Standard Setting and Following in Corporate Governance: An Observation-Theoretical Study of the Effectiveness of Governance Codes
基于观察理论，将治理准则视为观察图式，分析其有效性取决于企业与其他行动者之间相互观察的递归整合程度，以及准则与其他观察图式的关系，并提出可供实证检验的命题。
Researchers have lately been pointing out the increasing significance of standards in all areas of contemporary life. There have been calls for more research into the processes of setting and following standards. In this article we analyse the effectiveness of codes of corporate governance as a specific type of standard that has become particularly prominent over the last decade. On the basis of an observation-theoretical approach, codes are conceptualized as schemas of observation that establish a field of mutual observations. The effectiveness of codes depends on the one hand on the extent to which they become integrated into recursive cycles of mutual observation between the corporation and the various actors in the field. On the other hand, effectiveness depends on how codes relate to other observational schemas. On the basis of the analysis several propositions about the effectiveness of code regulation are developed, which may be tested in further empirical studies.