysis indicates that EEC also enhances green innovation quality.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>We help address inconsistencies in previous research on compensation incentives and corporate environmental governance by distinguishing EEC from other types of pay incentives. Based on attention-based theory, we argue that the weak connection between EEC and short-term financial performance motivates executives to adopt a long-term perspective and place greater emphasis on green innovation, thus enhancing both the quantity and quality of green innovation.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>These findings offer crucial policy implications for emerging economies confronting challenges in the effective incentivization of green innovation. By demonstrating that EEC motivates executives to prioritize environmental governance, we highlight a pathway for firms to secure a competitive advantage within the contemporary ESG-centric landscape.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"540-562"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147567812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CEO Characteristics and Corporate Social Responsibility and Irresponsibility: Mirrored or Distinct Correlates? A Meta-Analytic Review","authors":"Sibel Ozgen,&nbsp;Dasol Sim,&nbsp;Nathan J. Hiller,&nbsp;Yuyang Zhou,&nbsp;Ronaldo Parente","doi":"10.1111/corg.70003","DOIUrl":"https://doi.org/10.1111/corg.70003","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Are specific characteristics of CEOs—a key corporate governance actor—related to Corporate Social Responsibility (CSR) and/or Corporate Social Irresponsibility (CSI) of the firms they lead?</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings</h3>\u0000 \u0000 <p>Based on 420 primary studies (425 independent samples), this meta-analysis found that a majority of CEO characteristics examined were significantly associated with firm-level CSR and less consistently related to CSI. Only three characteristics (gender, political connections, and liberalism) demonstrated symmetric relationships, such that the sign/valence was positive for CSR (CSI) and negative for CSI (CSR). Education was positively associated with CSR (but not CSI), whereas tenure showed negative, and narcissism positive, associations with both. Institutional context altered some relationships. Rather than being inversely related, the relationship between CSR and CSI was moderate and positive, further demonstrating that CSR and CSI are not simply two ends of a “corporate social performance” continuum.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This work advances corporate governance and strategic leadership research by providing across-study estimates of relationships between a host of CEO characteristics and two seemingly opposite forms of corporate social performance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>These findings suggest a framework for succession planning and executive selection that considers both CSR and CSI tendencies, while accounting for context and CEO characteristics that may act as a double-edged sword.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"338-357"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147562259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Government Environmental Attention and the Stock Price Crash Risk: From the Perspectives of External and Internal Governance","authors":"Zhipeng Liang,&nbsp;Jinyu Chen,&nbsp;Shijie Ding","doi":"10.1111/corg.70025","DOIUrl":"https://doi.org/10.1111/corg.70025","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Based on the section of the future work plan in the government work report, this study explores how government environmental attention influences the stock price crash risk and the role of internal and external corporate governance in this process.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>This study takes the sample of heavily polluting industry firms listed on Chinese A-shares from 2011 to 2020 and finds that government environmental attention can effectively reduce the stock price crash risk. The mechanism analysis suggests that government environmental attention mitigates crash risk by reducing information asymmetry. The improvement of internal and external corporate governance mechanisms can enhance the dampening effect of government environmental attention on the crash risk.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>First, our study offers a new perspective for exploring the determinants of crash risk and enriches the literature on the role of government environmental attention in financial markets. Second, we make a significant contribution to the literature on the attention-based view. We not only enrich the application of the attention-based view, but also provide new theoretical grounding for how government influences corporate behavior through soft constraints such as environmental attention. Third, our study advances the theoretical understanding of corporate governance by integrating the attention-based view and the perspectives of internal and external governance. It emphasizes the “amplifier” role of internal and external governance mechanisms in transmitting governmental environmental attention.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This study reflects the forward-looking guidance role of government work reports from an empirical perspective, which has practical significance for the government to improve its environmental policies, for firms to optimize resource allocation and prevent the crash risk, and for the capital market to maintain stable operation. It also integrates the internal and external governance environment of firms, which helps optimize the corporate governance system, improve the corporate governance mechanism, and provide theoretical guidance for corporate management.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"468-485"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147563937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Board Size in Context: A Meta-Analysis on the Relationship Between Board Size and Firm Performance","authors":"Fabian K. Ahrens,&nbsp;Dennis B. Veltrop,&nbsp;Laetitia B. Mulder,&nbsp;Floor Rink","doi":"10.1111/corg.12664","DOIUrl":"https://doi.org/10.1111/corg.12664","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Research presents mixed findings on the relationship between board size and firm performance. Acknowledging that larger boards simultaneously offer increased resources and face heightened coordination demands, we propose that the ongoing ambiguity in this relationship stems from the context-dependent nature of how larger boards balance these two opposing forces. This paper introduces a novel contingency framework comprising three firm-level factors (board independence, type of performance, and ownership concentration) and three country-level factors (legal origin, in-group collectivism, and gender egalitarianism) that determine whether board size relates positively or negatively to firm performance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We test the predictive value of our contingency framework in a meta-analysis based on 346 studies across 110 countries. At the firm level, the impact of board size differs by performance type, showing a stronger negative association with market-based performance, whereas board independence and ownership concentration do not play a significant moderating role. At the country level, we find positive moderating influences of common law origin and high in-group collectivism, while gender egalitarianism shows no moderating effect.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Our contextual framework reconciles divergent findings on the board size–firm performance relationship. Our results highlight the futility of a “one-size-fits-all” approach. It offers a contextualized view on the resource–coordination balance that acknowledges the important role of country-level contingencies therein. All in all, our findings highlight that contextually imposed coordination demands make it more difficult for larger boards to capitalize on their resources.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Board size recommendations need to be tailored to contextual variables such as performance type, legal system, and sociocultural factors.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"290-309"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12664","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147569914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Judicial Independence and Political Connection: Evidence From China","authors":"Xuchang Chen,&nbsp;Yijie Min","doi":"10.1111/corg.70031","DOIUrl":"https://doi.org/10.1111/corg.70031","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Ample evidence highlights the importance of accumulating political assets to mitigate external uncertainty. However, relatively little is known about when firms decide to reduce their political connections. This study examines how firms adjust their politician appointments in response to the improvements in institutional quality.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>This study utilizes a unique research setting involving the establishment of circuit courts in China. As a part of judicial reform, the establishment of circuit courts substantially enhances local judicial independence. The results reveal that as judicial independence strengthens, firms tend to reduce their reliance on political connections and consequently appoint fewer politicians to their boards and/or top management teams. The negative relationship between judicial independence and politician appointments is more pronounced when firms are engaged in interfirm R&amp;D collaboration and less pronounced when economic policy uncertainty is high.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Building on resource dependence theory, this study explores firms' nonmarket strategies by examining how they reduce engagement with local political connections as legal institutions improve. In addition, this study adds to the antecedents of political connections from an institutional perspective.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>The findings highlight the value of legal reforms that promote judicial impartiality and independence. Moreover, practitioners can benefit from institutional improvements by balancing market and nonmarket strategies.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"563-576"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147567453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Moving Forward by Looking Back: Synthesizing Extant Corporate Governance Knowledge","authors":"Brian K. Boyd,&nbsp;Corinne Post,&nbsp;Angelo M. Solarino","doi":"10.1111/corg.70027","DOIUrl":"https://doi.org/10.1111/corg.70027","url":null,"abstract":"","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"509-519"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147567834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}