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E-grāmata: Theory and Application of Multinational Corporate Governance

  • Formāts: EPUB+DRM
  • Izdošanas datums: 07-Feb-2022
  • Izdevniecība: Palgrave Macmillan
  • Valoda: eng
  • ISBN-13: 9789811677038
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  • Formāts: EPUB+DRM
  • Izdošanas datums: 07-Feb-2022
  • Izdevniecība: Palgrave Macmillan
  • Valoda: eng
  • ISBN-13: 9789811677038

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Multinational enterprises have become a main engine of the global economy, technical advancement, and product innovation, playing a pivotal role in the world economy and the global technological revolution. However, MNEs are also often embroiled in financial fraud and corporate scandal which show that MNEs should improve their corporate governance. Meanwhile, as COVID- 19 runs rampant across the world, populism and deglobalisation have resurged, and protectionism and unilateralism are exerting negative impacts on the world economy. Achieving sustainable development in this context is a test of a company’s management and governance abilities.  How should they be governed? This book will be a useful tool for university research-led teaching and fundamental research in corporate governance theories of MNEs in general, as well as using Chinese case studies as evidence to support our theoretical arguments.

1 Introduction
1(4)
References
4(1)
2 MNEs and Multinational Corporate Governance
5(20)
2.1 MNE Development and Theoretical Research
6(5)
2.1.1 The Emergence and Development of MNEs
6(3)
2.1.2 Theoretical Research into MNEs
9(2)
2.2 Overview of Corporate Governance Studies
11(5)
2.2.1 Corporate Governance--Theoretical Framework and Essential Issues
11(4)
2.2.2 Traditional Corporate Governance Versus Multinational Corporate Governance
15(1)
2.3 Multinational Corporate Governance--Connotations and Research Progress
16(6)
2.3.1 Connotations
16(1)
2.3.2 The Necessity of Multinational Corporate Governance Studies
17(1)
2.3.3 Institutional Factors Affecting Multinational Corporate Governance
18(1)
2.3.4 Main Topics in Multinational Corporate Governance Studies
19(3)
References
22(3)
3 Theoretical Framework for Multinational Corporate Governance
25(20)
3.1 Theories Related to the Studies of Multinational Corporate Governance
26(7)
3.1.1 Theories Related to Corporate Governance Studies
27(3)
3.1.2 Theories Related to MNE Studies
30(3)
3.2 Characteristics of Multinational Corporate Governance
33(3)
3.2.1 Network Governance Attributes
34(1)
3.2.2 Extended Agency Chain
34(1)
3.2.3 Expanded Connotations of Internal and External Governance
35(1)
3.2.4 Cultural Dominance in Multinational Corporate Governance
35(1)
3.3 Basic Theories and Framework for Multinational Corporate Governance
36(7)
3.3.1 Stakeholder Theory
36(2)
3.3.2 Agency Theory
38(1)
3.3.3 Institutional Design Theory
39(1)
3.3.4 Decision-Making Theory
40(1)
3.3.5 Network Governance Theory
41(2)
References
43(2)
4 Multinational Corporate Governance: A Network Governance Framework
45(30)
4.1 MNE Network Node Governance
47(10)
4.1.1 Parent Company Governance
47(6)
4.1.2 Foreign Subsidiary Governance
53(4)
4.2 MNEs Network Relationship Governance: Parent-Subsidiary Relationship Governance
57(3)
4.2.1 Parent Company Strategy and Parent-Subsidiary Governance
57(2)
4.2.2 Parent Company Control and Subsidiary Ownership Governance
59(1)
4.3 MNEs External Network Governance
60(6)
4.3.1 Host Country Institutional and Cultural Influences on Foreign Subsidiary Governance
64(1)
4.3.2 Influence of Host Country Stakeholders on MNEs
65(1)
4.4 Multinational Corporate Governance: An Integrated Network Governance Framework
66(1)
References
67(8)
5 Foreign Subsidiary Governance
75(18)
5.1 Internal Governance of Foreign Subsidiaries of MNEs
76(6)
5.1.1 Board Governance
76(2)
5.1.2 Equity Governance
78(3)
5.1.3 Senior Management Governance
81(1)
5.2 Parent-Subsidiary Relationship Governance
82(2)
5.2.1 Parent-Subsidiary Relationship Governance of MNEs in Developed Countries
82(2)
5.2.2 Parent-Subsidiary Relationship Governance of MNEs in Emerging Markets
84(1)
5.3 External Governance of Foreign Subsidiaries
84(3)
5.3.1 How Host Country Stakeholders Affect Foreign Subsidiaries
85(1)
5.3.2 How Host Countries' Institutions and Cultures Affect Foreign Subsidiaries
85(2)
References
87(6)
6 Institutional Distance, Cultural Distance, and MNEs Governance
93(24)
6.1 Factors Influencing MNEs Governance
93(4)
