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"The Cross-National Diversity of Corporate Governance: Dimensions and Determinants"

Ruth V. Aguilera and Gregory Jackson

 

First Author :

Ruth V. Aguilera
Business Administration
University of Illinois at Urbana-Champaign
1206 S. Sixth Street, M/C 706
Champaign, IL 61820
USA

217 333 6661
217 244 9290 (Fax)

ruth-agu@uiuc.edu

http://www.business.uiuc.edu/faculty/aguilera.html


Second Author :

Gregory Jackson
Research Institute of Economy, Trade and Industry (RIETI)
Research Institute of Economy, Trade and Industry (RIETI)
1-3-1 Kasumigaseki, Chiyoda-ku
Tokyo 100-8901
Japan

81-3-3501-8313
81-3-3501-8416 (Fax)

gregory-jackson@rieti.go.jp

 
 
Abstract :
 
Corporate governance lies at the heart of contemporary debates over internationalization and varieties of capitalism. Despite this growing attention to cross-national diversity, a unified comparative framework remains elusive. This article develops a theoretical model to describe and explain variation in corporate governance among advanced capitalist economies. It identifies the social relations and institutional arrangements that shape: (1) who controls corporations, (2) what interests corporations serve, and (3) the allocation of rights and responsibilities among corporate stakeholders. Our "actor-centered" institutional approach explains firm-level corporate governance practices in terms of institutional factors that shape how actors' interests are defined ("socially constructed") and represented. Specifically, we predict how different national institutional settings will influence the respective roles of three stakeholders (capital, labor and management) in the corporate governance equation. Our model has strong implications for studying issues of international convergence by exploring the institutional interdependencies, complementarities and tensions within national settings.
 
 
Footnotes & Acknowledgements :
 
Authors are listed alphabetically. We are grateful for comments at various stages from Joe Broschak, Alvaro Cuervo-Cazurra, Albert Cannella (editor), John Dencker, Mauro Guillén, Martin Hoepner, Matt Kraatz, John Lawler, Huseyin Leblebici, Joe Mahoney, David Stark, Wolfgang Streeck, Charles Tilly, three anonymous referees, and seminar participants at the University of Illinois.
 
 
Manuscript Received : 2002
Manuscript Published : 2002
 
 
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