In this paper, we contrast the universalist and cultural perspectives on “good” corporate governance practices. Using a new database from Governance Metrics International featuring highly granular measures of corporate governance practices across a large number of countries for the period 2006-2011, we find that the national cultural dimension of individualism is positively associated with accountability and transparent disclosure, and with corporate behavior standards, and that uncertainty avoidance is negatively associated with accountability and transparent disclosure, and with minority shareholder protection. We further find that within countries, there is a largely positive association between firm-level “good” corporate governance practices and firm performance; however, across countries, the association is largely negative. We conclude that national culture matters in firms’ adoption of “good” corporate governance practices, and that the effect of these “good” corporate governance practices on firm performance depends on whether firms are compared within a country or across countries.
Keywords: Anglo-American governance paradigm; corporate governance; firm performance; hierarchical linear model; individualism; national culture; relational governance paradigm; uncertainty avoidance
JEL Classification: G18; G31; G32
자료실
자료실
[2014년 제 4차] National Culture, Corporate Governance Practices, a
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2014-12-12