Advertisement

Journal of Management & Governance

, Volume 15, Issue 3, pp 483–507 | Cite as

Corporate governance and stakeholder conflict

  • Michael Carney
  • Eric Gedajlovic
  • Sujit SurEmail author
Article

Abstract

The stakeholder management literature is dominated by the ‘shareholder value’ and ‘inclusive stakeholder’ views of the corporation. Each views the governance problem in terms of inter-functional conflicts between stakeholder groups, such as between investors and managers or managers and employees, and rests on the assumption of an idealized corporate structure characterized by the separation of ownership from management. Our review of corporate governance and stakeholder conflict shows that such functional-based characterization is too simplistic and fails to account for important intra-functional conflict. Through a comparative review that considers managerial, stakeholder and family systems of governance, we demonstrate that, while the modality of conflict varies by system, substantial intra-functional conflict is endemic to each. We integrate the findings of the agency and comparative stakeholder theories of corporate governance to offer an authority-based framework with three different governance structures that offers complementary insights into stakeholder conflicts. Thus, our study highlights the important, but often neglected, intra-stakeholder type of conflict in various organizations and provides a basis for understanding their various manifestations and consequences under the different systems of governance.

Keywords

Stakeholder salience Stakeholder theory Shareholder value Governance systems 

References

  1. Agle, B., Donaldson, T., Freeman, R., Jensen, M., Mitchell, R., & Wood, D. (2008). Dialogue: Toward superior stakeholder theory. Business Ethics Quarterly, 18(2), 153.Google Scholar
  2. Aguilera, R. V., Filatotchev, I., Gospel, H., & Jackson, G. (2008). An organizational approach to comparative corporate governance: Costs, contingencies, and complementarities. Organization Science, 19(3), 475–494.CrossRefGoogle Scholar
  3. Aguilera, R., & Jackson, G. (2003). The cross national diversity of corporate governance: Dimensions and determinants. Academy of Management Review, 28(3), 445–447.Google Scholar
  4. Alchian, A. A., & Demsetz, H. (1972). Production, information costs, and economic organization. American Economic Review, 62, 777–795.Google Scholar
  5. Allen, F., & Gale, D. (2000). Comparing financial systems. Cambridge, MA: The MIT Press.Google Scholar
  6. Amit, R., & Villalonga, B. (2004). How do family ownership, control, and management affect firm value? Journal of Financial Economics, 80(2), 385–417.Google Scholar
  7. Anderson, R. C., & Reeb, D. M. (2003). Founding family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3), 1301–1328.CrossRefGoogle Scholar
  8. Arya, A., & Sun, H.-L. (2004). Stock option repricing: Heads I win, tails you lose. Journal of Business Ethics, 50(4), 297–312.CrossRefGoogle Scholar
  9. Barker, J. R. (1993). Tightening the iron cage: Concertive action in self-managed teams. Administrative Science Quarterly, 38(3), 408–437.CrossRefGoogle Scholar
  10. Bebchuk, L. A., & Jolls, C. (1999). Managerial value diversion and shareholder wealth. Journal of Law Economics and Organization, 15(2), 487.CrossRefGoogle Scholar
  11. Bebchuk, L. A., & Roe, M. J. (1999). A theory of path dependence in corporate ownership and governance. Stanford Law Review, 52(1), 127–170.CrossRefGoogle Scholar
  12. Becht, M., Bolton, P., & Roell, A. (2003). Corporate governance and control. Amsterdam: Elsevier Science B.V.Google Scholar
  13. Berglöf, E., & Perotti, E. (1994). The governance structure of the Japanese financial keiretsu. Journal of Financial Economics, 36, 259–284.CrossRefGoogle Scholar
  14. Bergloff, E., & von Thadden, E. L. (1994). Short term vs. long term interest: Capital structure with multiple investors. Quarterly Journal of Economics, 109, 1055–1084.CrossRefGoogle Scholar
  15. Berman, S. L., Wicks, A. C., Kotha, S., & Jones, T. M. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Academy of Management Journal, 42(5), 488–506.CrossRefGoogle Scholar
  16. Biggart, N. W., & Delbridge, R. (2004). Systems of exchange. Academy of Management Review, 29(1), 28–49.Google Scholar
