Abstract
<p>Values and differences in corporate governance across the world are part and partially related and it is obvious that owners know what results they want to have from the corporations in the long run. In this regard, some scientific studies have revealed that owners would be succeed in a dynamic environment only if they formulate ownership strategy based on values. Consequently, to understand corporate governance better, some research has been carried out on corporate governance by relating values towards the area of knowledge but there is a scarcity of research which proposing comprehensive and explains corporate governance systems consisting values. Therefore, authors of this paper identified the following research problem which is: “Lacking of theory behind corporate governance systems including values which gives an opportunity towards the owners under different corporate governance systems to analyse its own behaviour, learning, managing knowledge, and finally clearly expressing ownership will in the form of an ownership strategy.” There were two data set was analysed in this study. One is Organisation for Economic Co-Operation and Development (OECD) company law and corporate governance database based on member countries submission and the second set of data is Schwartz’s value survey to characterise multiple countries by their culture. Methodologically, after using multi quantitative tools this study is valuable to analyse all the secondary data to produce new knowledge, adopting different theoretical lens, by analysing and understanding the interrelationships of values and different systems of corporate governance across the world. The result of the study comes with a typology including values based three ideal types (Affective type, Cognitive type and Conative type) of corporate governance systems, with a practical contribution towards enriching the available knowledge for owners to formulate ownership strategy. Considering future direction, the constructed typology is required for assessment of the capability of refutation aside from OECD countries.<strong></strong></p>
Highlights
The subject of corporate governance has become a highly topical worldwide because of much corporate crisis that has occurred- in both countries that promote shareholder- value governance approaches and courtiers that strive for stakeholder-value approaches
To the differences in the concentration of control, there are differences in terms of the types of shareholders that prevail in each group of countries. (Goergen, 2012) different systems of Journal of Business (JoB)
The result of the study comes with a typology including values based three ideal types (Affective type, Cognitive type and Conative type) of corporate governance systems
Summary
The subject of corporate governance has become a highly topical worldwide because of much corporate crisis that has occurred- in both countries that promote shareholder- value governance approaches (such as the United States of America or United Kingdom) and courtiers that strive for stakeholder-value approaches (such as Germany or Japan). To the differences in the concentration of control, there are differences in terms of the types of shareholders that prevail in each group of countries. Banerjeea and Wahlb, JoB (2017), 02(01), 13-25 corporate governance are derived and significantly observable around the world (Tricker, 2012) and there are considerable similarities and differences among different corporate governance systems. Values are used to characterise cultural groups, societies, and individuals to trace change over time, and to explain the motivational bases of attitudes and behaviour (Schwartz, et al, 2012). Schwartz (1992) described values are deeply rooted, abstract motivations that guide, justify or explain attitudes, norms, opinions and actions (Schwartz & Bilsky, 1987; Schwartz, 1992). The features of values could be taken in account that values are invisible and constant over the period of time and values are having direct impacts on our behaviour
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