Exploring the frontiers of corporate governance: a practice theorists' perspective
DOI:
https://doi.org/10.55905/oelv21n8-130Keywords:
corporate governance, practice theory approach, praxis, mainstream, practice implementationAbstract
This paper explores the frontiers of research on Corporate Governance, analyzes the dominant theoretical framework, and proposes a research agenda based on practice theorists. It highlights the need to consider social dimensions alongside rational-utilitarian aspects in corporate governance practices. By examining everyday organizational practices, the study aims to foster a reflective and holistic understanding of corporate governance. It challenges the conventional contractual relationship between agents and principals, emphasizing the complexity and interdependence within this field. The paper contributes to theoretical discussions by presenting influential authors' perspectives on social practices, offering new lenses for approaching corporate governance and providing practical implications for understanding contemporary organizations.
References
Aguilera, R. V., Filatotchev, I., Gospel, H., and Jackson, G. (2008). An organisational approach to comparative corporate governance: Costs, contingencies, and complementarities. Organization Science, 19(3), 475–492. https://doi.org/10.1287/orsc.1070.0322
Ahearn, L. M. (2001). Language and agency. Annual Review of Anthropology, pp. 30, 109–137. https://doi.org/10.1146/annurev.anthro.30.1.109
Ahrens, T., & Chapman, C. S. (2006). Theorizing Practice in Management Accounting Research. In Handbooks of Management Accounting Research (Vol. 1, pp. 99–112). Elsevier. https://doi.org/10.1016/S1751-3243(06)01003-0
Ahrens, T., Filatotchev, I., and Thomsen, S. (2011). The research frontier in corporate governance. Journal of Management and Governance, 15(3), 311–325. https://doi.org/10.1007/s10997-009-9115-8
Alexander, J. O novo movimento teórico. Revista Brasileira de Ciências Sociais, São Paulo, v. 2, n. 4, p. 5-28, jun. 1987.
Arboleya, A. (2013). Agência e estrutura em Bourdieu e Giddens pela superação da antinomia “objetivismo-subjetivismo”. Sociologias Plurais, 1(1).
Banghoj, J. M., Gabrielsen, G., Petersen, C., and Plenborg, T. (2010). Determinants of executive compensation in privately held firms. Accounting and Finance, 50, 481-510.
Baxter, J., and Chua, W. F. (2003). Alternative management accounting research - Whence and whither. Accounting, Organizations and Society, 28(2–3), 97–126. https://doi.org/10.1016/S0361-3682(02)00022-3
Bebchuk, L. A., and Fried, J. M. (2003). Executive compensation as an agency problem. Journal of Economic Perspectives, 17(3), 71–92.
Berle, AA and Means, GC (1932). The Modern Corporation and Private Property, Macmillan, Nova York.
Bispo, M. (2013). Estudos baseados em prática: conceitos, história e perspectivas. Revista interdisciplinar de gestão social, 2(1).
Black, B. S., de Carvalho, A. G., and Sampaio, J. O. (2014). The evolution of corporate governance in Brazil. Emerging Markets Review, 20, 176–195. https://doi.org/10.1016/j.ememar.2014.04.004
Blair, M. M. (1995). Ownership and control: Rethinking corporate governance for the 21st century. Brookings Institution.
Blevins, D. P., Ragozzino, R., and Eckardt, R. (2020). “Corporate governance” and performance in nonprofit organizations. Strategic Organization. https://doi.org/10.1177/1476127020921253
Bootsma, A. A. (2010). Pay-for-performance? Erasmus MC: University Medical Center Rotterdam, 166-184.
Bortolon, P. M. and Silva Junior, A. (2015a). Determining factors for delisting of companies listed on BMandFBovespa. Revista Contabilidade and Finanças, 26(68), 140-153.
Bourdieu, P. (1997). Razones prácticas. Sobre la teoría de la acción. Barcelona: Anagrama, 23
Bourdieu, P. (2007). Outline of a Theory of Practice (pp. 189-198). Duke University Press.
Bourdieu, P., (R. Nice, Trans.) 1977. Outline of a Theory of Practice, Cambridge University Press, Cambridge.
Bourdieu, P., (R. Nice, Trans.) 1990. The Logic of Practice, Polity Press, Cambridge.
Bourdieu, P., 1998. Practical Reason. Polity Press, Cambridge.
Brennan, N. M., and Kirwan, C. E. (2015). Audit committees: Practices, practitioners, and praxis of governance. In Accounting, Auditing and Accountability Journal (Vol. 28, Issue 4, pp. 466–493). Emerald Group Publishing Ltd. https://doi.org/10.1108/AAAJ-01-2015-1925
Brennan, N. M., and Solomon, J. (2008). Corporate governance, accountability, and mechanisms of accountability: An overview. In Accounting, Auditing and Accountability Journal (Vol. 21, Issue 7, pp. 885–906). Emerald Group Publishing Limited. https://doi.org/10.1108/09513570810907401
Bunge, M. (2017). Philosophy of Science: Volume 1, From Problem to Theory. Routledge.
