Corporate Governance-An International Review最新文献

{"title":"Global Social Movements and the Governance of the Firm: Past, Present, and Future","authors":"Cynthia E. Clark,&nbsp;Punit Arora,&nbsp;Patricia Gabaldón,&nbsp;Tanusree Jain","doi":"10.1111/corg.12625","DOIUrl":"https://doi.org/10.1111/corg.12625","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>The objective of this special issue (SI) is to galvanize research that examines the impact of different kinds of global social movements (GSMs) on the practice of international corporate governance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>The articles included in this SI provide unique insights into how various GSMs, including the feminist, #blacklivesmatter, and climate movements, influence and are influenced by corporate governance actors and practices across different institutional contexts.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Executives and boards face increasing pressures to make corporate decisions that consider the demands emerging from different GSMs. This SI uncovers how and why some social movements weigh heavier in corporate decision-making. This SI uncovers the implications of GSMs for corporate governance actors and processes in different institutional contexts.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Equipped with the power of the internet, recent social movements have become more global in character. The rising power, reach, and prominence of large corporations have made them a common target of GSMs that aim to influence not only societal values but also corporate values. The articles in this SI provide useful insights into how GSMs engage with corporations and corporate actors and assess their impact on the governance of the firm in different countries.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"782-795"},"PeriodicalIF":4.6,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598317","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":"The Impact of Board Gender and Nationality Diversity on Corporate Human Rights Performance in Different Institutional Contexts","authors":"Angel Morán-Muñoz,&nbsp;Roberto Fernández-Gago,&nbsp;José-Luis Godos-Díez","doi":"10.1111/corg.12624","DOIUrl":"https://doi.org/10.1111/corg.12624","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>The duty of businesses to observe human rights (HR) is garnering great interest among corporations, researchers, and policymakers. However, little is known yet about the organizational drivers that make firms pursue higher levels of corporate human rights performance (CHRP). In an attempt to fill this gap, we present the first global study on the influence that board gender and nationality diversity have on CHRP.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We evaluate panel data of 548 companies worldwide from 2012 to 2021 by using the two-step system generalized method of moments (GMM) and a moderation analysis. Our results show that board gender diversity has a positive effect on CHRP, but this impact is weaker in institutional settings where patriarchal stances prevail. We also find that board nationality diversity affects CHRP positively only in firms from countries with a network-oriented approach toward corporate governance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>These findings help to further differentiate CHRP drivers from generic sustainability antecedents and uncover the relevance of adopting an institutional lens when delving into the rationale of CHRP. In this regard, we make a call for future analyses in this field to acknowledge national gender equality levels and societies' corporate governance orientation as potential boundary conditions.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our results may guide companies on how to reduce corporate risks associated with HR violations by incorporating women and foreigners on their boards. They may also encourage businesses and policymakers to boost gender equality both on corporate boards and within societal values as both these aspects may be key for safeguarding HR internationally.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"760-781"},"PeriodicalIF":4.6,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12624","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598316","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":"Antecedents of Lead Director Selection","authors":"Yajing Li","doi":"10.1111/corg.12616","DOIUrl":"https://doi.org/10.1111/corg.12616","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This paper investigates the antecedents of lead director selection in the US context. Specifically, how do rational and social factors influence the likelihood of being selected as the lead director?</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Results for independent directors in S&amp;P 1500 firms from 2000 to 2021 support the positive effect of both board capital (human capital and social capital) and social embeddedness with the CEO (university ties and demographic similarity) as factors in the selection of lead directors. Results also show that among late adopters, the effect of human capital (board experience) on selection is strengthened, and the effect of demographic similarity to the CEO on selection is weakened.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>First, building on the director selection model, this paper further differentiates the rational and socialized perspectives by integrating the diffusion model. Specifically, among late adopters, rational factors play a larger role, and socialized factors play a smaller role in the lead director selection. Second, for the literature on the boards of directors, this paper provides unique individual-level insights about directors' attributes and their interactions with firm-level timing of practice adoption.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>The new governance practice of having a lead director, a leader of independent directors, has emerged and spread in the United States since 2000. As attention to the lead director governance practice increases, this paper focuses on the complexity of its adoption. Specifically, both rational (board capital) and socialized (social embeddedness with the CEO) factors can play a role in the lead director selection. Related stakeholder groups such as directors, investors, and policymakers should be aware of the potential symbolic adoption of this new governance practice.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 2","pages":"349-365"},"PeriodicalIF":4.6,"publicationDate":"2024-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143602389","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":"Institutional Investors and the Fight Against Climate Change","authors":"Thea Kolasa,&nbsp;Zacharias Sautner","doi":"10.1111/corg.12620","DOIUrl":"https://doi.org/10.1111/corg.12620","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This article examines the role of institutional investors in the fight against climate change. We explain the institutional context, provide evidence highlighting institutional investors' bright and dark sides in this fight, and develop multiple ideas for future research.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We show that climate change has a significant impact on institutional investors. Simultaneously, we demonstrate that institutional investors can have a significant positive impact on fighting climate change, particularly if they actively engage with portfolio firms to reduce carbon emissions. For risk management reasons, this is in their own interest, and it is also in the interests of society.