  17. Blasi, J., Kruse, D., & Bernstein, A. (2003). In the company of owners: The truth about stock options and why every employee should have them. New York: Basic Books.Google Scholar
  18. Boyer, R. (2005). How and why capitalisms differ. Economy and society, 34(4), 509–557.CrossRefGoogle Scholar
  19. Carney, M. (2005). Corporate governance and competitive advantage in family-controlled firms. Entrepreneurship: Theory and Practice, 29(3), 249–265.CrossRefGoogle Scholar
  20. Carney, M., & Gedajlovic, E. (2002). The co-evolution of institutional environments and organizational strategies: The rise of family business groups in the ASEAN region. Organization Studies, 23(1), 1–31.Google Scholar
  21. Carney, M., Gedajlovic, E., & Yang, X. (2009). Varieties of Asian capitalism: Toward an institutional theory of Asian enterprise. Asia Pacific Journal of Management, 26(3), 361–380.CrossRefGoogle Scholar
  22. Chandler, A. D. (1990). Scale and scope: The dynamics of industrial competition. Cambridge: Harvard University Press.Google Scholar
  23. Charkham, J. P. (1994). Keeping good company: A study of corporate governance in five countries. Oxford: Oxford University Press.Google Scholar
  24. Chua, J. H., Chrisman, J. J., & Sharma, P. (1999). Defining family business by behaviour. Entrepreneurship: Theory and Practise, 23(4), 19–39.Google Scholar
  25. Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58, 81–112.CrossRefGoogle Scholar
  26. Coff, R. W. (1999). When competitive advantage doesn’t lead to performance: The resource-based view and stakeholder bargaining power. Organization Science, 10(2), 119.CrossRefGoogle Scholar
  27. Coffee, J. C., Jr. (2000). Convergence and its critics: What are the preconditions for the separation of ownership and control. Columbia Law School: Center for Law and economics.Google Scholar
  28. Combs, J. G., & Skill, M. S. (2003). Managerialist and human capital explanation for key executive pay premiums: A contingency perspective. Academy of Management Journal, 46(1), 63–73.CrossRefGoogle Scholar
  29. Copeland, T. E. (1986). Long term sources of funds and the cost of capital. In E. I. Altman (Ed.), Handbook of corporate finance (Vol. 12, pp. 15–67). New York: Wiley.Google Scholar
  30. Daily, C. M., Dalton, D. R., & Rajagopalan, N. (2003). Governance through ownership: Centuries of practice, decades of research. Academy of Management Journal, 46(2), 151.CrossRefGoogle Scholar
  31. Dalton, D. R., Daily, C. M., Certo, S. T., & Roengpitya, R. (2003). Meta-analyses of financial performance and equity: Fusion or confusion? Academy of Management Journal, 46(1), 13.CrossRefGoogle Scholar
  32. Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. The Journal of Political Economy, 93(6), 1155.CrossRefGoogle Scholar
  33. Dharwadkar, B., George, G., & Brandes, P. (2000). Privatization in emerging economies: An agency theory perspective. Academy of Management Review, 25(3), 650–669.Google Scholar
  34. Doeringer, P. B., & Piore, M. J. (1994). Internal labor markets and manpower analysis. Lexington, MA: M. E. Sharpe.Google Scholar
  35. Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence and implications. Academy of Management Review, 20(1), 65–91.Google Scholar
  36. Dyer, J. H. (1996). Does governance matter? Keiretsu alliances and asset specificity as sources of Japanese competitive advantage. Organization Science, 7, 649–666.CrossRefGoogle Scholar
  37. Dyer, J. H., & Singh, H. (1998). The relational view: Cooperative strategy and sources of interorganizational competitive advantage. Academy of Management Review, 23(4), 660–679.Google Scholar
  38. Edwards, R. (1979). Contested terrain: The transformation of the workplace in the twentieth century. New York: Basic Books.Google Scholar
  39. Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57–74.Google Scholar
  40. Engela, E., Hayes, R. B., & Wang, X. (2007). The Sarbanes–Oxley act and firms’ going-private decisions. Journal of Accounting and Economics, 44(1–2), 116–145.CrossRefGoogle Scholar
  41. Faccio, M., Lang, L. H. P., & Young, L. (2001). Dividends and expropriation. The American Economic Review, 91(1), 54.CrossRefGoogle Scholar
  42. Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26, 301–326.CrossRefGoogle Scholar
