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Global shift towards stakeholder-oriented corporate governance? Evidence from the scholarly literature and future research opportunities

Toru Yoshikawa (Lee Kong Chian School of Business, Singapore Management University, Singapore, Singapore)
Michael Nippa (Free University of Bozen-Bolzano, Bolzano, Italy)
Gavin Chua (School of Law, Singapore Management University, Singapore, Singapore)

Multinational Business Review

ISSN: 1525-383X

Article publication date: 15 February 2021

Issue publication date: 13 July 2021

842

Abstract

Purpose

By reviewing prior scholarly corporate governance (CG) literature and a review of more recent stakeholder studies, this paper aims to examine the extent to which stakeholders and their interests have gained in importance in recent years compared to the shareholder approach, which is dominant in many national economies and suggest future research opportunities.

Design/methodology/approach

This study conducts a literature review to examine major findings in prior studies.

Findings

The reviews and analyses provide support for a formal and informal convergence of CG systems towards more stakeholder-oriented elements globally. In general, at the institutional and firm levels, there are remarkable shifts to adopt stakeholder-oriented rules and practices. However, there is limited evidence that all these trends will actually lead to full convergence towards a single stakeholder-oriented governance model.

Originality/value

The paper offers an extensive summary of prior studies that investigate the impact of CG on firm stakeholder-orientation and social performance. Based on the review, this study suggests promising research directions.

Keywords

Citation

Yoshikawa, T., Nippa, M. and Chua, G. (2021), "Global shift towards stakeholder-oriented corporate governance? Evidence from the scholarly literature and future research opportunities", Multinational Business Review, Vol. 29 No. 3, pp. 321-347. https://doi.org/10.1108/MBR-10-2020-0200

Publisher

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Emerald Publishing Limited

Copyright © 2021, Emerald Publishing Limited

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