Although corporate governance has been a much discussed subject in the recent years, researchers have not yet reached a consensus on its theoretical framework. The upshot is that the policy advice formulated can differ considerably. The literature based on generic, acontextual assumptions tends to prescribe universal best practices. However, other streams in this research maintain that the optimal form of corporate governance is determined by the specific context of the organization.
Through our project, we wish to contribute to a better theory of corporate governance by studying the role of its multiple stakeholders. Therefore, we depart from a conceptual model that serves as a basis for refining theoretical constructs and developing measurement instruments, such as survey questionnaires (Work Package 1a in cooperation with the other work packages). Using these constructs and measurement instruments, we study the role of the various stakeholders: board of directors and management (Work Package 2), financiers (Work Package 3), and employees (Work Package 4). We also pay special attention to governance in non-profit organizations (Work Package 5). Our ambition is to integrate the empirical findings within these work packages and, in this way, to achieve better theoretical insights (Work Package 1b).
At each stage of the project, the research team maintains continuous contact with its user group (Work Package 6). Thus, the team consults the users on a frequent basis in the early phase in order to identify the most policy-relevant research questions. The empirical findings are then translated for practitioners and regularly communicated to the user group.