La multiplication des scandales financiers depuis l'an 2000 suscite des débats et des controverses sur la gouvernance des entreprises cotées en bourse. Dans le paradigme contractuel, les débats sur la gouvernance ont largement consacré la valeur actionnariale comme modèle dominant, et dans lequel les actionnaires sont les seuls créanciers résiduels. Toutefois, la théorie des parties prenantes part du principe que la relation d'agence actionnaire-dirigeant doit s'élargir aux autres partenaires intervenant dans la chaîne de valeur, et qu'il faut abandonner l'hypothèse du statut de créancier résiduel exclusif des actionnaires. Cet abandon conduit à s'interroger sur le partage de la rente organisationnelle, ou valeur partenariale créée par la firme. Plus précisément, le concept de valeur partenariale soulève les questions de sa mesure, de son appropriation par les différents partenaires, et du rôle des mécanismes de gouvernance à ce niveau. L'objectif de cette recherche est, dans un premier temps, d'examiner le rôle joué par les mécanismes de gouvernance propres à la firme (caractéristiques du conseil, structure de propriété) sur la valeur partenariale créée, puis, dans un deuxième temps, sur l'appropriation de cette valeur partenariale par la firme et par ses parties prenantes explicites. Les tests empiriques portent sur un panel de 103 sociétés françaises cotées observées sur trois années (2006, 2008 et 2010). Les résultats suggèrent que quatre mécanismes ressortent globalement positivement associés à la valeur partenariale créée : la taille et l'indépendance du conseil, le pouvoir actionnarial des salariés, et la présence d'un comité d'éthique et/ou de gouvernance (CEG). En matière d'appropriation, deux mécanismes de gouvernance semblent jouer un rôle. Premièrement, la taille du conseil permettrait aux actionnaires et aux fournisseurs de capter davantage de rente organisationnelle, au détriment des clients et de la firme elle-même. Deuxièmement, la présence d'un CEG incite à une meilleure prise en compte des intérêts de certaines parties prenantes non-financières dans le partage de la rente (clients, salariés), alors que la part de rente que s'approprient les apporteurs de capitaux financiers (actionnaires et créanciers) diminue. Dans l'ensemble, nos résultats concernant la mise en place d'un CEG s'avèrent encourageant quant à la capacité de ce mécanisme à promouvoir une véritable gouvernance partenariale au sein des firmes cotées. / The multiplication of financial scandals since year 2000 induced debates and controversies about the governance of public companies. In the contracting paradigm, the debates on corporate governance have largely relied on shareholder value as a dominant model, in which shareholders are the only residual claimants. However, the stakeholder theory builds on the principle that the shareholder-manager agency relationship has to widen to the others stakeholders who intervene in the value creation chain, and that it is necessary to get rid of the hypothesis that shareholders are exclusive residual claimants. This move brings questions about the sharing of the organizational rent, or stakeholder value created by the firm. More specifically, the concept of stakeholder value raises questions about its measurement, its appropriation by the various stakeholders, and about the role of corporate governance mechanisms on that ground. The objective of this research is to investigate the role of firm-specific governance mechanisms (board characteristics, ownership structure) on the creation of stakeholder value on the one hand, and on the distribution of that stakeholder value to the firm and to its explicit stakeholders, on the other hand. Empirical tests are based on a panel of 103 French listed companies observed over three years (2006, 2008, and 2010). The main findings suggest that four mechanisms stand out globally positively associated to the stakeholder value created: board size and board independence, employees' voting rights (shareholder power), and the presence of an Ethics and/or Governance Committee (EGC). In terms of appropriation, two governance mechanisms seem to play a role. Firstly, board size would result in a larger part of the organizational rent captured by shareholders and suppliers, at the expense of customers and the firm itself. Secondly, the presence of an EGC results in a better consideration of the interests of some non-financial stakeholders (customers and employees), whereas the share of rent that is appropriated by financial capital providers (shareholders and debt-holders) decreases. Overall, our results concerning the implementation of an EGC turn out encouraging regarding the capacity of such mechanism to promote effective stakeholder governance within listed companies.