  43. Finkelstein, S. (1992). Power in top management teams: Dimensions, measurement, and validation. Academy of Management Journal, 35(3), 505–538.CrossRefGoogle Scholar
  44. Fiss, P. C., & Zajac, E. J. (2004). The diffusion of ideas over contested terrain: The (non)adoption of a shareholder value orientation among German firms. Administrative Science Quarterly, 49(4), 501.Google Scholar
  45. Fligstein, N. (2001). The architecture of markets: An economic sociology of twenty-first century capitalist societies. Princeton, NJ: Princeton University Press.Google Scholar
  46. Folta, T. B., & Miller, K. D. (2002). Real options in equity partnerships. Strategic Management Journal, 23(1), 77–88.CrossRefGoogle Scholar
  47. Freeman, A. (1984). Strategic management: A stakeholder approach. Boston: Pitman.Google Scholar
  48. Freeman, R. E., Wicks, A. C., & Parmar, B. (2004). Stakeholder theory and “the corporate objective revisited”. Organization Science, 15(3), 364.CrossRefGoogle Scholar
  49. Friedman, M. (1970). The social responsibility of business is to increase its profits. The New York Times Magazine. September 13, 1970.Google Scholar
  50. Fukuyama, F. (1995). Trust: The social virtues and the creation of prosperity. New York: Free Press.Google Scholar
  51. Galbraith, J. R. (1977). Organizational design. Reading, MA: Addison-Wesley.Google Scholar
  52. Gedajlovic, E., Lubatkin, M. H., & Schulze, W. S. (2005). Crossing the threshold from founder management to professional management: A governance perspective. Journal of Management Studies, 41(5), 899.CrossRefGoogle Scholar
  53. Gedajlovic, E., & Shapiro, D. (1998). Management and ownership effects: Evidence from five countries. Strategic Management Journal, 19(6), 533–553.CrossRefGoogle Scholar
  54. Gedajlovic, E., & Shapiro, D. M. (2002). Ownership structure and firm profitability in Japan. Academy of Management Journal, 45(3), 565.CrossRefGoogle Scholar
  55. Gelpi, C. (2003). The power of legitimacy: Assessing the role of norms in crisis bargaining. Princeton, NJ: Princeton University Press.Google Scholar
  56. Gereffi, G. (2001). Shifting governance structures in global commodity chains, with special reference to the internet. The American Behavioural Scientist, 44(10), 1616–1637.CrossRefGoogle Scholar
  57. Gerlach, M. L. (1992). Alliance capitalism: The social organization of Japanese business. Berkely, CA: University of California press.Google Scholar
  58. Gomez-Mejia, L., Larraza-Kintana, M., & Makri, M. (2003). The determinants of executive compensation in family-controlled public corporations. Academy of Management Journal, 46(2), 226–237.CrossRefGoogle Scholar
  59. Gompers, P. A., Ishii, J., & Metrick, A. (2004). Incentives vs. control: An analysis Of U.S. dual-class companies. National Bureau Of Economic Research Working Paper 10240.Google Scholar
  60. Gooderham, P. N., Nordhaug, O., & Ringdal, K. (1999). Institutional and rational determinants of organizational practises: Human resource management in European firms. Administrative Science Quarterly, 44(3), 507–531.CrossRefGoogle Scholar
  61. Gourevitch, P. A., & Shinn, J. (2005). Political power and corporate control: The new global politics of corporate governance. Princeton, New Jersey: Princeton University Press.Google Scholar
  62. Granovetter, M. (2005). Business groups and social organization. In N. J. Smelser & R. Swedburg (Eds.), The handbook of economic sociology (2nd ed.). Princeton: Princeton University Press.Google Scholar
  63. Guillen, M. F. (2001). The limits of convergence: Globalization and organizational change in Argentina, Korea and Spain. Princeton, NJ: Princeton University Press.Google Scholar
  64. Hall, B. J., & Liebman, J. B. (1998). Are CEOs really paid like bureaucrats? The Quarterly Journal of Economics, 113(3), 653–691.CrossRefGoogle Scholar
  65. Hall, P., & Soskice, D. (2001). Varieties of capitalism: The institutional foundations of comparative advantage. Oxford: Oxford University Press.Google Scholar
  66. Hamilton, G. G., & Biggart, N. W. (1988). Market, culture and authority: A comparative analysis of management in the Far East. American Journal of Sociology, 94, S52–S94.CrossRefGoogle Scholar
