世界各地企业集团的公司治理:回顾与未来研究议程

Ruth V. Aguilera, Ryan Federo, Raquel Justo, Adrian L. Merida, B. Pascual-Fuster
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引用次数: 0

摘要

近年来,随着企业集团(BGs)在全球经济中崭露头角,学者们对它们的关注也与日俱增。然而,企业集团下属企业在公司治理、战略和绩效方面存在很大差异。我们对 1986 年至 2023 年间发表在高水平期刊上的 301 篇文章进行了回顾,建立了一个基于机制的框架来解释企业集团关联、所有权结构和公司治理实践对公司业绩的影响。我们还揭示了这些因素之间的许多关系在不同国家和不同时期存在差异,这取决于企业集团注册地和运营地的国家制度优势。我们建立了一个基于机制的框架,以解读企业集团内部公司治理与公司业绩之间的关系,并讨论了以往不同制度环境下的研究结果。我们发现,一些机制在许多情况下普遍适用于企业集团,而另一些机制则只在特定的制度条件下有效。管理者和政策制定者应考虑跨国差异,以全面了解企业集团。最终,我们的综述表明,不存在 "放之四海而皆准 "的方法,因为它们的作用、功能和结果因制度环境而异。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Corporate Governance of Business Groups Around the World: A Review and Agenda for Future Research
Scholarly interest in business groups (BGs) has grown considerably over the years, as they emerged as important players in the global economy. Yet, there exist ample differences in the corporate governance, strategies, and performance of BG‐affiliated firms. Given that BGs differ substantially across national institutional contexts, previous studies provide inconclusive arguments and empirical evidence regarding the complex relationship between corporate governance and firm performance within BGs.Our review of 301 articles published in highly ranked journals between 1986 and 2023 establishes a mechanism‐based framework to explain the effect of BG affiliation, ownership structure, and corporate governance practices on firm performance. We also reveal that many relationships between these factors vary cross‐nationally and over time, contingent on the national institutional strength where BGs are domiciled and operate.We develop a mechanism‐based framework to unpack the relationship between corporate governance and firm performance within BGs and discuss previous studies' findings across different institutional settings. We find that some mechanisms are generally applicable to BGs in many contexts, whereas others only hold in particular institutional conditions. We then offer several research avenues for further scholarly attention.Managers and policy makers should consider cross‐national differences to fully understand BGs. Ultimately, our review demonstrates that there is no one‐size‐fits‐all approach to BGs because their roles, functioning, and outcomes differ across institutional settings.
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