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Ethos is Destiny: Organizational Values and Compliance in Corporate Governance

机译:Ethos是命运:公司治理的组织价值观和合规性

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This paper investigates the effect of enacted ethical and instrumental values on corporate governance effectiveness. It further considers whether and how compliance with formal corporate governance codes influences the effect of these organizational values on governance effectiveness. Empirical evidence based on a sample of firms listed in the Athens Stock Exchange shows that strong ethical values are the key element for effective corporate governance, while instrumental values play a significant role only in the presence of compliance. Compliance, although not sufficient by itself, serves as a complementary mechanism strengthening the effects of ethical values and creating the conditions by which instrumental values can act in favor of corporate governance. The results highlight that governance benefits can emanate from maintaining high ethical standards as well as from synergies between compliance and a focus on organizational values. Overall, our findings provide important implications for managers regarding how to utilize behavioral along with structural governance mechanisms to enhance corporate governance. The findings add to the behavioral perspective of corporate governance bringing aspects of the social fabric into the corporate governance puzzle.
机译:本文调查了颁布的道德和仪器价值对公司治理效果的影响。它还考虑了遵守正式的公司治理代码是否以及如何影响这些组织价值对治理效率的影响。基于雅典证券交易所上市的企业样本的经验证据表明,强大的道德价值观是有效公司治理的关键因素,而乐器价值仅在遵守情况下发挥重要作用。遵守性,虽然本身并不充分,但作为一种互补机制,加强道德价值的影响,并创造有利于公司治理的乐器价值的条件。结果强调治理益处可以从维持高道德标准以及合规之间的协同作用和关注组织价值之间的协同作用。总体而言,我们的调查结果为如何利用行为以及结构治理机制而提升公司治理,为管理人员提供了重要影响。该调查结果增加了公司治理的行为视角,使社会面料的方面成为公司治理难题。

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