There is an overall consensus that the poor governance and corruption plaguing many developing nations are main inhibitors to progress. These inhibitors also lead to the overwhelming feelings of desperation, apathy, and determinism. International development assistance programs utilizing capacity building have been created to deal with sustainable development issues in the developing world. Often these programs are fragmented and address results, not the causes, of problems. This study assesses how existing community development approaches could be aided through a strategic sustainable development perspective. A majority of the research involved creation of a holistic innovative community development approach, which encourages transformational change and effective leadership, and comparison of that to an existing community development approach. Strengths and limitations were observed through this comparison and generic recommendations were created to support current approaches. The study found that existing development assistance strategies are effective at building capacity and helping communities, but encompassing a more holistic perspective could align planning and decision-making with socio-ecological sustainability and thereby support mid- and long-term progress.

The hospitality industry, with its dynamic business environment, has experienced unprecedented disruption and reconfiguration due to the emergence and success of sharing economy firms and online travel agencies. This turbulence calls for effective governance structures that can motivate managers to act in their shareholders' best interests. Despite the importance of effective corporate governance for firm performance and the topic receiving extensive scholarly attention in the management and finance literatures, there seem to be several gaps and mixed findings in the hospitality academic field. To facilitate scholarly advancement, identify gaps in the current knowledge base, and provide direction for future research, in the first essay I undertake a systematic review of research on corporate governance in the hospitality literature. Based on 115 peer-reviewed articles published since 1961, I identify 21 themes explored by scholars, and find that topics related to institutional ownership, executive compensation determinants, board size, and merger and acquisition (MandA) outcomes are commonly examined, whereas topics related to family ownership, debt, and regulation/law are seldom explored. This review contributes to the literature by taking stock of what we know and offering a one-stop-shop for scholars to understand and extend corporate governance literature published in the hospitality field. While evidence in the general business literature suggests that targets, instead of acquirers, are better off after the acquisition, limited studies in the hospitality industry have shown that both bidders and targets are better off after the merger, suggesting that MandAs are more successful in the hospitality industry than in other industries. In the second essay, I empirically examine whether this is indeed the case and what may explain the potential discrepancy in merger performance. Using a comparative study design and a comprehensive sample over 41 years, I find that overall acquirers gain from MandAs, and hospitality MandAs outperform non-hospitality MandAs. Bidders in the hospitality industry are more likely than non-hospitality bidders to acquire large, related targets, using an all-cash mode of payment. Except for industry relatedness, relative size, cash payment, and unlisted target are all positively related to merger performance. This study contributes to the literature by identifying several factors that can explain the differences in MandA performance between hospitality and non-hospitality firms. Despite the fact that MandAs are frequently pursued as a growth strategy in the hospitality industry, their effect on chief executive officer (CEO) compensation has not been systematically examined. Considering that CEO compensation is an important topic related to firm performance, management, and social responsibility, in the third essay I examine the relationship between MandAs and CEO compensation in a sample of hospitality firms consisting of 1,514 firm-year observations over a period of 27 years. The regression analyses find that CEO compensation is significantly higher in the year after large acquisitions; well-governed firms identified via tenure, the Entrenchment-index, and board independence pay their CEOs higher post-acquisition than poorly-governed firms; the fraction of equity-based compensation is unrelated to MandA propensity; and the fraction of cash-based compensation is negatively related to MandA propensity. The additional analyses indicate that CEOs are rewarded for positive stock returns but not penalized for negative stock returns, and even more so in well-governed firms after acquisition. This study finds that MandAs and corporate governance are determinants of CEO compensation and the form of CEO compensation matters to acquisition decisions in hospitality firms. The findings are of importance for shareholders and the board of directors to design compensation plans that align the interests of managers and shareholders. / Doctor of Philosophy / The hospitality industry, with its dynamic business environment, has experienced unprecedented disruption and reconfiguration due to the emergence and success of sharing economy firms and online travel agencies. This turbulence calls for effective governance structures that can motivate managers to act in their shareholders' best interests. Despite the importance of effective corporate governance for firm performance and the topic receiving extensive scholarly attention in the management and finance literatures, there seem to be several gaps and mixed findings in the hospitality academic field. To facilitate scholarly advancement, identify gaps in the current knowledge base, and provide direction for future research, in the first essay I undertake a systematic review of research on corporate governance in the hospitality literature, and find that topics related to institutional ownership, executive compensation determinants, board size, and merger and acquisition (MandA) outcomes are commonly examined, whereas topics related to family ownership, debt, and regulation/law are seldom explored. This review contributes to the literature by taking stock of what we know and offering a one-stop-shop for scholars to understand and extend corporate governance literature published in the hospitality field. In the second essay, I empirically examine whether MandAs are more successful in the hospitality industry than in other industries and what may explain the potential discrepancy in merger performance. I find that overall acquirers gain from MandAs, and hospitality MandAs outperform non-hospitality MandAs. Bidders in the hospitality industry are more likely than non-hospitality bidders to acquire large, related targets, using an all-cash mode of payment. Except for industry relatedness, relative size, cash payment, and unlisted target are all positively related to merger performance. This study contributes to the literature by identifying several factors that can explain the differences in MandA performance between hospitality and non-hospitality firms. In the third essay I examine the relationship between MandAs and CEO compensation in a sample of hospitality firms, and find that CEO compensation is significantly higher in the year after large acquisitions; well-governed firms identified via tenure, the Entrenchment-index, and board independence pay their CEOs higher post-acquisition than poorly-governed firms; the fraction of equity-based compensation is unrelated to MandA propensity; and the fraction of cash-based compensation is negatively related to MandA propensity. The additional analyses indicate that CEOs are rewarded for positive stock returns but not penalized for negative stock returns, and even more so in well-governed firms after acquisition. This study finds that MandAs and corporate governance are determinants of CEO compensation and the form of CEO compensation matters to acquisition decisions in hospitality firms. The findings are of importance for shareholders and the board of directors to design compensation plans that align the interests of managers and shareholders.

