Corporate Governance in Emerging Economies: A Review of the Principal-Principal Perspective
Michael N. Young,
Mike W. Peng,
Garry D. Bruton and
Journal of Management Studies, 2008, vol. 45, issue 1, 196-220
Instead of traditional principal-agent conflicts espoused in most research dealing with developed economies, principal-principal conflicts have been identified as a major concern of corporate governance in emerging economies. Principal-principal conflicts between controlling shareholders and minority shareholders result from concentrated ownership, extensive family ownership and control, business group structures, and weak legal protection of minority shareholders. Such principal-principal conflicts alter the dynamics of the corporate governance process and, in turn, require remedies different from those that deal with principal-agent conflicts. This article reviews and synthesizes recent research from strategy, finance, and economics on principal-principal conflicts with an emphasis on their institutional antecedents and organizational consequences. The resulting integration provides a foundation upon which future research can continue to build. Copyright Blackwell Publishing Ltd 2008.
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