  67. Hansmann, H., & Kraakman, R. (2004). The end of history for corporate law. In J. N. Gordon & M. J. Roe (Eds.), Convergence and persistence in corporate governance (pp. 33–68). Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  68. Harris, M., & Raviv, A. (1991). The theory of capital structure. Journal of Finance, 46(1), 297–355.CrossRefGoogle Scholar
  69. Heetderks, T. D., & Martin, J. E. (1991). Employee perceptions of the effects of a two-tier wage structure. Journal of Labor Research, 12(3), 279–295.CrossRefGoogle Scholar
  70. Hillman, A. J., & Keim, G. D. (2001). Shareholder value, stakeholder management, and social issues: What’s the bottom line? Strategic Management Journal, 22(2), 125–139.CrossRefGoogle Scholar
  71. Himmelberg, C. P., Hubbard, R. G., & Palia, D. (1999). Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics, 53(3), 353.CrossRefGoogle Scholar
  72. Hinings, C. R., & Greenwood, R. (2002). Disconnects and consequences in organization theory? Administrative Science Quarterly, 47(3), 411–421.CrossRefGoogle Scholar
  73. Hollingsworth, J. R. (1997). Continuities and changes in social systems of production: The cases of Japan, Germany and the United States. In R. Boyer & J. R. Hollingsworth (Eds.), Contemporary capitalism: The embeddedness of institutions (pp. 260–282). Cambridge, MA: Cambridge University Press.Google Scholar
  74. Hoskisson, R. E., Hitt, M. A., Johnson, R. A., & Grossman, W. (2002). Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies. Academy of Management Journal, 45(4), 697–716.CrossRefGoogle Scholar
  75. Hoskisson, R. E., & Turk, T. A. (1990). Corporate restructuring: Governance and control limits of the internal capital market. Academy of Management Review, 15(3), 459–477.Google Scholar
  76. Jacoby, S. M., & Mitchell, D. J. B. (1990). Sticky stories: Economic explanations of employment and wage rigidity. The American Economic Review, 80(2), 33–37.Google Scholar
  77. Jarrell, G. A., & Poulsen, A. B. (1988). Dual-class recapitalizations as antitakeover mechanisms: The recent evidence. Journal of Financial Economics, 20(1, 2), 129–152.CrossRefGoogle Scholar
  78. Jensen, M. (1989). The eclipse of the public corporation. Harvard Business Review, May–June, 67–74.Google Scholar
  79. Jensen, M. C. (1998). Foundations of organizational strategy. Cambridge, MA: Harvard University Press.Google Scholar
  80. Jensen, M. C. (2000). A theory of the firm: Governance, residual claims, and organizational forms. Cambridge, MA: Harvard University Press.Google Scholar
  81. Jensen, M. C. (2002). Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly, 12(2), 235–256.CrossRefGoogle Scholar
  82. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305–360.CrossRefGoogle Scholar
  83. Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives. The Journal of Political Economy, 98(2), 225.CrossRefGoogle Scholar
  84. Jones, T. M., & Wicks, A. C. (1999). Convergent stakeholder theory. Academy of Management Review, 24(2), 206–221.Google Scholar
  85. Kester, C. W. (1992). Industrial groups as systems of contractual governance. Oxford Review of Economic Policy, 8, 24–44.CrossRefGoogle Scholar
  86. Khanna, T., Kogan, J., & Palepu, K. (2003). Globalization and similarities in corporate governance: A cross-country analysis. Review of Economics and Statistics, 88(1), 69–90.Google Scholar
  87. Kim, H., Hoskisson, R., & Wan, W. P. (2004). Power dependence, diversification strategy, and performance in keiretsu member firms. Strategic Management Journal, 25(7), 613–636.CrossRefGoogle Scholar
  88. Kochan, T. A., & Rubinstein, S. A. (2000). Toward a stakeholder theory of the firm: The Saturn partnership. Organization Science, 11(4), 367–386.CrossRefGoogle Scholar
  89. Kogut, B. (1988). Joint ventures: Theoretical and empirical perspectives. Strategic Management Journal, 9, 319–332.CrossRefGoogle Scholar
  90. Krosznera, R. S., & Strahan, P. E. (2001). Bankers on boards: Monitoring, conflicts of interest, and lender liability. Journal of Financial Economics, 62(3), 415–452.CrossRefGoogle Scholar
  91. La Porta, R., Lopez de Silanes, F., & Shleifer, A. (1999). Corporate governance around the world. Journal of Finance, 54(2), 471–517.CrossRefGoogle Scholar
  92. Lazonick, W., & O’Sullivan, M. (2002). Corporate governance and sustainable prosperity. Houndmills, Basingstoke, Hampshire: Palgrave.Google Scholar
