An empirical investigation of hybrid corporate governance systems in large firms: Evidence from India

The heightened pace of corporate governance reforms has focused attention on country-specific
governance models. Considerable debate has ensured as to whether the outsider Anglo-Saxon system
or the insider Continental system is most applicable to India. This paper reports the results of a study
of Indian governance which used a primary qualitative approach of twelve interviews of key executives
of five large firms in 2008 as well as publicly available documents. A literature review establishes six
key characteristics that distinguish the two major systems. The governance characteristics of the
Indian firms are classified in terms of the two systems with a view to assessing the extent and nature of
hybridization. The findings endorse the hybrid corporate governance system of India, clearly
identifying similarities and differences to the two major governance models. In drawing on rich
interview data, the paper delves into the national characteristics of India that have influenced the
hybrid model such as stewardship, corporate social responsibility and partnerships between the
corporate and community sectors. The evolution of the governance practices and the rationale for their
existence are also examined. The paper demonstrates that the hybrid governance system has emanated
from country-specific culture including values and ideologies, and political orientation of socialism.
The scope of this study was limited to large listed companies and business groups. Future research
should use a larger and more diverse sample including private and unaffiliated firms for outcomes that
can be generalized.

A conceptual framework of corporate and business ethics across organizations

Purpose – The objective of this paper is to introduce and describe a conceptual framework of corporate and business ethics across organizations in terms of ethical structures, ethical processes and ethical performance.

Design/methodology/approach – A framework is outlined and positioned incorporating an ethical frame of reference in the field of organizational chain management.

Findings – A number of areas and sub-areas of corporate and business ethics are framed in the context across organizations.

Research limitations/implications – The introduced framework should be seen as a seed for further development and refinement. It provides opportunities for further research of ethical concerns across organizations.

Practical implications – Organizations may benefit from the findings and insights presented and they may be used to enhance their ability to manage, monitor and evaluate ethical business practices across organizations.

Social implications – Changing societal and market patterns may enforce organizations to address ethical concerns across organizations. A myopic approach restricted to the judicial system may become insufficient and unsatisfactory from the perspective of other stakeholders of the organization.

Originality/value – The framework makes a contribution bringing in ethical concerns across organizations, providing a basis for their ethical values and culture, as well as asymmetric relationships in terms of power and dependence. The authors believe that a true learning organization needs to realise the importance of an extended view of its endeavors of corporate and business ethics in terms of ethical structures, ethical processes and ethical performance across organizations.

Quick fixes, drug culture and management culture : excellence and ecstasy, BPR and Brown

This paper critiques the prescriptions of management gurus by charting parallels between management culture and drug culture over the last two decades. I argue that the ‘quick fixes’ peddled by gurus mirror the illicit drug fix of choice popularised in the same era. I suggest that, in terms of the specific nature of their promised highs, Excellence mirrored Ecstasy, and Business Process Reengineering mirrored Heroin. By tracing resonance with drug fixes, I introduce another way to understand why particular corporate fixes are found so attractive, locating this in patterns of addiction and in the gurus’ ability to exploit wider shared cultural contexts. The paper ends by suggesting that the comparison with the world of illicit drugs has lessons not only for our understandings of management and management gurus, but also for critical management academics engagement with both the gurus and our wider audiences.

Code of ethics quality : an international comparison of corporate staff support and regulation in Australia, Canada and the United States

The objective of this paper is to examine the ‘Code of Ethics Quality’ (CEQ) in the largest companies of Australia, Canada and the United States. For this purpose, a proposed CEQ construct has been applied. It appears from the empirical findings that while Australia, Canada and the United States are extremely similar in their economic and social development, there may well be distinct cultural mores and issues that are forming their business ethics practices. A research implication derived from the performed research is that the construct provides a selection of observable and measurable elements in the context of CEQ. The construct of CEQ consists of nine measures divided into two dimensions (i.e. staff support and regulation). They should not be seen as a complete list. On the contrary, it is encouraged that others propose and elaborate revisions and extensions. A practical implication of this paper is a structure of what and how to examine the CEQ in a managerial setting. It may assist companies in their efforts to establish, maintain and improve their ethical culture, norms and beliefs within the organization and supporting them in their ethical business practices with different stakeholders in the marketplace and society. The dimensions and measures of the construct may be used as a frame of reference for further research. They may be useful and applicable across contexts and over time using similar samples when it comes to large companies, as small- or medium-sized ones may not have considered all areas nor have the elements in place. This is a research limitation, but it provides an opportunity for further research.

Perceptions of corporate social responsibility amongst immigrant entrepreneurs

Purpose – The purpose of this paper is to explore the understanding of the term corporate social responsibility (CSR) by Sri Lankan immigrant entrepreneurs in Australia. It also seeks to investigate the importance the entrepreneurs place on CSR, their understanding of stakeholders, the types of CSR activities undertaken by them, and the issue of social capital.

