Institutional Antecedents of Corporate Governance Legitimacy

William Q. Judge · Thomas J. Douglas · Ali M. Kutan

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Corporate Finance and Governance Corruption and Economic Development Management and Organizational Studies

Abstract

The authors studied panel data for corporate governance ratings in 50 countries between 1997 and 2005 to understand what the country-level predictors of corporate governance legitimacy might be. Using neo-institutional theory, they found that all three pillars of institutionalization influenced perceptions of corporate governance at the national level—specifically, (a) the greater the extent of law and order, (b) the more the culture emphasized global competitiveness, and (c) the less the prevalence of corruption, the higher the corporate governance legitimacy within a nation. This study refines and extends the comparative corporate governance literature, as well as the neo-institutional perspective.

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References

1990Institutions, Institutional Change and Economic Performance 1977Institutionalized Organizations: Formal Structure as Myth and Ceremony 2001Econometric Analysis of Cross Section and Panel Data 1991Institutions, Institutional Change and Economic Performance 1995Managing Legitimacy: Strategic and Institutional Approaches 1991The Competitive Advantage of Nations 1990The Competitive Advantage of Nations 1999Corporate Ownership Around the World

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2015Seeking Legitimacy Through CSR: Institutional Pressures and Corporate Responses of Multinationals in Sri Lanka 2016Corporate Governance Deviance 2009Governance Bundles, Firm Performance, and the Substitutability and Complementarity of Governance Mechanisms 2018Board Independence and Corporate Misconduct: A Cross-National Meta-Analysis 2022Board characteristics and sustainability performance: empirical evidence from emerging markets 2017Corporate governance and firm performance in Malaysia

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