  93. Letza, S., Sun, X., & Kirkbride, J. (2004). Shareholding versus stakeholding: A critical review of corporate governance. Corporate Governance: An International Review, 12(3), 242–262.CrossRefGoogle Scholar
  94. Lie, E. (2005). On the timing of CEO stock option awards. Management Science, 51(5), 802–812.CrossRefGoogle Scholar
  95. Lins, K. V., & Servaes, H. (2002). Is corporate diversification beneficial in emerging markets? Financial Management, 31(2), 5–31.CrossRefGoogle Scholar
  96. Macneil, I. R. (1978). Contracts: Adjustment of long-term economic relations under classical and neo-classical, and relational contract law. Northwestern University Law Review, 72, 854–905.Google Scholar
  97. McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of Management Journal, 31(4), 854–872.CrossRefGoogle Scholar
  98. McNeil, K. (1978). Understanding organizational power: Building on the weberian legacy. Administrative Science Quarterly, 23(1), 65–90.CrossRefGoogle Scholar
  99. Meyer, M. W., & Zucker, L. G. (1989). Permanently failing organizations. Newbury Park, CA: Sage.Google Scholar
  100. Miller, D., & Breton-Miller, I. (2005). Managing for the long run: Lessons in competitive advantage from great family business. Boston, MA: Harvard Business School Press.Google Scholar
  101. Mintzberg, H. (1994). The rise and fall of strategic planning. Englewood Cliffs: Prentice Hall.Google Scholar
  102. Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of Management Review, 22(4), 853–886.Google Scholar
  103. Morck, R. K., Strangeland, D. A., & Yeung, B. (1998). Inherited wealth, corporate control and economic growth: The Canadian disease. National Bureau of Economic Research. www.nber.org/papersw6814.
  104. Morck, R., & Yeung, B. (2003). Agency problems in large family business groups. Entrepreneurship Theory and Practice, 27(4), 367–383.CrossRefGoogle Scholar
  105. Pfeffer, J. (1991). Organization theory and structural perspectives on management. Journal of Management, 17(4), 789.CrossRefGoogle Scholar
  106. Pfeffer, J. (1994). Competitive advantage through people: Unleashing the power of the work force. Boston: Harvard Business School Press.Google Scholar
  107. Phillips, R. A., & Reichart, J. (2000). The environment as a stakeholder? A fairness-based approach. Journal of Business Ethics, 23, 185–197.CrossRefGoogle Scholar
  108. Poppo, L., & Zenger, T. (2002). Do formal contracts and relational governance function as substitutes or complements. Strategic Management Journal, 23, 707–725.CrossRefGoogle Scholar
  109. Porac, J. F., Wade, J. B., & Pollock, T. G. (1999). Industry categories and the politics of the comparable firm in CEO compensation. Administrative Science Quarterly, 44(1), 112–144.CrossRefGoogle Scholar
  110. Porter, M. E. (1980). Competitive strategy. New York: Free Press.Google Scholar
  111. Post, J. E., Preston, L. E., & Sachs, S. (2002). Redefining the corporation: Stakeholder management and organizational wealth. Stanford, CA: Stanford University Press.Google Scholar
  112. Prowse, S. D. (1996). Corporate finance in international perspective: Legal and regulatory influences on financial system development. Federal Reserve Bank of Dallas Economic Review, Third Quarter, 2–16.Google Scholar
  113. Rappaport, A. (1990). The staying power of the public corporation. Harvard Business Review, Jan–Feb, 96–104.Google Scholar
  114. Redding, G. (1990). The spirit of Chinese capitalism. New York: De Gruyter.Google Scholar
  115. Renneboog, L., & Szilagyi, P. G. (2008). Corporate restructuring and bondholder wealth. European Financial Management, 14(4), 792–819.CrossRefGoogle Scholar
  116. Ring, P. S., & Van De Ven, A. (1992). Structuring cooperative relationships between organizations. Strategic Management Journal, 13, 483–498.CrossRefGoogle Scholar
  117. Roe, M. J. (1994). Strong managers, weak owners. Princeton: Princeton University Press.Google Scholar
  118. Roe, M. J. (2003). Political determinants of corporate governance: Political context and corporate impact. New York: Oxford University Press.Google Scholar
  119. Rousseau, D. M., & Shperling, Z. (2004). Ownership and the changing employment relationship: Why stylized notions of labor no longer generally apply—a reply to Zardkoohi and Paetzold. Academy of Management Review, 29(4), 562.Google Scholar
