What national governance codes say about corporate culture (original) (raw)
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The paper reviews some past and recent studies on corporate governance and corporate culture of firms we focus on developed countries, emergent economy, and developing countries; using conceptual analysis from various literatures and theories. It was concluded that across the
National Culture and Corporate Governance
SSRN Electronic Journal, 2015
In a series of crosscountry comparisons, we show that national culture is statistically significant in differentiating countries with different corporate governance systems. Using the Schwartz cultural value model and data on corporate governance systems, we analyze the impact of national culture on six dimensions of corporate governance. Countries that have stronger emphasis on the dimensions of Embeddedness, Egalitarianism, and Harmony are more likely to have bank-based systems, while countries with a stronger emphasis on Autonomy, Hierarchy, and Mastery tend to have market-based systems. The findings suggest several implications for the ongoing debate on convergence and divergence of corporate governance systems and policy reforms regarding financial crises.
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Social Science Research Network, 2018
The UK's Financial Reporting Council is telling directors that they should not wait for a crisis before they focus on company culture. The board must set culture, embed it, assess it and report on it. This paper traces the company's formal legal liability for corporate culture as imposed in Australia and the UK and investigates the new focus on corporate culture in the wake of some notable corporate crises. It uses the Volkswagen emissions scandal as an example of cultural misalignment where the company and individual employees below board level (rather than a board collectively, or board members individually) have been the ones to be found liable despite the increase in rhetoric about the directors' responsibility for corporate culture. This critique is put into the context of decades of Management research in the field of Corporate Culture that has produced theory, empirical results and an array of practitioner tools, but has also ignited debates so intense as to be labeled the "culture wars". The paper points up the care that will be needed as legal liability for corporate culture increases before there is a consensus among management scholars on what it means and how it can be measured or assessed.
Corporate Governance: Implications From A Cultural Perspective
Analele Stiintifice Ale Universitatii Alexandru Ioan Cuza Din Iasi Stiinte Economice, 2010
This article aims to research the ample cultural implications behind the expansion and adoption of corporate governance principles and practices and on the cultural differences inherent in the process of translation /localisation of American, English or transnational practices towards continental Europe. More precisely, in the last part of this article, we shall compare the Olivencia rapport from Spain and the Code Corporate Governnace Code of the Bucharest Stock Exchange, with a view to analyzing how elements of national culture influence the transfer of corporate governance principles.
Management International Review, 2011
We posit that national cultural practices influence the institutional environment, which in turn has an influence on corporate governance practices. We empirically evaluate these relationships using structural equation modeling. 0 We utilize measures of national culture from Culture, Leadership, and Organizations: The Globe study of 62 Societies. For the institutional environment, we employ the World Bank Worldwide Governance Indicators. Consistent with theory, we find a strong relationship between these constructs. We further find that the institutional environment mediates the relationship between national culture and corporate governance practices. Corporate governance practices include measures of board accountability, financial disclosure and internal controls, shareholder rights, executive compensation, takeover defenses and ownership base, and corporate accountability and are available from Governance Metrics International. 0 As both culture and institutions are linked to corporate governance practices, efforts to change corporate governance practices around the world are best informed by an appreciation of cultural as well as institutional factors.
National Culture, Corporate Governance Practices, and Firm Performance
SSRN Electronic Journal, 2000
We examine why corporate governance varies widely across countries and across firms, and why such variation matters. Using a new database from Governance Metrics International on corporate governance practices across a large number of countries and firms for 2006-2011 and employing a hierarchical linear model specification, we find that the national cultural dimension of individualism is positively associated with, whereas the national cultural dimension of uncertainty avoidance is negatively associated with, firmlevel corporate governance practices. Within countries, there is a positive association between firm-level corporate governance practices and firm value; however, across countries, the association is negative or zero.
Review: The Emic and Etic Uses of the Term ‘Corporate Culture’
Journal of Business and Entrepreneurship, 2020
Corporate culture has been studied widely both as the focus of research or as one of the significant contributing factors in the operation of a company/organization. In studies on culture, social researchers acknowledge two different views: emic and etic. However, these two contrasting views have not been a concern of corporate or organizational culture researchers. This paper aims to shed light on this issue by reviewing different narrative analyses from various corporate culture studies. The author proposes a solution which enables researchers to ensure the inclusion of both emic and etic views on corporate culture in their research which is by using a model which adopts a continuum consisting of corporate culture and corporate cultural policy.
DOES CULTURE MATTER FOR CORPORATE GOVERNANCE? A CASE STUDY OF TURKEY
sobiad.org
The purpose of study is to search for the basic characteristics of the relationships between the Turkish culture and the degree of implementing the principles of corporate governance in Turkish companies. The study involves an analysis and an assessment of corporate governance practices in Turkey in terms of Turkish cultural concepts and dimensions. After the analysis, it is observed that not only small companies but also big-sized firms work still as "family business". Moreover some problems have been identified about this relationship. These include interpenetration of management, stakeholders and family, not seeing the family as independent entity from the company, unconsciousness of institutionalization, difficulty of the process from entrepreneurship management style to professional management style and lack of sharing knowledge and decisions by family members with other stakeholders and so on. In conclusion, we can say that a large part of the obstacles to the development of corporate governance in Turkey are based on the traditional structure and culture of organizations. In order to solve these problems, the level of institutionalization is needed to be raised.
Corporate Governance, Conduct and Culture
Colin Coulson-Thomas (2014), Corporate Governance, Conduct and Culture, Quality Times, Vol. XlX No. 03, March, pp 6-11 , 2014
Argues that general corporate culture change programs may be uneccesary and undesirable when there are cost-effective ways of quickly changing particular behaviors in relation to key tasks undertaken by important and front-line work groups and simultaneously deriving a range of other benefits for people and organizations.