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Summary Filatotchev - Corporate governance & national institutions
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Corporate governance & national institutions suggests that institutional theory should be used tounderstand and expand the scope of agency theory in resolving potential issues arising from
corporate governance. In the era of capitalist globalization institutional analysis is necessity;
differences arising from regional social, political, and developmental factors make it apparent.
This article makes interesting mention of American, UK, German, Japanese, Chinese, and
Russian corporate governance in consideration of institutional factors. Noticeably mentioned is
the contrast between Western diffused shareowners & block holders of Asia perhaps representing
historical economic tendencies of individual & collective pursuit of wealth, or purported stage in
economic development. Theories suggesting the latter are potentially supported by concepts like
"institutional voids" mentioned by the article. It's the substitutive informal institutions of Family
business networks with dubious governance structures, poor disclosure and abuse of information
that can remind the reader of yesterdays (industrial revolution) family based elite employers such
as the Morgan family bankers or the Rockefeller based oil business. As one moves backward in
time there is a similar institutional void in the West which eventually was filled through more
regulatory institutions focused on things like trade and labor. It could be argued that during times
of institutional void in the West, capitalist powers of family based firms formed substitutive
informal institutions (perhaps even competing).
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