, 1, 2
8577 
14458The research in the field of corporate governance has been deepening in the past forty years. Corporate governance has evolved from a research problem into a research field and eventually become a discipline. This paper uses bibliometric methods to review a total of 968 domestic and international research literature published in the field of corporate governance in 1978-2018, in order to reveal the research development emergence of corporate governance problems. Next, we summarize the domestic and international review literature in the field, and demonstrate the structure arrangement of this paper, which is to systematically review the theoretical context of Chinese corporate governance research for forty years. Then, this paper generally analyzes the foreign researches on corporate governance in terms of the research thesis and key words. Further, based on all the corporate governance literature published in three representative journals（namely, Economic Research, Management World and Nankai Business Review）from 1978 to 2018, this paper summarizes the numbers, author units, key words, research objects and research methods through large samples. We also analyze the relevant research development from three aspects: internal governance, external governance and other subject researches. Finally, this paper carries out summary and prospect of the corporate governance research. Research results show that the research on corporate governance in China has the following evolvements: Research development is from corporate governance structure to corporate governance mechanism, from corporate governance principles to corporate governance evaluation, from single corporate governance to group governance, from domestic corporate governance to multinational corporate governance, from administrative governance to economic governance, and from corporate governance to general governance. In order to better deepen the existing corporate governance research and point out the research development direction, this paper puts forward the following six key research directions based on the combing of the current corporate governance research literature: focus on the generality and particularity of various types of organizational governance; study the motivation, path and economic consequences of corporate governance transformation; expand the theory and method of corporate governance evaluation; deepen the areas and key issues of cross-disciplinary integration; study the mechanism optimization and risk prevention of network governance; further analyze the nature and laws of green governance.
/ Journals / Foreign Economics & Management
Foreign Economics & Management
LiZengquan, Editor-in-Chief
ZhengChunrong, Vice Executive Editor-in-Chief
YinHuifang HeXiaogang LiuJianguo, Vice Editor-in-Chief
Forty Years of Corporate Governance Research: A Review and Agenda
Foreign Economics & Management Vol. 41, Issue 12, pp. 161 - 185 (2019) DOI:10.16538/j.cnki.fem.2019.12.008
Summary
References
Summary
[1] Chen Shihua, Zheng Wenquan. Recent Advances in Corporate Governance Theory: A New Analysis Framework[J]. Management World, 2010(2):156-166.
[2] Li Weian. China Corporate Governance [M]. Tax Accounting Committee, 1998.
[3] Li Weian et al. Corporate Governance [M]. Tianjin: Nankai University Press, 2001.
[4] Li Weian. Corporate Governance (First Edition) [M]. Beijing: Higher Education Press, 2005.
[5] Li Weian, Hao Chen. Corporate Governance Handbook[M]. Beijing: Tsinghua University Press, 2015.
[6] Li Weian, Qiu Aichao, Yan Daying. Review and Future Prospects of the Research on Corporate Political Relations[J]. Foreign Economics & Management, 2010, 32(5): 48-55.
[7] Li Weian, Qiu Aichao, Niu Jianbo. Recent Development of Corporate Governance: International Trends and China’s Mode[J]. Nankai Business Review, 2010, 13(6): 13-24.
[8] Li Weian, Wang Shiquan. Research on the Context and Progress of Stakeholder Governance Theory[J]. Foreign Economics & Management, 2007, 29(4):10-17.
[9] Li Weian, Xu Yekun, Song Wenyang. Analysis on the Research Frontier of Corporate Governance Evaluation[J]. Foreign Economics & Management, 2011, 33(8): 57-65.
[10] Wu Jinglian. Reform of Large and Medium-sized Enterprises: Establishing a Modern Corporate System [M]. Tianjin: Tianjin People’s Publishing House, 1993.
[11] Wu Lidong, Xue Kunkun, Wang Kai. The Impact of Informal Hierarchy on the Board Decision Process: Political Behavior or Procedural Rationality [J]. Management World, 2018, 34(11):80-92.
[12] Yao Wei, Huang Zhuo, Guo Lei. A Review of the Theory Frontier of Corporate Governance[J]. Economic Research, 2003(5):83-90.
[13] Zheng Hongliang, Wang Fengbin. Research on Corporate Governance Structure Reform in China: A Theoretical Review[J]. Management World, 2000(3): 119-125.
[14] Blair M M, Kruse D L. Worker capitalists? Giving employees an ownership stake[J]. The Brookings Review, 1999, 17(4): 23-26.
[15] Claessens S, Djankov S, Lang L H P. The separation of ownership and control in east Asian corporations[J]. Journal of Financial Economics, 2000, 58(1-2): 81-112.
[16] Eells R S F. The meaning of modern business: an introduction to the philosophy of large corporate enterprise[M]. New York: Columbia University Press, 1960.
[17] Johnson S, Boone P, Breach A, et al. Corporate governance in the Asian financial crisis[J]. Journal of Financial Economics, 2000a, 58(1-2): 141-186.
[18] Johnson S, La Porta R, Lopez-De-Silanes F, et al. Tunneling[J]. American Economic Review, 2000b, 90(2): 22-27.
[19] La Porta R, Lopez-De-Silanes F, Shleifer A, et al. Legal determinants of external finance[J]. The Journal of Finance, 1997, 52(3): 1131-1150.
[20] La Porta R, Lopez-De-Silanes F, Shleifer A, et al. Law and finance[J]. Journal of Political Economy, 1998, 106(6): 1113-1155.
[21] La Porta R, Lopez-De-Silanes F, Shleifer A. Corporate ownership around the world[J]. The Journal of Finance, 1999, 54(2): 471-517.
[22] La Porta R, Lopez-De-Silanes F, Shleifer A, et al. Investor protection and corporate governance[J]. Journal of Financial Economics, 2000, 58(1-2): 3-27.
[23] La Porta R, Lopez-De-Silanes F, Shleifer A, et al. Investor protection and corporate valuation[J]. The Journal of Finance, 2002, 57(3): 1147-1170.
[24] Oliver E. Williamson. Corporate Governance [J]. Yale Law Journal, 1984, 93(7): 1197-1230.
[25] Paul Gompers, Joy Ishii, Andrew Metrick. Corporate Governance and Equity Prices[J]. The Quarterly Journal of Economics, 2003, 118(1)：107-156.
[26] Robert Ian Tricker. Corporate Governance: Practices, Procedures and Powers in British Companies and Their Boards of Directors [M]. Farnham: Gower Pub. Co, 1984.
[27] Shleifer A, Vishny R W. A Survey of Corporate Governance[J]. The Journal of Finance, 1997, 52(2): 737-783.
Cite this article
Li Weian, Hao Chen, Cui Guangyao, et al. Forty Years of Corporate Governance Research: A Review and Agenda[J]. Foreign Economics & Management, 2019, 41(12): 161-185.
Export Citations as:
For
ISSUE COVER
RELATED ARTICLES