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>We highlight possible future research avenues on the link between institutional investors and climate change, emphasizing issues related to environmental, social, and governance (ESG) rating agencies, greenwashing, and the risk of a loss of trust in ESG products. Climate change constitutes one of the grand challenges of our time, and substantially more research on the role of finance is required.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Climate change imposes financial risks on institutional investors' portfolio firms, which must be actively addressed in the investment process. Nascent evidence indicates that markets have begun pricing these risks. Institutional investors can positively influence climate change by engaging portfolio firms on their emissions and simultaneously reducing climate transition risks.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"663-679"},"PeriodicalIF":4.6,"publicationDate":"2024-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12620","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598491","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":"Board Gender Diversity and Workplace Safety: Evidence From Quasi-Natural Experiments","authors":"Md Ismail Haidar,&nbsp;Saha Iqbal Hossain","doi":"10.1111/corg.12617","DOIUrl":"https://doi.org/10.1111/corg.12617","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Questions/Issue</h3>\u0000 \u0000 <p>This paper examines the impact of board gender diversity on workplace safety in an international setting from 2002 to 2019. Utilizing gender quotas on corporate boards as a quasi-natural experiment, we explore the causal effects of gender diversity on workplace safety, highlighting the significant influence of corporate board gender quotas on corporate policies.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Results</h3>\u0000 \u0000 <p>Using a sample of 13,124 firm-year observations from 48 countries, our findings reveal that gender quotas on corporate boards are linked to higher rates of work-related injuries. The association is particularly strong in financially constrained firms, as well as in those with high workloads and low investments in workplace safety. In contrast, this effect is mitigated in firms located in countries with strong institutional frameworks and high union representation. The results hold across various regression specifications and remain robust when considering different measures of workplace injuries, board gender diversity, and additional control variables.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical Implications</h3>\u0000 \u0000 <p>Our study draws on gender behavior theory, social role theory, and gender socialization theory, with findings particularly aligning with gender behavior theory. It advances understanding of how changes in corporate governance structures related to board diversity influence workplace safety. This research underscores the importance of further empirical work to expand this area of study, suggesting valuable directions for future research through cross-sectional and longitudinal analyses.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practical Implications</h3>\u0000 \u0000 <p>The findings provide critical insights for policymakers considering the implementation of gender quotas in boardrooms. Additionally, this research highlights the need for further exploration of unexamined aspects within governance studies, which will significantly influence future policy debates, legislative processes, and corporate practices in promoting gender diversity and enhancing workplace safety.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"578-603"},"PeriodicalIF":4.6,"publicationDate":"2024-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598479","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":"Impact of State-Owned Equity Participation on the Risk-Taking Capacity of Private Enterprises in China: Insights From a Quasinatural Experiment","authors":"Xin Jin,&nbsp;Junli Yu,&nbsp;Gordon Yuan,&nbsp;Rong Zang","doi":"10.1111/corg.12619","DOIUrl":"https://doi.org/10.1111/corg.12619","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study rigorously explores the impact of state-owned equity participation on the risk-taking capacity of private enterprises following the introduction of <i>China's</i> <i>Guiding Opinions on Deepening the Reform of State-Owned Enterprises</i>, which is considered a quasinatural experiment.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>State-owned equity involvement significantly enhances private firms' risk-taking capacity by improving resource access and reducing the constraints caused by limited resources and emerging legal systems. By analyzing A-share private listed companies from 2009 to 2019 using a difference-in-difference approach, we find that firms with postpolicy state equity participation exhibit greater risk-taking than those without. Firms that quickly integrate state capital postpolicy demonstrate heightened risk-taking capabilities. These outcomes are robust even after extensive validation.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Our findings suggest that state-owned shareholders play a significant role in augmenting private firms' risk-taking through enhanced governance and supervisory mechanisms. This effect is mediated by increased innovation investments and the alleviation of financing constraints, emphasizing the nuanced role of state capital in private enterprise dynamics. This study underscores the positive impact of state equity participation, particularly among smaller and less-marketized firms.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This study offers a strategic direction for policymakers to reinforce a resilient and dynamic private sector through state capital engagement. Our study contributes to the understanding of the strategic implications of state-owned enterprise participation in the private sector, offering evidence of its positive effects on risk-taking capacity, which are vital for policy formulation and corporate governance enhancement.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"629-662"},"PeriodicalIF":4.6,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598705","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":"Do Board-Level Employee Representatives Increase Pay Equity in Firms?","authors":"Amirhossein Fard,&nbsp;Chune Young Chung","doi":"10.1111/corg.12608","DOIUrl":"https://doi.org/10.1111/corg.12608","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Question/Issue</h3>\u0000 \u0000 <p>This study investigates the role of board-level employee representatives (BLERs), a common corporate governance practice in Europe, in determining the pay ratio between CEOs and average employees.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Using 15,340 firm-year observations from 17 European countries between 2001 and 2019, we find that BLERs provide greater bargaining power to the board for dealing with CEOs and use this power to reduce the pay gap between CEOs and employees. Subsample analyses indicate that bargaining power is more apparent when BLERs are more socially connected, have longer tenure, and hold more seats on the board.