C, A., and A, L. (2014). The double edge of ambiguity in strategic planning. Journal of Management Studies, 51(2), 235–264.
Campbell, D. T.; Stanley, J.C. (1963) Experimental and quasi-experimental designs for research. Boston: Houghton Mifflin, 84 p.
Certeau, M. (1984) The Practice of Everyday Life. Berkeley: University of California Press
Certeau, M., and Mayol, P. (1998). The Practice of Everyday Life: Living and cooking. Volume 2 (Vol. 2). U of Minnesota Press.
Charreaux, G., and Desbrières, P. (2001). Governança corporativa: valor para as partes interessadas versus valor para os acionistas. Journal of Management and Governance , 5 (2), 107-128.
Charreaux, GJ (2004). Teorias de governança corporativa: de microteorias a teorias de sistemas nacionais. Documento de trabalho da Université De Bourgogne Fargo, (1040101).
Claessens, S., and Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging markets review, 15, 1-33.
Claessens, S., Djankov, S., Fan, J. P. H., and Lang, L. H. P. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The Journal of Finance. 57, 2741-71.
Coad, A. F., and Herbert, I. P. (2009). Back to the future: new potential for structuration theory in management accounting research? Management Accounting Research, 20(3), 177–192. https://doi.org/10.1016/j.mar.2009.02.001
Cohen, S., and Lauterbach, B. (2008). Differences in pay between owner and non-owner CEOs: evidence from Israel. Journal of Multinational Financial Management, 18(1), 4-15.
Concannon, M., and Nordberg, D. (2018). Boards strategizing in liminal spaces: Process and practice, formal and informal. European Management Journal, 36(1), 71–82. https://doi.org/10.1016/j.emj.2017.03.008
Conyon, M. J., and He, L. (2011). Executive compensation and corporate governance in China. Institute for Compensation Studies Working Paper, 6.
Conyon, M. J., and He, L. (2014). CEO turnover in China: The role of market-based and accounting performance measures. The European Journal of Finance, 20(7-9), 657-680.
Conyon, M. J., and He, L. (2016). Executive compensation and corporate fraud in China. Journal of Business Ethics, 134(4), 669-691.
Corley, K., and Gioia, D. (2011). Building theory about theory building: What constitutes a theoretical contribution? Academy of Management Review, 36(1), 12–32. https://doi.org/10.5465/amr.2009.0486
Dixon, J., and Dogan, R. (2002). Towards Constructive Corporate Governance. Philosophy of Management, 2(3), 51–71. https://doi.org/10.5840/pom20022315
Eduardo Alonso, A. (2017). Listening for the Cry: Certeau Beyond Strategies and Tactics. Modern Theology, 33(3), 369–394. https://doi.org/10.1111/moth.12333
Englund, H., Gerdin, J., and Burns, J. (2011). 25 Years of Giddens in accounting research: Achievements, limitations and the future. Accounting, Organizations and Society, 36(8), 494–513. https://doi.org/10.1016/j.aos.2011.10.001
Feldman, M. S., and Orlikowski, W. J. (2011). Theorizing practice and practicing theory. Organization Science, 22(5), 1240–1253. https://doi.org/10.1287/orsc.1100.0612
Filatotchev, I., and Boyd, B. K. (2009). Taking stock of corporate governance research while looking to the future: Guest editorial. In Corporate Governance: An International Review (Vol. 17, Issue 3, pp. 257–265). Blackwell Publishing Ltd. https://doi.org/10.1111/j.1467-8683.2009.00748.x
Giddens, A (2006). La Constituición da la Sociedad. Buenos Aires: Amorrotu.
Giddens, A. (1976), New Rules of Sociological Method, Hutchison: London.
Giddens, A. (1979), Central Problems in Social Theory: Action, Structure and Contradiction in Social Analysis, Macmillan: London.
Giddens, A. (1981), A Contemporary Critique of Historical Materialism, Macmillan: London
Golsorkhi, D., Rouleau, L., Seidl, D., and Vaara, E. (2015). Introduction: what is strategy as practice? In Cambridge Handbook of Strategy as Practice (pp. 1–30). Cambridge University Press. https://doi.org/10.1017/cbo9781139681032.001
Golubeva, O. (2021). Firms’ performance during the COVID-19 outbreak: international evidence from 13 countries. Corporate Governance: The International Journal of Business in Society. In press.
