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Reseña:
The world is witnessing a generalized effort to improve corporate governance structures and processes. Waves of scandals and increasing public scrutiny ask for boards of directors to adopt new practices. As Daily et al (2003) remark, research on corporate governance often assumes boards of directors as a black box analyzed by economic-based approaches. In this paper, we apply the new institutional approach to the corporate governance domain, describing how boards of directors change their models/practices due to institutional pressures.