Corporation and its institutional environment from economic-institutional and economic-political perspective
DOI:
https://doi.org/10.26485/SPE/2022/123/8Keywords:
corporate governance, new institutional theory of firm, Varieties of Capitalism, theories of structural dependence, institutional political economyAbstract
Backgrounds: The subject is a phenomenon of coordinating economic activities within corporate framework. The paper sets off from a following observation: Corporate governance theories as a rule are inside-looking, which also means they consider mainly the impact of environment on corporation while practice says corporation is not always willing to surrender to its regulatory environment.
Research purpose: The paper points to these theoretical explanations of the coordination it considers, which develop perspective broader than corporate governance theories. The central questions are: How economic-political approach adds to corporate governance theories? How this approach contributes to our understanding of corporation’s impact on social environment?
Methods: This review draws from analytical toolbox of selected economic-political and economic-institutional theories which are: institutional theory of firm, Varieties of Capitalism school and theories of structural dependence. The line of this analysis builds an intellectual bridge between corporate governance theories and institutional political economy.
Conclusions: The economic-political approach provides arguments on behalf of the supposition that corporation is able to change its institutional environment. The impact of coordinating economic activities within corporate framework must be not constrained to impact on competitors and employees of corporation alone. Apart of striving for economic performance, corporations are able to influence economic performance once they are able to produce structural power in their social environment which is broader than population of their competitors
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