Huse, M. (2005). Accountability and creating accountability: A framework for exploring behavioural perspectives of corporate governance. British Journal of Management, 16(SPEC. ISS.), S65–S79. https://doi.org/10.1111/j.1467-8551.2005.00448.x
Iwasaki, I. (2014). Global financial crisis, corporate governance, and firm survival:: The Russian experience. Journal of Comparative Economics, 42(1), 178-211.
Jarzabkowski, P., Balogun, J., and Seidl, D. (2007). Strategizing: The challenges of a practice perspective. In Human Relations (Vol. 60, Issue 1, pp. 5–27). SAGE PublicationsSage CA: Thousand Oaks, CA. https://doi.org/10.1177/0018726707075703
Jebran, K., and Chen, S. (2021). Can we learn lessons from the past? COVID-19 crisis and corporate governance responses. International Journal of Finance and Economics. https://doi.org/10.1002/ijfe.2428
Jensen, M. C., and Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
Jensen, M. C., and Murphy, K. J. (1990). CEO incentives: It's not how much you pay, but how.
Johnson, S., Boone, P., Breach, A., and Friedman, E. (2000). Corporate governance in the Asian financial crisis. Journal of financial Economics, 58(1-2), 141-186.
Kirkpatrick, G. (2009). The corporate governance lessons from the financial crisis. OECD Journal: Financial Market Trends, 2009(1), 61-87.
La Porta, R., Lopez-de-Silanez, F., and Shleifer, A. (1999) Corporate ownership around the world. The Journal of Finance, 54(2), 471-517.
Leal, R. P. C., and Bortolon, P. M. (2009). Controle compartilhado: impactos sobre o valor da firma. In Instituto Brasileiro de Governança Corporativa (Orgs.). Governança corporativa: Estrutura de controles societários, (pp. 125-137), São Paulo: Saint Paul.
Lemmon, M. L., and Lins, K. V. (2003). Ownership structure, corporate governance, and firm value: Evidence from the east Asian financial crisis. The Journal of Finance, 58(4), 1445– 1468.
Lin, Z., Zhao, X., Ismail, K. M., and Carley, K. M. (2006). Organizational design and restructuring in response to crises: Lessons from computational modeling and real-world cases. Organization Science, 17(5), 598– 618.
Lins, K. V., Volpin, P., and Wagner, H. F. (2013). Does family control matter? International evidence from the 2008–2009 financial crisis. The Review of Financial Studies, 26(10), 2583– 2619.
Liu, C., Uchida, K., and Yang, Y. (2012). Corporate governance and firm value during the global financial crisis: Evidence from China. International Review of Financial Analysis, 21, 70-80.
Lourenço, R. L., and Sauerbronn, F. F. (2018). Teorias da prática social para pesquisas em contabilidade gerencial: possibilidades a partir de Pierre Bourdieu e Anthony Giddens. Revista Contemporânea de Contabilidade, 15(35), 204-232.
Marnet, O. (2007). History repeats itself: The failure of rational choice models in corporate governance. Critical Perspectives on Accounting, 18(2), 191–210. https://doi.org/10.1016/j.cpa.2005.11.010
Mcnulty, T., Zattoni, A., and Douglas, T. (2013). Developing Corporate Governance Research through Qualitative Methods: A Review of Previous Studies. Corporate Governance: An International Review, 21(2), 183–198. https://doi.org/10.1111/corg.12006
Mcnulty, T., Zattoni, A., and Douglas, T. (2013). Developing Corporate Governance Research through Qualitative Methods: A Review of Previous Studies. Corporate Governance: An International Review, 21(2), 183–198. https://doi.org/10.1111/corg.12006
Meyer, J. W., and Rowan, B. (1977). Institutionalized organizations; formal structures as myth and ceremony. American Journal of Sociology, 83(2), 364–385.
Mont'Alvão, A., Neubert, L. F., and de Souza, M. F. (2011). Espaço e tempo na" teoria da estruturação". Política and Trabalho, (35).
Nakpodia, F., and Adegbite, E. (2018). Corporate governance and elites. Accounting Forum, 42(1), 17–31. https://doi.org/10.1016/j.accfor.2017.11.002
Neubert, L. F. (2018). Bourdieu, Giddens e Elias: a superação do dilema micro/macro. Teoria e Cultura, 13(2).
Neves, F. M., and Aguilar Filho., H. A. D. (2012). O acoplamento entre sociedade e economia: a teoria dos sistemas nas contribuições de Talcott Parsons e Niklas Luhmann. Século XXI: Revista de Ciências Sociais. Santa Maria. Vol. 2, n. 1 (jan./jun. 2012), p. 138-167.
Nóbrega, M., Loyola, G., Guedes Filho, E. N., and Pasqual D. (2000). O mercado de capitais: Sua importância para o desenvolvimento e os entraves com que se defronta o Brasil. São Paulo: BMandFBovespa.
