Corporate governance codes: a review and research agenda

Francesca Cuomo, Christine Mallin, Alessandro Zattoni

Research output: Contribution to journalArticle

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Abstract

Manuscript Type: Review
Research Question/Issue: This study reviews previous country-level and firm-level studies on corporate governance codes up to 2014 in order to highlight recent trends and indicate future avenues of research.
Research Findings/Results: Our data show that research on codes increases over time consistently with the diffusion and the relevance of the empirical phenomenon. Despite previous studies have substantially enriched our knowledge of the antecedents and the consequences of governance codes, our study shows there are still several opportunities for making significant contributions in this area.
Theoretical Implications: Agency theory is the dominant theoretical framework, although other theoretical perspectives (especially the institutional one) are increasingly adopted. Future studies should be aimed at widening and combining various theoretical lenses so as to develop new interpretations and a better understanding of governance codes.
Practical Implications: Legislators and policy makers should continue to develop and update the recommendations of national governance codes in order to address the potential failures of corporate governance mechanisms in place.
Original languageEnglish
Pages (from-to)222-241
JournalCorporate Governance: An International Review
Volume24
Issue number3
Early online date22 Oct 2015
DOIs
Publication statusPublished - May 2016

Keywords

  • Corporate Governance
  • Good Governance Codes
  • Corporate Governance Guidelines

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