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Sustainability 2016, 8(11), 1203; doi:10.3390/su8111203

Sustainability and Convergence: The Future of Corporate Governance Systems?

Department of Economics and Management, University of Brescia, Contrada Santa Chiara 50, 25122 Brescia, Italy
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Academic Editor: Giuseppe Ioppolo
Received: 8 September 2016 / Revised: 25 October 2016 / Accepted: 11 November 2016 / Published: 22 November 2016
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
View Full-Text   |   Download PDF [285 KB, uploaded 22 November 2016]

Abstract

In today’s world, a sustainable approach to corporate governance can be a source of competitive advantage and a long-term success factor for any firm. Sustainable governance requires that the board of directors considers economic, social and environmental expectations in an integrated way, no matter what ownership structure and formal rules of corporate governance apply to the company: this mitigates the traditional differences between insider and outsider systems of corporate governance. Previous studies failed to consider the contribution of sustainability in the process of corporate governance convergence. Therefore, the aim of this article is to fill the gap in the existing literature by means of a qualitative analysis, supporting the international debate about convergence of corporate governance systems. The article describes the evolution of outsider and insider systems in the light of the increasing importance of sustainability in the board’s decision-making and firm’s operation to satisfy the needs of all the company’s stakeholders. According to this, a qualitative content analysis developed with a directed approach completes the theoretical discussion, demonstrating that sustainability can bring de facto convergence between outsider and insider corporate governance systems. The article aims to be a theoretical starting point for future research, the findings of which could also have practical implications: the study encourages the policy makers to translate the sustainable business best practices into laws and recommendations, strengthening the mutual influence between formal and substantial convergence. View Full-Text
Keywords: corporate governance; sustainability; corporate social responsibility; convergence; insider systems; outsider systems; stakeholder relationship management; qualitative content analysis corporate governance; sustainability; corporate social responsibility; convergence; insider systems; outsider systems; stakeholder relationship management; qualitative content analysis
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Salvioni, D.M.; Gennari, F.; Bosetti, L. Sustainability and Convergence: The Future of Corporate Governance Systems? Sustainability 2016, 8, 1203.

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