Paiva, A. L. de, Alcântara, V. de C., Cruz, E. S. T., and Andrade, L. F. S. (2018). Em Busca das Práticas: Contribuições Epistemo-metodológicas das Teorias da Prática aos Estudos da Gestão Social. Administração Pública e Gestão Social, 0(0), 34–44. https://periodicos.ufv.br/apgs/article/view/5172
Palmer, M., and O’kane, P. (2007). Strategy as practice: interactive governance spaces and the corporate strategies of retail transnationals. Journal of Economic Geography, 7(4), 515–535. https://doi.org/10.1093/jeg/lbm015
Palpacuer, F. (2006). Globalization and corporate governance: issues for management researchers. Society and Business Review, 1(1), 45–61. https://doi.org/10.1108/17465680610643346
Peci, A. (2003). Estrutura e ação nas organizações: algumas perspectivas sociológicas. Revista de Administração de Empresas, 43(1), 1-12.
Peters, G. (2013). Habitus, reflexividade e neo-objetivismo na teoria da prática de pi erre bourdieu. Revista Brasileira de Ciencias Sociais, 28(83), 47–71. https://doi.org/10.1590/S0102-69092013000300004
Peters, G. M. (2006). Percursos na teoria das práticas sociais: Anthony Giddens e Pierre Bourdieu. 2006. 268 f. Dissertação (Mestrado em Sociologia)-Universidade de Brasília, Brasília.
Pinto, M. B., and Leal, R. P. C. (2013). Ownership concentration, top management and board compensation. Revista de Administração Contemporânea, 17(3), 304-324.
Popper, K. R. (1972). Conjecturas e refutações:(o progresso do conhecimento cientf́ico). Ed. Universidade de Brasília.
Reckwitz, A. (2002). Toward a Theory of Social Practices: A Development in Culturalist Theorizing. European Journal of Social Theory, 5(2), 243–263. https://doi.org/10.1177/13684310222225432
Reckwitz, A. (2007). Practice Theory. In The Blackwell Encyclopedia of Sociology. John Wiley and Sons, Ltd. https://doi.org/10.1002/9781405165518.wbeosp125
Regnér, P. (2003). Strategy creation in the periphery: Inductive versus deductive strategy making. Journal of Management Studies, 40(1), 57–82. https://doi.org/10.1111/1467-6486.t01-1-00004
Ribeiro, E. A. (2006). O elemento voluntarista na sociologia de Talcott Parsons. Acta Scientiarum. Human and Social Sciences, 28(1), 93-98.
Roberts, J., McNulty, T., and Stiles, P. (2005). Beyond agency conceptions of the work of the non-executive director: Creating accountability in the boardroom. British Journal of Management, 16(SPEC. ISS.), S5–S26. https://doi.org/10.1111/j.1467-8551.2005.00444.x
Sell, C. E.; de Paula J. J. (2016) A teoria sociológica e o debate micro-macro hoje. Política and Sociedade, Florianópolis, v. 15, p. 7-17.
Shleifer, A., and Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.
Silva, A. R. L. da, Carrieri, A. de P., and Junquilho, G. S. (2011). A estratégia como prática social nas organizações: articulações entre representações sociais, estratégicas e táticas cotidianas. Revista de Administração, 46(2), 122–134. https://doi.org/10.5700/rausp1002
Thiry-Cherques, H. R. (2006). Pierre Bourdieu: a teoria na prática. Revista de Administração Pública, 40(1), 27–53. https://doi.org/10.1590/s0034-76122006000100003
Thiry-Cherques, H. R. (2006). Pierre Bourdieu: a teoria na prática. Revista de Administração Pública, 40(1), 27-53.
Tirole, J. (2010). The theory of corporate finance. Princeton University Press
Whittington, R. (2011). The practice turn in organization research: Towards a disciplined transdisciplinarity. Accounting, Organizations and Society, 36(3), 183–186. https://doi.org/10.1016/j.aos.2011.04.003
Whttington, R. (2002). Practice perspectives on strategy: unifying and developing a field. Academy of Management Proceedings, 2002(1), C1–C6. https://doi.org/10.5465/apbpp.2002.7517994
Yeoh, P. (2010). Causes of the global financial crisis: Learning from the competing insights. International Journal of Disclosure and Governance, 7(1), 42-69.
Young M. N., Peng M. W., Ahlstrom D., Bruton G. D., and Jian Y. (2008) Corporate governance in emerging economies: a review of the principal–principal perspective. Journal of Management Studies, 45(1), 196–220.
Young, R. F., and Astarita, A. C. (2013). Practice Theory in Language Learning. Language Learning, 63(SUPPL. 1), 171–189. https://doi.org/10.1111/j.1467-9922.2012.00743.x
Zhang, D., Hu, M., and Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 101528.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 OBSERVATÓRIO DE LA ECONOMÍA LATINOAMERICANA
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