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study supports the role of BLERs in providing workers with more bargaining power to create fairer wage distribution in firms. Furthermore, it supports the fair wage–effort theory, indicating a positive effect of lower pay ratios on firm value following the presence of BLERs.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This study demonstrates the effects of a unique corporate governance practice, the presence of BLERs, on companies' wage distribution, with significant policy implications. In particular, the results indicate that when presented with opportunities in affecting companies decision-making BLERs provide fairer environments for the workers who they represent.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"32 6","pages":"1110-1132"},"PeriodicalIF":4.6,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12608","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142666159","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":"ESG Ratings and Dividend Changes: Evidence From the Initiation of Nonfinancial Agency Coverage","authors":"Albert Tsang,&nbsp;Yujie Wang,&nbsp;Yi Xiang,&nbsp;Li Yu","doi":"10.1111/corg.12615","DOIUrl":"10.1111/corg.12615","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This paper examines whether the coverage of nonfinancial rating (NFR) agencies affects corporate dividend policy.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We argue that dividend payout may decrease (increase) if NFR agencies provide information that reduces (increases) shareholder–manager agency (shareholder–stakeholder) conflict. We find that the coverage by an NFR agency is followed by an increase in dividends. This result is more pronounced for firms with more influential shareholders, poorer financial performance, and greater ESG commitment. We corroborate our findings using the acquisitions of NFR agencies and the expansion of NFR agencies' coverage as two main exogenous shocks. Lastly, our results hold for both US firms and non-US firms.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Collectively, this paper supports that the ESG ratings made available by NFR rating agencies following their rating coverage increase shareholder–stakeholder conflict to a greater extent than its effect on reducing shareholder–managers agency conflict.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our paper delivers critical insights to regulators striving to comprehend the functions of NFR agencies within the capital market more effectively. Such an understanding can further support their efforts to formulate new guidelines suitable for the burgeoning and swiftly evolving industry of NFR agencies.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 4","pages":"554-577"},"PeriodicalIF":4.6,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142258713","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 as a Source of Equity Capital for Entrepreneurs: Evidence From Entrepreneurial Exits","authors":"Douglas Cumming,&nbsp;April Knill,&nbsp;Kelsey Syvrud","doi":"10.1111/corg.12604","DOIUrl":"10.1111/corg.12604","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>We examine the effect of government equity investment on the dollar value of entrepreneurial exits spanning 50 countries over the years 1990–2015.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Data on 8532 entrepreneurial exits indicate that, relative to exits in which the investor base is purely nongovernment, private firm exits with government equity investment have higher dollar exit values. Subsample analysis suggests that the exits via initial public offerings (IPOs) drive these results with an average associated increase in IPO proceeds of $192.49 million. The positive impact of government is more pronounced when access to entrepreneurial capital is limited and for limited partnership venture capital structures.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Research on government equity investment has suggested inefficiencies that lead to the deterioration of corporate value. Conversely, government equity investment can provide a valuable source of capital to some firms when investors, for example, venture capitalists, are unable or unwilling to invest. Our paper sheds light on whether government equity investment can provide value to small private firms, a subset of firms that is typically financially constrained, and how they might enhance exit value.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our results suggest that governments enhance value when they provide capital in times/places where capital is scarce and government investors do not actively manage entrepreneurial firms.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 2","pages":"326-348"},"PeriodicalIF":4.6,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142207348","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":"The Role of Employee Ownership, Financial Participation, and Decision-Making in Corporate Governance: A Multilevel Review and Research Agenda","authors":"Elisa Del Sordo,&nbsp;Alessandro Zattoni","doi":"10.1111/corg.12614","DOIUrl":"10.1111/corg.12614","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>The allocation of return and control rights to employees has been somewhat overlooked in governance literature, but it has garnered interest from scholars across various fields. Our analysis of five decades of research integrates and juxtaposes theory and evidence from three independent yet intertwined domains: employee ownership, financial participation, and decision-making. Our work synthesizes an extensive body of past and current findings and introduces a multilevel contingency framework to formulate novel theoretical, methodological, and contextual remedies.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We conducted a multilevel analysis of 184 articles published in reputable journals. Our results reveal complementary and substitutive relationships between employee financial participation and decision-making and show that various contextual variables operating at different levels (i.e., individual, company and country) jointly impact employees behaviors and firm outcomes. Our findings help explain the mixed or ambiguous results of previous studies and offer novel theoretical and methodological pathways for future research.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Our study invites scholars to further investigate the antecedents and consequences of employee ownership, financial participation and decision-making. Specifically, we recommend adopting theories and methods that illuminate the complex nature of the employee ownership construct, develop a multilevel understanding of the phenomenon, and analyze the moderating effects of various contextual variables.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Insights from our review can assist practitioners and policymakers in designing plans that allocate either one or both of ownership rights to employees, enhancing their understanding of the role and impact of diverse contextual factors operating at various levels.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 3","pages":"529-549"},"PeriodicalIF":4.6,"publicationDate":"2024-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12614","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142207349","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}