Corporate Governance Convergence And Moral Relativism

摘要

Research Question/Issue: This paper frames the debate on corporate governance convergence in terms of the morality underlying corporate governance models. The claims and arguments of moral relativism are presented to provide theoretical structure to the moral aspects of corporate governance convergence, and ultimately the normative question of whether convergence should occur. Research Findings/Results: The morality underlying different models of corporate governance has largely been ignored in the corporate governance convergence literature. A range of moral philosophies and principles that underlie the dominant corporate governance models are identified. This leads to a consideration of the claims and arguments of moral relativism relating to corporate governance. A research agenda around the claims of descriptive and meta-ethical moral relativism, and which ultimately informs the associated normative argument, is then suggested. Theoretical Implications: The application of moral relativism to the debate on corporate governance convergence presents a theoretical structure to the analysis and consideration of its moral aspects. This structure lends itself to further research, both empirical and conceptual. Practical Implications: The claims and arguments of moral relativism provide a means of analyzing calls that are made for a culturally or nationally "appropriate" model of corporate governance. This can assist in providing direction for corporate governance reforms and is of particular relevance for developing countries that have inherited Western corporate governance models through colonialism.