Design/methodology/approach – Data were collected through in-depth semi-structured interviews with Sri Lankan entrepreneurs based in Victoria, Australia.

Findings – The interviewees were aware of the term CSR but, nevertheless, had different interpretations of its meaning. However, CSR was considered important and all the interviewees were, in some way, involved in CSR activities and also had a good understanding of the importance of their stakeholders. Findings also highlighted the significance attached to social capital by the entrepreneurs such as informal relationships and trustworthiness which build the intangible attributes of CSR. The present findings can be attributed to immigrant entrepreneurs behaving partly to adapt to the host country, by changing their beliefs, values, traditions and partly by being influenced by their home country culture as found in the extended part of this current study.

Research limitations/implications – This paper addresses gaps in the fields of both CSR and immigrant entrepreneurship literature. However, the small sample size is a limitation and further research is required in order to generalize the findings.

Originality/value – It is important to have an understanding of the interpretation of social responsibility amongst immigrant entrepreneurs. Despite the steadily growing number of Sri Lankan immigrant entrepreneurs and their potential impact on the Victorian and Australian socio-economic context, this area remains under-researched. This paper addresses this gap in the literature and makes an attempt to provide insight into this area that can be used as a catalyst for future research.

Addressing the complexities of managing domestic and multinational corporate brands

Purpose – The purpose of this paper is to focus on the differences between managing domestic corporate brands (DCBs) and multinational corporate brands (MCBs), and presents a framework highlighting six types of complexity associated with managing both forms of corporate brands in an international business context.

Design/methodology/approach – This paper proposes a framework addressing six types of complexity involved in managing DCBs and MCBs drawing on the literature related to corporate branding, corporate brands, and domestic and multinational corporations. The six types of complexity examined include: strategic role, organisational structure, culture, knowledge, positioning and extended responsibility.

Findings – The research identifies that DCBs have a lower degree of complexity in regard to strategic role, knowledge and positioning, but have a higher level in regard to organisational structure, cultural and extended responsibility complexity. MCBs face more complexity than DCBs across all dimensions because they operate across business environments and need to coordinate activities while adapting to environmental differences.

Practical implications – The findings highlight the importance of environmental complexity for firms managing brands globally. The issues of complexity identified in this paper need to be understood if firms are to effectively build and manage their corporate brands within and across markets.

Originality/value – The paper highlights the concepts of DCBs and MCBs, and identifies the factors that contribute to the complexity of managing these two types of corporate brands domestically and internationally.

Corporate decision-making: A case study of decision support systems and financial performance in health care organizations

The purpose of this study was twofold: (1) To describe the relation of the intensity of DSS implementation to financial performance as an empirical exploration of improved performance at the organizational level. (2) To describe the relation of the intensity of DSS implementation to the type of organizational decision culture. A multiple case study design was utilized to compare three groups of paired cases. A pattern matching strategy was applied in this study. Four predictions were specified and compared to the empirical data. A progressively upward trend in the scores was predicted for the following theoretical relationships. (1) The greater the number of DSSs, the higher the sophistication index. (2) The greater the number of DSSs, the higher the financial ratios. (3) The greater the number of DSSs, the higher the culture score. (4) The higher the culture score, the higher the financial ratios. The data did not support any of the predicted trends except the relation between the number of DSSs and the financial ratios. The Income/Revenue ratio indicates the efficiency of a company's operations. One would expect that this ratio would be most affected by the operational and financial decision support systems. The majority of the systems measured in the study supported decisions tangential to the patient service areas. The evidence suggested that the type and number of decision support systems affects the bottom line. ^

Digital Fabrication and Free Culture. One More Minor Becoming?

Diferentes autores se refieren a la fabricación digital como la Tercera Revolución Digital, después de las revoluciones de la computación y la comunicación. Como ocurriera con las dos revoluciones precedentes, se generaron grandes expectativas en torno a las virtualidades políticas de estas nuevas tecnologías para dar lugar a relaciones de producción más libres e individuos más autónomos. Sin embargo, como también ocurriera con la computación y la comunicación, lo que realmente está ocurriendo demuestra que las supuestas virtualidades no llegarán a hacerse actuales sin una intensa implicación, organización y trabajo por parte de sectores activistas técnicos y sociales. Se discute el caso de la compra corporativa de la empresa pionera de hardware libre Makerbot, como ejemplo de la situación y punto de inflexión en las expectativas de los nuevos tecno-visionarios. Para concluir se propone una serie de posibles estrategias que podrían promover el desarrollo efectivo de un ecosistema libre y open source de fabricación digital.

