Do Firms Decouple Corporate Governance Policy and Practice?
研究泰国上市公司，发现总体上治理政策采纳得分高的公司较少违反股东保护规则，但少数公司存在象征性治理，即只发声明而不落实股东权利和董事会相关政策。
Abstract We test whether Thai listed firms with higher levels of good governance policy adoption are less likely to violate listing rules and laws designed to protect shareholders. Our results suggest that firms on average implement, substantively as opposed to symbolically, recommended governance policies, as violations occur less frequently among firms with higher governance policy adoption scores. However, we also find evidence of symbolic governance among a small group of ‘talk‐only’ firms that issue statements about governance while lagging in the adoption of policies related to shareholder rights and the board of directors.