Institutional Antecedents of Corporate Governance Legitimacy
基于50个国家1997-2005年的面板数据，研究发现法律秩序、全球竞争文化以及低腐败程度是提升一国公司治理合法性的关键制度因素。
The authors studied panel data for corporate governance ratings in 50 countries between 1997 and 2005 to understand what the country-level predictors of corporate governance legitimacy might be. Using neo-institutional theory, they found that all three pillars of institutionalization influenced perceptions of corporate governance at the national level—specifically, (a) the greater the extent of law and order, (b) the more the culture emphasized global competitiveness, and (c) the less the prevalence of corruption, the higher the corporate governance legitimacy within a nation. This study refines and extends the comparative corporate governance literature, as well as the neo-institutional perspective.