Bundles of Firm Corporate Governance Practices: A Fuzzy Set Analysis

摘要: Manuscript Type Empirical Research Question/Issue We explore how the combinations of firm-level corporate governance (CG) practices embedded in different national systems lead to high firm performance. Research Findings/Insights Using fuzzy set/qualitative comparative analysis, we uncover a variety findings. First, show that within each stylized CG models, there are multiple bundles leading performance (i.e., equifinality). Second, provide evidence complementarity as well functional equivalence between practices. Finally, demonstrate can be heterogeneity (“differences kind”) model CG. Theoretical/Academic Implications We build on configurational and complementarity-based approaches make following theoretical claims. do not always relate other monotonic cumulative fashion this entails higher costs possibly over-governance. need aligned toward insider or outsider (“similar kind”). We argue non-aligned also complementary, creating hybrid forms. Third, predict across which grants firms agency implement order achieve performance. Practitioner/Policy contribute research by demonstrating paths performance, these belong same tradition. Therefore, our findings alert perils “one size fits all” solutions when designing implementing policies.