This study investigates the effect of country-level emancipative forces on corporate gender diversity around the world. Based on Welzel’s (Freedom rising: human empowerment and the quest for emancipation. Cambridge University Press, New York, 2013) theory of emancipation, we develop an emancipatory framework of board gender diversity that explains how action resources, emancipative values and civic entitlements enable, motivate and encourage women to take leadership roles on corporate boards. Using a sample of 6390 firms operating in 30 countries around the world, our results show positive single and combined effects of the framework components on board gender diversity. Our research adds to the existing literature in a twofold manner. First, our integrated framework offers a more encompassing, complete and theoretically richer picture of the key drivers of board gender diversity. Second, by testing the framework empirically, we extend the evidence on national drivers of board gender diversity.
We examine whether the behavior of institutional investors representatives on boards leads to observable differences in corporate finance. We find that directors representing pressure-sensitive investors (i.e., banks and insurance companies) prefer lower financial leverage whereas pressure-resistant directors (i.e., mutual funds and pension funds) show no particular preference. When analysed separately, directors appointed by banks and insurance firms have different attitudes. Bank representatives on boards increase both the financial leverage and the banking debt. This result suggests that some types of institutional directors provide financial resources to the firms on whose board they sit, supporting the view that boards manage the uncertainty associated with strategic decision making and provide firms with preferential access to resources and financial expertise. This research has interesting academic and policy implications for the debate over the proper degree of institutional involvement in corporate governance. Different institutional investors have different agendas and incentives for corporate governance, and, therefore, both researchers and policy makers should no longer consider institutional investors as a whole. In addition, our paper calls for new research on the causes and implications of institutional investors involvement in the corporate governance of nonfinancial firms. This new research could require new insights on the dynamics within the boards and on the interplay among the knowledge, incentives and attitudes of quite different directors.
To determine and describe “Mainstream American Culture” using the 10 individual value responses to the Schwartz Values Survey 57 were collected and analysed amongst 41 U.S. states. Statistical comparisons indicate that the responses of the samples categorised by state of residence, sex, and urban-sub-urban-rural location of residence for Schwartz’ ten individual cultural values provide a description of Mainstream Culture as individualist yet highly concerned about the welfare of in-groups and for humanity in general. Power having the lowest mean by a considerable amount indicates an Egalitarian culture.
Over the last decade, scholars across the wide spectrum of the discipline of sociology have started to reengage with questions on morality and moral phenomena. The continued wave of research in this field, which has come to be known as the new sociology of morality, is a lively research program that has several common grounds with scholarship in the field of business ethics. The aim of this thematic symposium is to open constructive dialogues between these two areas of study. In this introductory essay, we briefly present the project of the new sociology of morality and discuss its relevance for business ethics. We also review the contributions to this thematic symposium and identify four specific domains where future research can contribute to fruitful dialogues between the two fields
This paper examines the adoption of ISO 14001, which is known as the most famous voluntary environmental program. The data of this paper pertain to Korean [Throughout this paper, Korea refers to the Republic of Korea (South Korea)] firms in manufacturing industries from 1996 to 2011. Event-history modeling to examine firms’ adoption of ISO 14001 finds that both resource-based factors and institutional factors have influenced the diffusion of ISO 14001 in Korea. By exploring time-related effects, I also find that while resource-based factors are important in the early periods of the diffusion, institutional factors become important in the later periods of the diffusion. This confirms the findings of previous studies that a firm’s motivation to adopt organizational policies varies according to different diffusion periods. The paper concludes with a brief discussion of what this study tells us about the institutional context of ISO 14001 in Korea and Asia more broadly. © 2015 Springer Science+Business Media Dordrecht.