Brand loyalties: rethinking content within global corporate media

Translating content from one media platform to another, a process here dubbed content streaming, is the leitmotif of contemporary globalized media. Yet widely divergent interpretations of the phenomenon have emerged. Academic political economy interprets content streaming as powerfully inimical to cultural diversity, media competition and freedom of speech. Mainstream business reporting, working from an opposing media economics schema, pillories ‘synergy’-based content strategies as oversold in theory and unworkable in practice. Challenging this established trend for the disciplines to develop in parallel, the article harnesses mainstream critique of content streaming to political economy’s traditionally circumspect view of corporate media. Examining first the commercial rationales for pursuing content streaming, before turning to the financial and managerial constraints on realizing these goals, the article positions content streaming as less all-pervasive than political economists have feared, but more commercially entrenched than the financial press currently allows.

Think global, act global: Corporate content streaming and Australian media policy

Australia ’s media policy agenda has recently been dominated by debate over two key issues: media ownership reform, and the local content provisions of the Australia–United States Free Trade Agreement. Challenging the tendency to analyse these issues separately, the article considers them as interlinked indicators of fundamental shifts occurring in the digital media environment. Converged media corporations increasingly seek to achieve economies of scale through ‘content streaming’: multi-purposing proprietary content across numerous digitally enabled platforms. This has resulted in rivalries for control of delivery technologies (as witnessed in media ownership debates) as well as over market access for corporate content (in the case of local content debates). The article contextualises Australia’s contemporary media policy flashpoints within international developments and longer-term industry strategising. It further questions the power of media policy as it is currently conceived to deal adequately with the challenges raised by a converging digital media marketplace.

The impacts of market orientation and corporate social responsibility on firm performance:evidence from China

Purpose – The purpose of this paper is to investigate the joint effects of market orientation (MO) and corporate social responsibility (CSR) on firm performance. Design/methodology/approach – Data were collected via a questionnaire survey of star-rated hotels in China and a total of 143 valid responses were received. The hypotheses were tested by employing structural equation modelling with a maximum likelihood estimation option. Findings – It was found that although both MO and CSR could enhance performance, once the effects of CSR are accounted for, the direct effects of MO on performance diminish considerably to almost non-existent. Although this result may be due to the fact that the research is conducted in China, a country where CSR might be crucially important to performance given the country's socialist legacy, it nonetheless provides strong evidence that MO's impact on organizational performance is mediated by CSR. Research limitations/implications – The main limitations include the use of cross-sectional data, the subjective measurement of performance and the uniqueness of the research setting (China). The findings provide an additional important insight into the processes by which a market oriented culture is transformed into superior organizational performance. Originality/value – This paper is one of the first to examine the joint effects of MO and CSR on business performance. The empirical evidence from China adds to the existing literature on the respective importance of MO and CSR.

German-Irish corporate relationships:the cultural dimension

The thesis raises the question of whether or not in an age of internationalisation and globalisation, the cultural differences which exist between Germany and Ireland are still relevant to German-Irish corporate relationships or have internationally accepted best practices removed culture from the equation? The first three chapters establish the theoretical framework of the thesis by outlining the broadly culturalist/institutionalist approach, based on the work of Hofstede and Maurice et al, to be pursued, profiling the business cultures of both countries by analysing the components of their respective national institutional frameworks, and the examining existing approaches to the study of mother company-foreign subsidiary relationships. Chapters four to seven constitute the empirical section of the thesis. Using the interviews carried out with two sample groups (Sample Group A: 15 German mother companies and 14 of their Irish operations and Sample Group B: 7 Irish mother companies and 9 of their German operations), the mother companies in both groups are examined to see whether or not they demonstrate characteristics which are in keeping with their national business cultures. Their foreign operations are then analysed as is the mother company-foreign subsidiary relationship to determine whether or not any mother company influences are visible. The general approaches adopted by the two groups of mother companies to their foreign operations are compared and contrasted. Finally, differences in national attitudes and values are identified and their impact assessed. The analysis reveals that despite existing pressures towards convergence, the cultural differences between both countries are still relevant to the relationship particularly at the level of attitudes and values and although similarities in the mother company approaches to their subsidiaries are present, national specificities may nevertheless be detected.

Executive remuneration, financial performance and corporate governance in UK and Spanish listed firms

This study examines the relationship between executive directors’ remuneration and the financial performance and corporate governance arrangements of the UK and Spanish listed firms. These countries’ corporate governance framework has been shaped by differences in legal origin, culture and backgrounds. For example, the UK legal arrangements can be defined as to be constituted in common-law, whereas for Spanish firms, the legal arrangement is based on civil law. We estimate both static and dynamic regression models to test our hypotheses and we estimate our regression using Ordinary Least Squares (OLS) and the Generalised Method of Moments (GMM). Estimated results for both countries show that directors’ remuneration levels are positively related with measures of firm value and financial performance. This means that remuneration levels do not lead to a point whereby firm value is reduced due to excessive remuneration. These results hold for our long-run estimates. That is, estimates based on panel cointegration and panel error correction. Measures of corporate governance also impacts on the level of executive pay. Our results have important implications for existing corporate governance arrangements and how the interests of stakeholders are protected. For example, long-run results suggest that directors’ remuneration adjusts in a way to capture variation in financial performance