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A clash of governance logics: Foreign ownership and board monitoring

Strategic management journal, 2016-02, Vol.37 (2), p.349-369 [Peer Reviewed Journal]

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Title:
A clash of governance logics: Foreign ownership and board monitoring
Author: Desender, Kurt A. ; Aguilera, Ruth V. ; Lópezpuertas-Lamy, Mónica ; Crespi, Rafel
Subjects: audit fees ; board monitoring ; board of directors ; corporate governance ; ownership
Is Part Of: Strategic management journal, 2016-02, Vol.37 (2), p.349-369
Description: We ask whether and when shareholder-oriented foreign owners are likely to change corporate governance logics in a stakeholder-oriented setting by introducing shareholder-oriented governance practices. We focus on board monitoring and claim that because the bundle of practices used in a stakeholder context does not protect shareholder-oriented foreign owners' interests, they seek to introduce their own practices. Our results suggest that board monitoring is only activated when shareholder-oriented foreign ownership is high and that the influence of foreign ownership is especially strong in firms without large domestic owners, with high levels of risk and poor performance. Our findings uncover the possibility of the co-existence of different corporate governance logics within a given country, shaped by the nature and weight of foreign owners
Publisher: Chichester, UK: John Wiley & Sons, Ltd
Language: English
Identifier: ISSN: 0143-2095
EISSN: 1097-0266
DOI: 10.1002/smj.2344
Source: Alma/SFX Local Collection

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