Governance Innovations in Emerging Markets
提出新兴市场的治理实践多样性并非制度缺陷，而是创新过程的结果，通过嵌入性和全球代理结合内外治理要素，以中国和韩国为例说明治理创新的类型与适用性。
Heterogeneity among corporate governance practices in emerging economies presents new challenges to researchers and business practitioners. Prior research in international business and comparative corporate governance has considered this practice heterogeneity in emerging markets as an outcome of institutional voids or deficiencies to be addressed. In contrast, we propose viewing the variety of governance practices as the outcome of an innovation process that aims to better align the prototypical best practices and the idiosyncratic institutional or industry contexts. We argue that companies in emerging countries innovate their governance practices by combining different elements of external and internal governance systems using local embeddedness and global agency. Our examples of governance innovations in the emerging markets of China and Korea illustrate that this focus on embeddedness and agency offers insights into the salience and applicability of different types of governance innovations, from decoupling of local practices from global rules to experimentations with governance practices by change agents.