The Impact of Changes in the Corporate Governance System on the Boards of Directors Experiences from Swedish Listed Companies

Karin Jonnergård, Matts Kärreman and Claes Svensson

International Studies of Management & Organization, 2004, vol. 34, issue 2, 113-152

Abstract: The core objective of this article is to develop and apply a framework based on institutional theory for investigating and exploring how boards of directors respond to changes in the national pattern of corporate governance. In contrast to most models of institutional changes that are based on the structure of the change process, our framework focuses on the content of institutional changes in terms of changing actions, values, and cognitions. By studying and comparing changes in actions, values, and cognition, we are able to comprehend the content and degree of institutionalization of new patterns of behavior. The framework is applied to the behavior of boards in Swedish publicly listed companies in 1994 and 1999. The results reveal significant changes in the decision criteria applied by the boards as well as their activities. At the same time, we find no significant changes concerning directors' attitudes toward the role of the stock market or other governance mecha-

Date: 2004
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DOI: 10.1080/00208825.2004.11043699

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