Made available in DSpace on 2016-04-26T20:48:58Z (GMT). No. of bitstreams: 1 Carlos Joaquim Paulino Pinto.pdf: 1255416 bytes, checksum: 5d8ae38c2de0a87875f9a379aa303940 (MD5) Previous issue date: 2009-09-30 / The main goal of this thesis is to analyse the competitive strategies assumed by the mills of the sugar-ethanol sector in Center-South of Brazil facing the Institutional Environment change, as an example Cosan´s case study. This is made through the analysis of interaction between Institutional Environment and players, in the period of sector regulation and deregulation, and its effects under competitive environment. The thesis is divided in four fundamental parts: (i) the presentation of theoretical reference, which treats of the mean concepts of Institutional Economics and the Economics of Transaction Costs, and its relation with agroindustry; (ii) the sugar-ethanol industry overview in brazilian economy context; (iii) the analysis of the Institutional Environment from the regulation and deregulation sector process; and (iv) the analysis of how the sugar cane mills have rebuilt comprehending the new competitive strategies assumed, from the sector´s deregulation, focusing Cosan´s case, which is an example of player that it has adapted to the new environment conditions / Este trabalho tem como objetivo principal analisar as estratégias competitivas adotadas pelas usinas do setor sucroalcooleiro do Centro-Sul do país frente às mudanças no Ambiente Institucional, tendo como exemplo o estudo de caso Cosan. Faz-se isto, com a análise da interação entre o Ambiente Institucional e os agentes no período de regulação e desregulação do setor, e seus efeitos sobre o ambiente competitivo. Para isto, dividiu-se a análise em quatro momentos fundamentais: (i) apresentação do referencial teórico, que aborda os principais conceitos da Nova Economia Institucional e da Economia dos Custos de Transação, e sua relação com a agroindústria; (ii) caracterização do setor sucroalcooleiro no contexto da economia brasileira; (iii) análise do Ambiente Institucional a partir dos processos de regulação e desregulação do setor; (iv) avaliação de como as usinas se recompuseram no que abrange as novas estratégias competitivas adotadas a partir da desregulamentação do setor, com foco no caso Cosan, que representa um exemplo de agente que vem se adaptando às novas condições do ambiente

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Submitted by thiago souza cruz amaral (thiagoscamaral@yahoo.com.br) on 2016-01-15T17:58:19Z No. of bitstreams: 1 Dissertação Thiago Amaral_Versão FINAL (ENTREGUE).pdf: 1827167 bytes, checksum: ccb6a7cdf39460899d9a8a6c84eaf5e5 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2016-01-19T12:44:28Z (GMT) No. of bitstreams: 1 Dissertação Thiago Amaral_Versão FINAL (ENTREGUE).pdf: 1827167 bytes, checksum: ccb6a7cdf39460899d9a8a6c84eaf5e5 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2016-01-21T18:08:29Z (GMT) No. of bitstreams: 1 Dissertação Thiago Amaral_Versão FINAL (ENTREGUE).pdf: 1827167 bytes, checksum: ccb6a7cdf39460899d9a8a6c84eaf5e5 (MD5) / Made available in DSpace on 2016-01-21T18:08:44Z (GMT). No. of bitstreams: 1 Dissertação Thiago Amaral_Versão FINAL (ENTREGUE).pdf: 1827167 bytes, checksum: ccb6a7cdf39460899d9a8a6c84eaf5e5 (MD5) Previous issue date: 2015-12-16 / This study aims to analyze the interplay between contractual and relational governance mechanisms in buyer-supplier relationships and their impact on complex projects outcomes. Governance of inter-organizational relationships and its strategic importance for firms' performance and to achieve competitive advantages have been the subject of many recent studies in the strategy field, as well as in related areas. More specifically, the importance of such