6.1.1 Influencing Factors of MNEs Governance at the Macro Level
94(2)
6.1.2 Influencing Factors of MNEs Governance at the Meso-Level
96(1)
6.1.3 Influencing Factors of MNEs Governance at the Micro-Level
96(1)
6.2 Institutional Distance and MNEs Governance
97(9)
6.2.1 Institutional Distance and Host Country Selection
98(3)
6.2.2 Institutional Distance and Choice of Entry Mode by Foreign Subsidiaries
101(3)
6.2.3 Institutional Distance and the Legitimacy of Foreign Subsidiaries
104(2)
6.3 Cultural Distance and MNEs Governance
106(5)
6.3.1 Cultural Distance and the Choice of Host Country
107(1)
6.3.2 Cultural Distance and the Choice of Foreign Market Entry Mode
108(2)
6.3.3 Cultural Distance and the Legitimacy of Foreign Subsidiaries
110(1)
References
111(6)
7 The Institutional Gap and Chinese MNEs Governance
117(26)
7.1 The Institutional Gap
117(3)
7.1.1 Conceptual Role of the Institutional Gap
117(1)
7.1.2 Connotations of the Institutional Gap
118(2)
7.2 Institutional Gap and MNEs Governance
120(4)
7.2.1 Institutional Deficit and MNEs Governance
120(2)
7.2.2 Institutional Surplus and MNEs Governance
122(1)
7.2.3 Institutional Similarity and MNEs Governance
123(1)
7.3 The Institutional Gap and the Governance of Equity Ownership in Foreign Subsidiaries of Chinese MNEs
124(8)
7.3.1 Formal Institution Deficit and the Governance of Equity Ownership in Foreign Subsidiaries of Chinese MNEs
124(1)
7.3.2 Formal Institutional Surplus and the Governance of Equity Ownership in Foreign Subsidiaries of Chinese MNEs
125(1)
7.3.3 Informal Institutional Differences and the Governance of Equity Ownership in Foreign Subsidiaries of Chinese MNEs
126(2)
7.3.4 Host Country Institutions, the Institutional Gap, and the Governance of Equity Ownership in Foreign Subsidiaries of Chinese MNEs
128(2)
7.3.5 Diversification Strategy, the Institutional Gap, and the Governance of Equity Ownership in Foreign Subsidiaries of Chinese MNEs
130(2)
7.4 The Institutional Gap and Market Performance of Chinese Overseas Listed Companies
132(5)
7.4.1 Political Connections and Enterprise Value on IPO
132(2)
7.4.2 Moderating Effect of the Institutional Environment on the Relationship Between Political Connections and Enterprise Value on IPO
134(2)
7.4.3 Comparing Investors in Foreign and Domestic Markets on Their Sensitivity to the Relationship Between Political Connections and Enterprise Value on IPO
136(1)
References
137(6)
8 Governance Structure and Mechanism of Chinese MNEs
143(16)
8.1 Governance Structure of Chinese MNEs
143(7)
8.1.1 Rights and Interests of Controlling Shareholders and Minority Shareholders
143(2)
8.1.2 Board of Directors
145(1)
8.1.3 Managers and Executive Pay
146(3)
8.1.4 Stakeholders
149(1)
8.2 Governance Mechanism of Chinese MNEs
150(5)
8.2.1 Internal Governance Mechanism of Chinese MNEs
151(1)
8.2.2 External Governance Mechanism of Chinese MNEs
151(4)
References
155(4)
9 Path and Characteristics of the Multinational Governance of Chinese Enterprises
159(28)
9.1 Process and Theoretical Development of China's Multinational Corporate Governance
160(15)
9.1.1 Process of China's Multinational Corporate Governance
160(13)
9.1.2 Theoretical Development of Multinational Governance
173(2)
9.2 Evolution of China's Multinational Corporate Governance
175(11)
9.2.1 Development of Drivers of International Business
175(1)
9.2.2 Changes in the Host Country Selection
176(2)
9.2.3 Changes in the Entry Modes
178(3)
9.2.4 Change of Parent-Subsidiary Governance Mode
181(1)
9.2.5 Development of Governance Structures
182(4)
References
186(1)
10 Conclusions
187
10.1 Multinational Corporate Governance Theories: Predecessors and Developments
188(1)
10.2 Network-Based Analytical Framework for Multinational Corporate Governance Studies
189(1)
10.3 Two Key Issues in Multinational Corporate Governance
190(1)
10.4 Experience of and Aspirations for China's Multinational Corporate Governance Practices
191(1)
References
192
Runhui Lin is a Professor in organization and management of the Business School at Nankai University, as well as the director of the Network Governance Center of the China Academy of Corporate Governance (CACG).









Jean Jinghan Chen is a Chair Professor in Accounting and Finance and the Dean of Faculty of Business Administration. Prior to joining the University of Macau, Professor Jean Chen worked in the UK higher education sector for almost 30 years and was the Founding Head of Southampton Business School and Chair Professor in Accounting and Finance at the University of Southampton in the UK.