دانلود رایگان مقاله انگلیسی مدیریت شرکتی یک شرکت چند ملیتی: دیدگاه های شرکت، صنعت و نهادی - الزویر 2018

Abstract

We introduce the topic of this Special Issue of the Journal of Corporate Finance on corporate governance of a multinational enterprise with a particular emphasis on the theoretical and empirical gaps in prior finance and international business studies associated with corporate governance problems and the effectiveness of governance solutions in the context of diverse institutional settings. We integrate analysis of the accepted articles with existing research on international corporate governance and global strategy. Overall, the work in this area continues to emphasize the importance of institutions, legal environment and culture in all aspects of global enterprises. We conclude the article with suggestions for future research in this rapidly expanding and important area of global business.

Future research

We hope that this Special Issue will help to build the foundation for greater understanding not only of performance outcomes of different governance mechanisms in the context of MNEs, but also of a complex interaction of firm-level governance charactersitics with meso- and macro-factors such as the firm’s industry and institutional environments. Our review of the state-of-the-art research in finance and international business, as well as papers in this Special Issue suggests that the structure and processes of corporate governance are embedded in formal and informal institutions, and MNEs by the very nature of their global operations are exposed to a diverse range of institutional pressures in their home and host countries that ultimately shape their governance settings and, subsequently, business startegy and performance.

The recognition of sometimes conflicting demands imposed by regulatory, normative and cognitive institutions points to a number of promising avenues for future research. For example, Krause et al. (2016) provide evidence that whereas governance activists view CEO power as illegitimate, customers in product markets characterized by high cultural power distance view CEO power as a legitimizing force. In support of this “demand-side” argument, the authors found that firms selling primarily to high-power-distance countries conferred more power on their CEOs. It remains unknown, however, whether informal, cultural institutions abroad affect the MNE’s governance configurations when the firm must simultaneously build legitimacy with stock market investors. It also remains unknown whether investors value the MNE’s compliance with demands associated with normative and cognitive legitimacy in foreign markets or if their valuations of firms follow agency norms exclusively.