relationships in management literature has been increasing, mainly in contexts involving emerging economies. The literature shows a convergence about two main types of governance in inter-organizational relationships: the contractual governance, related to contracts and rules formally established between firms to generally safeguard against opportunistic behavior, and relational governance, which is based mainly on trust and relational norms to coordinate such relationships. Although many studies have investigated contractual and relational governance in inter-organizational relationships, there is no consensus in the literature about the nature of their interplay. This study aims to investigate the interplay of governance mechanisms through a case study about a complex procurement project in the Brazilian offshore oil and gas industry, involving innovative technology. The findings suggest that contractual and relational governance mechanisms play important roles in the buyer-supplier relationships and their interaction impacts project outcomes, assessed in terms of time, cost and quality. Governance mechanisms play simultaneously and influence each other to a great extent. The case also demonstrates that accents on different mechanisms can change during the run of a project, depending on the context. Finally, it is concluded that project outcomes in the context studied can not be fully explained only by the interplay between governance mechanisms. These outcomes have to be contextualized, since many institutional environment factors act as moderators of the interplay between governances. / Este trabalho buscou investigar a interação entre os mecanismos de governança contratual e relacional na relação comprador-fornecedor e seus impactos sobre os resultados de projetos complexos. A governança dos relacionamentos interorganizacionais e sua importância estratégica para o desempenho das firmas e para a obtenção de vantagens competitivas têm sido tema de muitas pesquisas recentes na área de estratégia, bem como em áreas correlatas. Mais especificamente, é crescente a importância de tais relacionamentos na literatura de gestão, especialmente em contextos envolvendo economias emergentes. A literatura apresenta uma convergência acerca de dois tipos principais de governança nos relacionamentos interorganizacionais: a governança contratual, que se refere aos contratos e regras formalmente estabelecidas entre as firmas para geralmente coibir comportamentos oportunistas, e a governança relacional, que se baseia principalmente na confiança e em normas relacionais para coordenar tais relacionamentos. Embora diversos estudos tenham investigado a interação entre essas governanças, não há um consenso na literatura sobre a natureza dessa interação. Este estudo teve por objetivo investigar a interação dos mecanismos de governança contratual e relacional por meio de um estudo de caso sobre a implantação de um megaprojeto na indústria brasileira do petróleo offshore, envolvendo tecnologia inovadora. Os resultados indicam que os mecanismos de governança contratual e relacional desempenham importantes funções no relacionamento comprador-fornecedor e que a interação entre eles impacta os resultados do projeto em termos de prazo, custo e qualidade. Tais mecanismos atuam de forma simultânea e influenciam uns aos outros em grande medida. Percebe-se ainda que o nível de influência de cada um desses mecanismos varia ao longo do tempo, a depender do contexto. Por fim, conclui-se que os resultados do projeto, no contexto estudado, não podem ser plenamente explicados apenas pela interação entre esses mecanismos. Tais resultados precisam ser contextualizados, uma vez que diversos fatores do ambiente institucional atuam como moderadores da interação entre governanças.