  120. Sabel, C. (2004). Ungoverned production: An American view of the novel universalism of Japanese production methods and their awkward fit with current forms of corporate governance. In J. N. Gordon & M. J. Roe (Eds.), Convergence and persistence in corporate governance (pp. 310–329). Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  121. Schulze, W., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. (2001). Agency relationships in family firms: Theory and evidence. Organization Science, 12(2), 99–116.CrossRefGoogle Scholar
  122. Schwarzkopf, D. L. (2006). Stakeholder perspectives and business risk perception. Journal of Business Ethics, 64(4), 327.CrossRefGoogle Scholar
  123. Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52, 737–783.CrossRefGoogle Scholar
  124. Sundaram, A. K., & Inkpen, A. C. (2004). The corporate objective revisited. Organization Science, 15(3), 350.CrossRefGoogle Scholar
  125. Thomsen, S., & Pedersen, T. (2000). Ownership structure and economic performance in the largest European companies. Strategic Management Journal, 21(6), 689–705.CrossRefGoogle Scholar
  126. Trist, E. L. (1981). The evolution of socio-technical systems: A conceptual framework and an action research program. Toronto: Ontario Ministry of Labour, Ontario Quality of Working Life Centre.Google Scholar
  127. Useem, M. (1993). Executive defense: Shareholder power and corporate reorganization. Cambridge. MA: Harvard University Press.Google Scholar
  128. Uzzi, B. (1997). Social structure and competition in interfirm networks: The paradox of embeddedness. Administrative Science Quarterly, 42(1), 35–67.CrossRefGoogle Scholar
  129. Walsh, J. P., & Seward, J. K. (1990). On the efficiency of internal and external control mechanisms. Academy of Management Review, 15, 421–458.Google Scholar
  130. Waterman, R. H., Jr, Waterman, J. A., & Collard, B. A. (1994). Toward a career-resilient workforce. Harvard Business Review, 72(4), 87–95.Google Scholar
  131. Westphal, J. D., & Zajac, E. J. (1998). The symbolic management of stockholders: Corporate governance reforms and shareholder reactions. Administrative Science Quarterly, 43, 127–153.CrossRefGoogle Scholar
  132. Whitley, R. D. (1992). Business systems in East Asia: Firms, markets and societies. London: Sage.Google Scholar
  133. Whitley, R. D. (Ed.). (1999). Divergent capitalisms: The social structuring and change of business systems. Oxford: Oxford University Press.Google Scholar
  134. Whitley, R. D. (2007). Business systems and organizational capabilities: The institutional structuring of competitive competences. Oxford: Oxford University Press.Google Scholar
  135. Whittaker, D. H. (1998). Labour unions and industrial relations in Japan: Crumbling pillar or forging a ‘third way’. Industrial Relations Journal, 29(4), 280–293.CrossRefGoogle Scholar
  136. Williamson, O. E. (1985). The economic institutions of capitalism: Firms, markets, relational contracting. New York: Free Press.Google Scholar
  137. Williamson, O. E., Aoki, M., & Gustafsson, B. (Eds.). (1990). The firm as a nexus of treaties. London: Sage.Google Scholar
  138. Woidtke, T. (2002). Agents watching agents? Evidence from pension fund ownership and firm value. Journal of Financial Economics, 63(1), 99–131.CrossRefGoogle Scholar
  139. Wolfe, R., & Putler, D. (2002). How tight are the ties that bind stakeholder groups? Organization Science, 13(1), 64–80.CrossRefGoogle Scholar
  140. Young, M., Peng, M., Ahlstrohm, D., Bruton, G. D., & Jiang, Y. (2008). Corporate governance in emerging economies: A review of the principal-principal perspective. Journal of Management Studies, 45(1), 196–220.CrossRefGoogle Scholar
  141. Zajac, E. J., & Westphal, J. D. (1994). The costs and benefits of managerial incentives and monitoring in large U.S. corporations: When is more not better? Strategic Management Journal, 15, 121.CrossRefGoogle Scholar

Copyright information

© Springer Science+Business Media, LLC. 2010

Authors and Affiliations

  1. 1.John Molson School of BusinessConcordia UniversityMontréalCanada
  2. 2.School of BusinessSimon Fraser UniversityVancouverCanada
  3. 3.School of BusinessDalhousie UniversityHalifaxCanada

Personalised recommendations