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Summary Precise - Corporate governance & national institutions

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  • March 10, 2023
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  • 2022/2023
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Corporate governance & national institutions suggests institutional theory should be used to

understand 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 mention American, UK, German, Japanese, Chinese, and Russian corporate

governance in consideration of institutional factors. Noticeably mentioned is contrast between

Western diffused shareowners & block holders of Asia, perhaps representing historical economic

tendencies of individual & collective pursuit of wealth, or even purported stage in economic

development. Theories suggesting the latter are invoked by concepts like "institutional voids"

mentioned by the article. It's substitutive informal institutions of family business networks with

poor governance structures, information disclosure and information abuse that can remind

readers of historical family based elite employers such as the Morgan family bankers or the

Rockefeller based oil business. As one moves backward in time there's a similar Western

institutional void in eventually filled through regulatory institutions focused on areas like trade

and labor.

It's somewhat salient Russia was mentioned in corruption and clientelism relative to current

western political climate with Russia and revelations presented through the so called Panama

Papers. That criticism originating from the West is hypocritical because foundations of

commercial power here were founded on exploitation in early interpretations of the free market

due to institutional voids. A nation like Russia is actually experiencing the same initial patterns a

nation like America experienced in early development of free market capitalism. Granted this is

a difference time so because factors like technology, ideology, politics, and social relations may

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