Submitted by Dafne Oliveira Carlos de Morais (dafne_oliveira@hotmail.com) on 2018-05-25T19:19:51Z No. of bitstreams: 1 Dafne.Morais.Tese..pdf: 5045593 bytes, checksum: 797ca2e4e4eea9cce90c7d81ab63cde2 (MD5) / Approved for entry into archive by Debora Nunes Ferreira (debora.nunes@fgv.br) on 2018-05-29T20:30:45Z (GMT) No. of bitstreams: 1 Dafne.Morais.Tese..pdf: 5045593 bytes, checksum: 797ca2e4e4eea9cce90c7d81ab63cde2 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-05-30T13:08:39Z (GMT) No. of bitstreams: 1 Dafne.Morais.Tese..pdf: 5045593 bytes, checksum: 797ca2e4e4eea9cce90c7d81ab63cde2 (MD5) / Made available in DSpace on 2018-05-30T13:08:39Z (GMT). No. of bitstreams: 1 Dafne.Morais.Tese..pdf: 5045593 bytes, checksum: 797ca2e4e4eea9cce90c7d81ab63cde2 (MD5) Previous issue date: 2018-04-05 / O pilar social da sustentabilidade encontra-se sub representado no contexto da SSCM. O presente estudo endereça esse pilar social e a lacuna relacionada aos mecanismos de governança no âmbito da SSCM e aborda a seguinte questão de pesquisa: como empresas focais adotam a sustentabilidade social e quais mecanismos de governança são usados para implementá-la na cadeia de suprimentos? O trabalho propõe uma investigação empírica por meio de um estudo de casos múltiplos, composto por seis casos. A pesquisa identificou nos casos os antecedentes de sustentabilidade, isto é, os elementos que os direcionam, facilitam e dificultam na adoção da sustentabilidade ao longo da cadeia de suprimentos. Uma lista de mecanismos foi elaborada e classificada quanto ao seu tipo e quanto a sua atuação, se mais direta (hands-on) ou mais indireta (hands-off). Ademais, as questões sociais foram classificadas quanto a sua incidência nos casos e, para cada mecanismo de governança, três tipos foram estabelecidos: questões sociais centrais, questões sociais periféricas e questões sociais remotas. Considerando a relação entre os tipos de questões sociais implementadas e a intensidade de mecanismos de governança que as endereça, três perfis de gestão da sustentabilidade social no contexto da SSCM são delineados e descritos: elementar, seletivo e extensivo. Cada perfil foi analisado à luz de diferentes teorias: a Teoria dos Stakeholders, a Teoria de Contingência e a Teoria Comportamental. Um ponto de destaque na primeira lente teórica relaciona-se a saliência do fornecedor nos diferentes perfis: no perfil seletivo, um grupo forte de fornecedores atua como stakeholders perigosos, enquanto nos perfis seletivos e extensivos, fornecedores atuam, de modo geral, como reivindicadores. Os diferentes papéis dos fornecedores indicam que a maior ou menor incidência de poder do fornecedor influencia a extensão que a empresa focal consegue endereçar questões sociais em sua cadeia, se mais limitadas a questões centrais ou se alcançam questões periféricas e remotas. Sob a lente da Teoria de Contingência, o presente estudo indica que iniciativas sociais relacionam-se a fatores como (des)equilíbrio de poder e dependência na relação com fornecedor. Ademais, para gestão de questões sociais, aproximar-se de fornecedores não implica na redução de mecanismos de governança, principalmente, em cadeias de maior criticidade. Em relação a Teoria Comportamental, os resultados do estudo representam como conceitos dessa lente teórica manifestam-se no âmbito da sustentabilidade e da sustentabilidade social na SCM. Reconhecer tais contextos constitui um passo em direção a superação de comportamentos tendenciosos no processo de tomada de decisão na SSCM, como: reconhecer a gama de questões sociais possíveis de endereçar e priorizar aquelas mais alinhadas ao seu negócio e não as mais simples de endereçar, atuando de modo mais assertivo e não segundo o mais simples; estimular o reconhecimento mais ágil da necessidade de critérios mais complexos para definir o grupo de fornecedores a ser avaliado socioambientalmente em programas de gestão. / The social pillar of sustainability is under-represented in the context of SSCM. The present study addresses this social pillar and the gap related to governance mechanisms within the SSCM and addresses the following research question: how focal firms adopt social sustainability and what governance mechanisms are used to implement it throughout their supply chain? The paper proposes an empirical investigation through a multiple case study, composed of six cases. The research identified in the cases the antecedents of sustainability, that is, the elements that drive, enable and barriers the adoption of sustainability along the supply chain. A list of mechanisms has been elaborated and classified according to its type and its implementation, whether it is more direct (hands-on) or more indirect (hands-off). In addition, social issues were classified as to their incidence in cases and, for each governance mechanism, three types were established: central social issues, peripheral social issues and remote social issues. Considering the relationship between the types of social issues implemented and the intensity of governance mechanisms that address them, three profiles of social sustainability management in the context of SSCM are outlined and described: elementary, selective and extensive. Each profile was analyzed in the light of different theories: Stakeholders Theory, Contingency Theory and Behavioral Theory. A prominent point in the first theoretical lens relates to the salience of the supplier in the different profiles: in the selective profile, a strong group of suppliers acts as dangerous stakeholders, while in the selective and extensive profiles, suppliers generally act as claimants. The different roles of suppliers indicate that the supplier's greater or lesser incidence of power influences the extent to which the focal company can address social issues in its chain, whether it is more limited to central issues, or whether peripheral and remote issues are reached. Under the lens of the Contingency Theory, the present study indicates that social initiatives are related to factors such as (un)balance of power and dependence in the relationship with supplier. In addition, for management of social issues, approaching suppliers does not imply the reduction of governance mechanisms, especially in chains of greater criticality. In relation to Behavioral Theory, the results of the study represent concepts of this theoretical lens manifested in the scope of sustainability and social sustainability in SCM. Recognizing such contexts is a step towards overcoming biased behaviors in the SSCM decision-making process, such as: recognizing the range of possible social issues to address and prioritize those more aligned to the business rather than the simplest to address, acting more assertively and not according to the simplest; stimulate a more agile recognition of the need for more complex criteria to define the group of suppliers to be evaluated socio-environmentally in management programs.

