Standard Setting and Following in Corporate Governance: An Observation-Theoretical Study of the Effectiveness of Governance Codes

Researchers have lately been pointing out the increasing significance of standards in all areas of contemporary life. There have been calls for more research into the processes of setting and following standards. In this article we analyse the effectiveness of codes of corporate governance as a spec...

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Bibliographic Details
Published in:Organization (London, England) Vol. 14; no. 5; pp. 705 - 727
Main Author: Seidl, David
Format: Journal Article
Language:English
Published: London, England SAGE Publications 01.09.2007
Sage Publications Ltd
Subjects:
Business ethics
Business management
Capital markets
Codes
Compliance
Corporate governance
Effectiveness
Effectiveness studies
Globalization
Governance
Legitimacy
Management research
Organization theory
Pointing
Recursion
Regulation
Schemas
Standardization
standards
codes
corporate governance
rules
field
observation
ISSN:1350-5084, 1461-7323
Online Access:Get full text
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Summary:Researchers have lately been pointing out the increasing significance of standards in all areas of contemporary life. There have been calls for more research into the processes of setting and following standards. In this article we analyse the effectiveness of codes of corporate governance as a specific type of standard that has become particularly prominent over the last decade. On the basis of an observation-theoretical approach, codes are conceptualized as schemas of observation that establish a field of mutual observations. The effectiveness of codes depends on the one hand on the extent to which they become integrated into recursive cycles of mutual observation between the corporation and the various actors in the field. On the other hand, effectiveness depends on how codes relate to other observational schemas. On the basis of the analysis several propositions about the effectiveness of code regulation are developed, which may be tested in further empirical studies.
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ISSN:1350-5084
1461-7323
DOI:10.1177/1350508407080316