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AbstractManuscript typeReviewResearch Question/IssueWhat can be learnt with regard to methods in corporate governance research from editorial experience in handling corporate governance manuscripts? We draw on our experience as editors and guest editors of various journals in highlighting some of the methodological challenges in corporate governance research. We consider methodological issues relating to both quantitative and qualitative studies. Within these broad approaches, we discuss implications of theorizing, ownership and types of firms, governance and institutional contexts, omission of governance variables, human and social capital of board members, endogeneity/causality issues, executive remuneration, configurations and interactions of governance constructs, other governance mechanisms, and data sources. Discussion of these issues also highlights the need for more theoretical and empirical consideration of contingent factors influencing governance relationships. We identify possible ways forward and future research avenues.Research Findings/InsightsThere is a need for corporate governance studies to devote greater recognition to the heterogeneity of various governance factors such as ownership types and director expertise. Studies have generally paid insufficient attention to the configurations of corporate governance.Theoretical/Academic ImplicationsFuture research needs to address the connections between the methodological recognition of heterogeneity and configurations and the implications for theorizing.Practitioner/Policy ImplicationsFailure to address these methodological issues implies that conclusions drawn from corporate governance research for practice and policy could well be misleading.

Die Verfasser verfolgen zunächst die Ursachen der Inflation in der Sowjetunion bis in die Breschnew-Ära der siebziger Jahre zurück. Als ausschlaggebend für den inflationären Prozeß unter Gorbatschow wird die Schwächung der zentralen Kontrolle über den produktiven Sektor sowie die Budgets der UdSSR und der Einzelrepubliken gesehen. In den Jahren 1990 und 1991 entwickelte sich unionsweit ein finanzielles Ungleichgewicht auf makroökonomischer Ebene mit schwerwiegenden Wohlfahrtseffekten. Die Verfasser legen Daten zur Einkommens- und Preisentwicklung vor und verweisen besonders auf die Entwicklung der Lebensmittelpreise und die sich wandelnde Verwendungsstruktur der Haushaltseinkommen. Abschließend werden regional unterschiedliche Auswirkungen der Inflation in der Sowjetunion herausgearbeitet. (BIOst-Wpt)

ABSTRACTManuscript Type:EditorialResearch Question/Issue:This essay identifies some key issues for the analysis of corporate governance based on the articles within this special review issue coupled with our own perspectives. Our aim in this issue is to distil some research streams in the field and identify opportunities for future research.Research Findings/Results:We summarize the eight papers included in this special issue and briefly highlight their main contributions to the literature which collectively deal with the role and impact of corporate boards, codes of corporate governance, and the globalization of corporate governance systems. In addition to the new insights offered by these reviews, we attempt to offer our own ideas on where future research needs to be targeted.Theoretical Implications:We highlight a number of research themes where future governance research may prove fruitful. This includes taking a more holistic approach to corporate governance issues and developing an inter‐disciplinary perspective by building on agency theory while considering the rich new insights offered by complementary theories, such as behavioral theory, institutional theory and the resource‐based views of the firm. In particular, future corporate governance research needs to be conducted in multiple countries, particularly in emerging economies, if we want to move closer to the journal's aim of producing a global theory of corporate governance.Practical Implications:Our analysis suggests that analytic and regulatory approaches to corporate governance issues should move from a "one‐size‐fits‐all" template to taking into account organizational, institutional and national contexts.

PurposeThe purpose of this paper is to bridge the disciplinary divide between international finance and international business (IB) to realign academic research with business reality in which strategy and finance align to determine firms' success or failures.Design/methodology/approachThe authors discuss theoretical differences between the fields of international finance and IB strategy that caused the fields to develop in isolation with little fertilization across disciplines. The authors review scarce interdisciplinary contributions between the fields. Finally, the authors identify complementarities that suggest fruitful avenues for future research.FindingsThe authors find a persistent disconnect between finance and strategy/IB literature that can be explained by fundamentally different aims and assumptions about the markets. While finance theory seeks to explain typical effects under functioning markets, strategy and IB theories focus inherently on exceptional effects and market inefficiencies.Research limitations/implicationsThe fundamental theoretical differences that isolate finance and strategy/IB create avenues for interdisciplinary research that harness the complementarities of the two disciplines. These include strategic aspects of capital structure, internal capital market inefficiencies, corporate governance, capital market liability of foreignness and institutional aspects of financial management.Practical implicationsWith this paper, the authors not only bring academic researchers in finance and strategy closer to corporate practice. The theoretical discussion also challenges the functional blind spots of practitioners and encourages more holistic decision-making.Social implicationsChallenging market functioning and recognizing market inefficiencies using strategy and IB foundations connects financial economics with non-market topics such as environment, society and governance or impact investing.Originality/valueThe value and originality of the paper come from the qualitative, epistemological approach to study and analyse the divide between international finance and strategy/IB scholarship.

Using a large sample of domestic and foreign IPOs in the US, we investigate how threats of enforcement by the Securities and Exchange Commission (SEC) and private litigation influence earnings management in IPO prospectuses. We propose that perceptions of foreign institutions may influence SEC enforcement action and private litigation. We provide evidence that enforcement and litigation threats are negatively related to the strength of legal institutions in the foreign IPO's country of origin. We find earnings management is more pronounced in foreign IPOs from countries with strong legal institutions. We further explore whether earnings management is priced in the IPO market and find no relation between IPO proceeds and earnings management. Our results are consistent with upward earnings management as in Stein (1989), the magnitude of which is reduced when the anticipated cost of enforcement and litigation is higher. Collectively, our results cast doubt on the validity of the bonding hypothesis.