Measuring Corporate Governance: Lessons from the 'Bundles Approach'
Measuring Corporate Governance: Lessons from the 'Bundles Approach'
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DOI：
10.2139/ssrn.2220616
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发表时间：
2012-12
期刊：
影响因子：
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通讯作者：
Gerhard Schnyder
中科院分区：
文献类型：
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作者：
Gerhard Schnyder
本文回顾了最近的研究，分析和批评现有的学术和商业公司治理（CG）指标。大多数这些“评级”的论文得出的结论是，包括复合措施的CG是无效的，因此建议返回到简单的措施。本文借鉴了“配置”或“捆绑的方法”，CG和认为，而“评级评级”的论文所作的批评是有道理的，他们的建议是误导。基于四个核心的见解来自“捆绑的方法”，本文表明，恢复到更简单的措施，公司层面的CG做法是一个错误的方向，因为它消除了不同的公司治理机制之间的相互作用的信息。这是特别重要的比较CG研究，旨在确定在特定国家的CG系统的差异。制定了替代解决方案，以改善公司治理措施，其中考虑到“捆绑方法”的见解。
This paper reviews recent studies that analyse and criticise existing academic and commercial corporate governance (CG) indices. Most of these ‘rating the ratings’ papers reach the conclusion that encompassing composite measures of CG are ineffective and suggest therefore to return to simpler measures. This paper draws on the 'configurational' - or 'bundles approach' to CG and argues that, while the criticisms made by the 'rating the ratings' papers are justified, their recommendations are misguided. Based on four central insights derived from the 'bundles approach', the paper shows that reverting to simpler measures of firm-level CG practices is a step in the wrong direction, in that it eliminates information about interactions between different corporate governance mechanisms. This is particularly consequential for comparative CG research that aims to identify differences in country-specific CG systems. Alternative solutions are developed to improve corporate governance measures, which take into account insights from the 'bundles approach'.