Global shift towards stakeholder-oriented corporate governance? Evidence from the scholarly literature and future research opportunities
通过文献综述，研究了公司治理体系是否在全球范围内从股东导向转向利益相关者导向，发现制度和企业层面有显著转变，但完全趋同的证据有限，并提出了未来研究方向。
Purpose By reviewing prior scholarly corporate governance (CG) literature and a review of more recent stakeholder studies, this paper aims to examine the extent to which stakeholders and their interests have gained in importance in recent years compared to the shareholder approach, which is dominant in many national economies and suggest future research opportunities. Design/methodology/approach This study conducts a literature review to examine major findings in prior studies. Findings The reviews and analyses provide support for a formal and informal convergence of CG systems towards more stakeholder-oriented elements globally. In general, at the institutional and firm levels, there are remarkable shifts to adopt stakeholder-oriented rules and practices. However, there is limited evidence that all these trends will actually lead to full convergence towards a single stakeholder-oriented governance model. Originality/value The paper offers an extensive summary of prior studies that investigate the impact of CG on firm stakeholder-orientation and social performance. Based on the review, this study suggests promising research directions.