Firm Capability in the Corporate Governance Landscape
A Theoretical Examination and Conceptualization
Abstract
Several disputes on corporate governance have been caused by overshadowing conventional wisdom, particularly agency theory, which emphasizes control, and neglects the capability and management authority dimension (CMA). Lacking the CMA dimension as an ingredient necessary for a coherent corporate governance account causes a theoretical dispute on the purpose of the firm as well as a controversy on determining if the prevailing control level suffices or overburdens. Meanwhile, a huge amount of literature on firm capability has come out but without a sufficient effort to construct a coherent theoretical framework linking these concepts. Based on organization economics, the CMA dimension of firm is established as a coherent framework, capable of serving as a major corporate governance component. An amount of literature from a few perspectives of capability is selected for review as well as for evaluation against the legitimacy of the CMA framework. The empirical studies on firm capabilities are found to rely mostly on various frameworks limiting further meta-analytic reviews and related validity evaluation. Choosing to exclusively focus on capability aspects for their own merit, most studies fall short on an examination of the governance dimension though the CMA dimension as a corporate governance component remains sufficiently evidenced.
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2018-07-31
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ไชยธนกิจ ส. (2018). Firm Capability in the Corporate Governance Landscape: A Theoretical Examination and Conceptualization. Thailand and The World Economy, 27(2), 77–121. Retrieved from https://so05.tci-thaijo.org/index.php/TER/article/view/137246
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