Institutional contextuality of business best practices : the persistent cross-national diversity in the creation of corporate governance codes

Abstract

The persistent cross-national diversity in the creation of corporate governance codes In thisthesis, I presentthree main lines of research. First, by incorporating the effect of national culture, I offer a novel perspective on cross-national diversity in the worldwide diffusion of corporate governance codes (CGCs). Second, I explore the process of institutionalization of such codes in the UK, which reflects this institutional contextuality. Third, I examine how the causal complexity and cross-na¬tional diversity of actor-centered institutions affect the characteristics of CGCs. My findings have several implications. First, cultural characteristics perform well in explaining the patterns of cross-national diversity in the creation of CGCs. Sec¬ond; the UK codification process indicates the potential value of social and institutional structures in explaining this creation. Finally, the interaction effects support the idea that the reciprocal constitution and change of inter¬twined actors have a critical influence on how the institu¬tions take shape and evolve. CGCs, as part of institutional change, are best understood as components of an evolv¬ing actor-centered institutional dynamic