Due to economic and social globalization processes, the boundaries of national systems of corporate governance have become more permeable for the transfer of ideas and practices from other institutional contexts. I derive hypotheses from a multitheoretical framework to explain strategic firm responsiveness to national level pressures for corporate governance reform. This framework integrates institutional, resource dependence, social network, upper echelon, and organizational learning perspectives and portrays corporate governance reform as institutional change. I test hypotheses derived from this framework in the context of the issuance of the German corporate governance code. The code provision of interest recommends that German firms listed on the Frankfurt stock exchange publish a comprehensive director remuneration report for their management and supervisory boards, a practice that is arguably at odds with the traditional regulative, normative, and cognitive-cultural institutional pillars of the German corporate governance system. A unique longitudinal dataset of 189 stock exchange listed firms is used to explain strategic firm responsiveness to the issuance of this institutionally contested provision. In this context, this dissertation is the first study that (partly) operationalizes Oliver's (1991) continuum of strategic responses to institutional processes. The findings reveal that in contrast to arguments advanced by financial economists and legal scholars, economic market forces do not significantly drive firms' responsiveness to corporate governance reform pressures. Instead, firm ownership type and power, labor representatives, management characteristics, and different intra- and interorganizational learning processes are significant predictors of strategic firm responsiveness to national level corporate governance reform pressures. The findings generally provide support for the developed theoretical framework and help corporate governance research to expand beyond the traditional legal and financial economics perspective.
| Identifer | oai:union.ndltd.org:LSU/oai:etd.lsu.edu:etd-05142013-152834 |
| Date | 12 June 2013 |
| Creators | Krenn, Mario |
| Contributors | McGuire, Jean, James, Barclay, Whitman, Daniel, Black, William, Kennedy, Lynn |
| Publisher | LSU |
| Source Sets | Louisiana State University |
| Language | English |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lsu.edu/docs/available/etd-05142013-152834/ |
| Rights | unrestricted, I hereby certify that, if appropriate, I have obtained and attached herein a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee. I hereby grant to LSU or its agents the non-exclusive license to archive and make accessible, under the conditions specified below and in appropriate University policies, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report. |
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