Applying the 'comply-or-explain' principle: discursive legitimacy tactics with regard to codes of corporate governance
Applying the 'comply-or-explain' principle: discursive legitimacy tactics with regard to codes of corporate governance
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应用“遵守或解释”原则：公司治理准则的话语合法性策略
DOI：
10.1007/s10997-011-9209-y
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发表时间：
2012
影响因子：
2.7
通讯作者：
Seidl D
中科院分区：
文献类型：
--
作者：
Seidl D
“不遵守就解释”原则是大多数公司治理守则的核心要素。最初由英国吉百利委员会提出，作为建立公司治理守则的一种实用方法，同时避免采用僵化的“一刀切”方法，此后已被纳入世界各地的守则制度。公司可以遵守守则规定，也可以解释为什么不遵守，即，为什么他们会偏离准则规定尽管它的广泛应用，很少有人知道如何遵守或解释是使用。在解决这一问题时，我们采用合法性理论，对偏离的解释可以被理解为使公司行为合法化的手段。我们分析了英国和德国257家上市公司的合规声明和报告，产生了大约715个偏离记录。由此，我们产生了一个经验性的分类解释。在二阶分析中，我们研究了潜在的逻辑，并确定了各种合法性策略。我们讨论的后果，这些合法性策略的代码制度和政策制定者的影响。
The comply-or-explain principle is a central element of most codes of corporate governance. Originally put forward by the Cadbury Committee in the UK as a practical means of establishing a code of corporate governance whilst avoiding an inflexible “one size fits all” approach, it has since been incorporated into code regimes around the world. Companies can either comply with code provisions or may explain why they do not comply, i.e., why they deviate from a code provision. Despite its wide application very little is known about the ways in which comply-or-explain is used. In addressing this we employ legitimacy theory by which explanations for deviating can be understood as means of legitimizing the company’s actions. We analyzed the compliance statements and reports of 257 listed companies in the UK and Germany, producing some 715 records of deviation. From this we generated an empirically derived taxonomy of the explanations. In a second order analysis we examine the underlying logic and identify various legitimacy tactics. We discuss the consequences of these legitimacy tactics for code regimes and the implications for policy makers.