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Whether corporate governance systems and practices are converging to the Anglo-American shareholder-value-oriented model or continue to diverge from this model and maintain their idiosyncrasies has been controversially debated among scholars in a variety of academic disciplines. The purpose of this paper is to review, critique and integrate the disparate positions in the convergence-divergence debate in corporate governance and to suggest promising directions for future research.

The author constructs a theoretical framework in which convergence and divergence dynamics are conceptualized as simultaneous processes of institutional change and continuity. This framework takes into account the influence of economic market forces, social embeddedness and cultural forces in shaping corporate governance at the national and the firm levels and provides a holistic and integrative perspective on the extant literature in the convergence-divergence debate.

The literature review does not support either the predictions of convergence advocates or the predictions of divergence advocates. Instead, the paper finds that convergence and divergence dynamics can coexist and lead to increasing heterogeneity in corporate governance arrangements of firms within and between corporate governance systems. This finding adds complexity to the debate and opens room for interesting research directions.

The paper offers a comprehensive review of the topic and draws from literature in financial economics, comparative law, economic sociology, international business, political science and strategic management. Most importantly, the paper offers a multi-theoretical framework that allows for an integration of the divergent perspectives presented in the literature.

This study aims to examine the effects of competing influences emanating from firms’ social structural context (i.e. sent and received board of director interlocks and industry peers) on the adoption of an institutionally contested corporate governance code provision.

The corporate governance code provision of interest in this research recommends that German firms listed on German stock exchanges should disclose the individual remuneration arrangements for their board members. This paper uses 945 firm year observations from 2002 to 2006, the time period during which the adoption of this provision was voluntary for firms, to examine the role of firms’ social structural context in the legitimization process of this provision.

The results show that sent board interlocks to firms that defy pressures to adopt this practice have an equally pronounced but opposing effect on its institutionalization process. Received interlocks are inconsequential in this process. The results also provide evidence for the existence of competing influences emanating from firms’ industry peers. In contrast to the effects associated with sent board interlocks, at the industry level, peer acquiescence has a more pronounced effect than peer defiance. Furthermore, the practice’s legitimacy among firms’ peers moderates the effects of sent board interlocks.

The results of this paper suggest that a balanced approach to studying institutional change in corporate governance needs to acknowledge the co-existence of conflicting signals regarding the spread of new institutional models. The findings suggest that firms’ social structural context plays a central role in processes of contested institutional change. Board interlocks and industry peers carry the potential to facilitate institutional change and facilitate institutional continuity and resistance to change. However, not all board interlocks are of equal importance, and industry peers constitute a source of legitimacy to which directors forming the interlocks attend.

The purpose of this article is to explain under what circumstances firm-level adoption of codes of good corporate governance will more likely be superficial rather than substantive in nature. The article contains lessons for any agency or country that attempts to implement deep and lasting changes in corporate governance via codes of good corporate governance.

The article reviews the literature on compliance with codes of good corporate governance and develops a conceptual model to explain why some firms that have formally adopted a code of good governance decouple this policy from its actual use.

Decoupling in response to the issuance of codes of good corporate governance will be more attractive to firms and also more sustainable under the following conditions: firms’ compliance costs are relatively high firms’ costs of outright and visible non-compliance are relatively high and outsiders’ compliance monitoring costs are relatively high.

The article contributes to the debate on compliance and convergence and provides policymakers with a conceptual framework for assessing the likelihood of successful regulatory change in corporate governance.

The purpose of this paper is to evaluate the locomotion performance of all‐terrain rovers employing rocker‐type suspension system.

In this paper, a robot with advanced mobility features is presented and its locomotion performance is evaluated, following an analytical approach via extensive simulations. The vehicle features an independently controlled four‐wheel‐drive/4‐wheel‐steer architecture and it also employs a passive rocker‐type suspension system that improves the ability to traverse uneven terrain. An overview of modeling techniques for rover‐like vehicles is introduced. First, a method for formulating a kinematic model of an articulated vehicle is presented. Next, a method for expressing a quasi‐static model of forces acting on the robot is described. A modified rocker‐type suspension is also proposed that enables wheel camber change, allowing each wheel to keep an upright posture as the suspension conforms to ground unevenness.

The proposed models can be used to assess the locomotion performance of a mobile robot on rough‐terrain for design, control and path planning purposes. The advantage of the rocker‐type suspension over conventional spring‐type counterparts is demonstrated. The variable camber suspension is shown to be effective in improving a robot's traction and climbing ability.

The paper can be of great value when studying and optimizing the locomotion performance of mobile robots on rough terrain. These models can be used as a basis for advanced design, control and motion planning.

The paper describes an analytical approach for the study of the mobility characteristics of vehicles endowed with articulated suspension systems. A variable camber mechanism is also presented.