External Corporate Social and Environmental Reporting （CSER） finds its raison d＇etre in corporations＇ search for both a license to operate and accountability towards society. This suggests a relationship between c...External Corporate Social and Environmental Reporting （CSER） finds its raison d＇etre in corporations＇ search for both a license to operate and accountability towards society. This suggests a relationship between corporations and society. In this study, that relationship is analyzed, specifically the relationship between levels of CSER and economic institutions. A strong link with institutions is an outcome of institutionalization. The economic institutions applied are economic freedom and legal origin as a proxy for national corporate governance systems. The results of this descriptive study show associations between CSER levels and economic freedom. CSER is also related to national corporate governance systems through legal origin. CSER appears to be institutionalized, or in any case, corporations seem to be aware of the economic institutionalization of CSER.展开更多
Based on the 1997-2007 panel data of 676 listed companies and in-depth interviews with the senior executives, independent directors, fund managers and securities analysts of these companies, this paper tries to analyz...Based on the 1997-2007 panel data of 676 listed companies and in-depth interviews with the senior executives, independent directors, fund managers and securities analysts of these companies, this paper tries to analyze the relationship between corporate govemance and firm performance from a sociological perspective. The results show that the relationship between corporate governance and firm performance in the Chinese institutional environment is sharply different from the predictions of the agency theory. The empirical findings from China lend strong support to the new institutional argument that ＂besf＇ corporate governance practices are socially ＂constructed＂ by various social forces and interests groups in specific social, political and cultural contexts, and how ＂good＂ a corporate governance practice is depends to a large extent on whether it fits in with the institutional environment in which it is embedded. There exists no universally ＂best＂ model of corporate governance across the world. Our empirical sociological study based on Chinese experience offers new perspectives and evidence for deconstructing the global myth ofcoroorate ~ovemance.展开更多
文摘External Corporate Social and Environmental Reporting （CSER） finds its raison d＇etre in corporations＇ search for both a license to operate and accountability towards society. This suggests a relationship between corporations and society. In this study, that relationship is analyzed, specifically the relationship between levels of CSER and economic institutions. A strong link with institutions is an outcome of institutionalization. The economic institutions applied are economic freedom and legal origin as a proxy for national corporate governance systems. The results of this descriptive study show associations between CSER levels and economic freedom. CSER is also related to national corporate governance systems through legal origin. CSER appears to be institutionalized, or in any case, corporations seem to be aware of the economic institutionalization of CSER.
基金the Shum Fellowship of the Fairbank Center for Chinese Studies at Harvard Universitythe Young Scholar Start-up Research Project of the Chinese Academy of Social Sciences+1 种基金the MIT-Harvard Economic Sociology Seminarthe participants provided helpful comments and suggestions
文摘Based on the 1997-2007 panel data of 676 listed companies and in-depth interviews with the senior executives, independent directors, fund managers and securities analysts of these companies, this paper tries to analyze the relationship between corporate govemance and firm performance from a sociological perspective. The results show that the relationship between corporate governance and firm performance in the Chinese institutional environment is sharply different from the predictions of the agency theory. The empirical findings from China lend strong support to the new institutional argument that ＂besf＇ corporate governance practices are socially ＂constructed＂ by various social forces and interests groups in specific social, political and cultural contexts, and how ＂good＂ a corporate governance practice is depends to a large extent on whether it fits in with the institutional environment in which it is embedded. There exists no universally ＂best＂ model of corporate governance across the world. Our empirical sociological study based on Chinese experience offers new perspectives and evidence for deconstructing the global myth ofcoroorate ~ovemance.
