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Summary Precise - Corporate governance & national institutions
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Corporate governance & national institutions suggests institutional theory should be used tounderstand and expand the scope of agency theory in resolving potential issues arising from
corporate governance. In the era of capitalist globalization, institutional analysis is necessity;
differences arising from regional social, political, and developmental factors make it apparent.
This article mention American, UK, German, Japanese, Chinese, and Russian corporate
governance in consideration of institutional factors. Noticeably mentioned is contrast between
Western diffused shareowners & block holders of Asia, perhaps representing historical economic
tendencies of individual & collective pursuit of wealth, or even purported stage in economic
development. Theories suggesting the latter are invoked by concepts like "institutional voids"
mentioned by the article. It's substitutive informal institutions of family business networks with
poor governance structures, information disclosure and information abuse that can remind
readers of historical family based elite employers such as the Morgan family bankers or the
Rockefeller based oil business. As one moves backward in time there's a similar Western
institutional void in eventually filled through regulatory institutions focused on areas like trade
and labor.
It's somewhat salient Russia was mentioned in corruption and clientelism relative to current
western political climate with Russia and revelations presented through the so called Panama
Papers. That criticism originating from the West is hypocritical because foundations of
commercial power here were founded on exploitation in early interpretations of the free market
due to institutional voids. A nation like Russia is actually experiencing the same initial patterns a
nation like America experienced in early development of free market capitalism. Granted this is
a difference time so because factors like technology, ideology, politics, and social relations may
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