Background: There are several strategies that focal companies can opt for to manage their supplychain. Different combinations of configurations and governance mechanisms are argued to havedifferent sustainability outcomes. First, main firms need to decide if they manage the relationshipwith suppliers themselves or if they hire a third party. Second, the buying companies could leadthe relationship with providers by incorporating collaboration or relying on industry certificates.Besides, Swedish companies, as well as Swedish citizens, are claimed to be highly sustainable.Purpose: The goal of this project is to discover the strategies top Swedish companies implementin their supply chains regarding sustainability, and their influence on the position of the companyin the Sustainable Brand Index. As a result, this project will help to determine which specificactions are most likely to lead to increased supply chain sustainability.Method: To fulfil the research purpose, a qualitative study has been conducted. Seven case studies,consisting of five semi-structured interviews with employees from Swedish companies, and twoperipherical secondary-data based ones, were coded and analysed using the grounded analysisfollowing an abductive approach.Conclusion: The results show that the configuration framework available in the literature is notas accurate as it could be, therefore, a new one is proposed. The combination that appeared to havethe best sustainability outcomes entailed a partially closed configuration i.e., extending monitoringto lower tiers, and a spectrum in the governance mechanisms gathering focal company owninitiatives and certifications.

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Bakgrund: Den globala uppvärmningen är en av vår tids stora utmaningar. Företagen står för en stor del av utsläppen och därav är det av vikt hur företagen styrs framåt, då styrningen påverkar företagens miljöarbete. Olika mekanismer av bolagsstyrning kan påverka företagens miljöarbete och dessa mekanismer kan även tänkas variera i påverkan mellan olika institutionella kontexter. Syfte: Syftet med studien är att göra en jämförande studie mellan Sverige, Tyskland och Frankrike angående om bolagsstyrningsmekanismer har en påverkan på finansiella och miljömässiga prestationer samt om miljömässiga prestationer har en påverkan på finansiella prestationer. Metod: Metoden som använts är longitudinell och komparativ med en deduktiv ansats. Agentteorin, aktieägarperspektivet, intressentteorin, legitimitetsteorin, CSR som praktisk tillämpning samt tidigare forskning har legat till grund för studiens hypoteser. Slutsatser: Resultaten ger indikationer på att det finns både likheter och skillnader i vilken relation bolagsstyrningsmekanismerna har med miljömässiga och finansiella prestationer mellan länderna. Relationer mellan miljömässiga och finansiellaprestationer finns endast i Tyskland och Frankrike, vilket tyder på att det finns skillnader mellan länderna i vilken påverkan miljöarbetet i ett företag kan ha på lönsamheten. / Background: Global warming is one of the greatest challenges of our time. Companies is responsible for a large part of the emissions and how companies are governed moving forward is of importance since governance impacts companies’ environmental work. Different mechanisms in corporate governance may impact their environmental work and the mechanisms may vary in impact between different institutional contexts. Purpose: The purpose of the study is to do a comparative study between Sweden, Germany, and France regarding whether certain mechanisms in corporate governance may have an impact on financial and environmental performance and also if environmental performance has an impact on financial performance. Method: The method used is a combination of longitudinal and comparative method with a deductive approach. Agency theory, shareholder perspective, stakeholder theory, legitimacy theory, CSR as a practical application as well as former research is used to formulate the hypotheses of the study. Conclusion: The results of the study indicate that both similarities and differences in the relationship between corporate governance and financial and environmental performance exists between the countries. Relationships between environmental and financial performance is only existing in Germany and France, which indicates that there are differences between the countries regarding the impact environmental work in a company may have on profitability.