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Journal Overview

The mission of Corporate Governance: An International Review (CGIR)  is to publish cutting-edge research on the phenomena of comparative corporate governance throughout the global economy. CGIR acts as a forum for the exchange of information, insights and knowledge based on both theoretical development and practical experience.  It is committed to publishing rigorous and relevant research on corporate governance so that the practice of corporate governance can be influenced and improved throughout the world.

Aims and Scope：The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance.  We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization's various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm.  Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding, and we do not limit our perspective to any one theory or methodological paradigm. Previous theory and research has been published by scholars operating from such base disciplines as accounting, economics, finance, law, management, sociology, and political science.  In other words, we seek to learn about both the antecedents and effects of corporate governance practices, policies, and principles throughout the world from an interdisciplinary “conversation”.

Authors should strive to produce original, insightful, and interesting theory and research to build on previous corporate governance research or redirect research into entirely new areas, so that we move closer to a parsimonious, accurate and generalizable global theory of corporate governance. All submissions are comprehensively refereed using two or more anonymous reviewers who do not know the names or the affiliations of the submitting author(s). We see reviewing as a developmental process that aims at improving the quality of individual papers. We seek to be the publication outlet of choice for all scholars interested in reading about and publishing research on international aspects of corporate governance, as well as the knowledge center for consultants, practitioners and public policy makers engaged with corporate governance throughout the world.

Keywords：corporate governance, corpgov, democratic, investment, shareholder, democracy, rights, activism, board of directors, CEO, board, election, proxy, voting, vote, democratic corporate governance, shareholder activism, shareholder activism, shareholder rights, proxy voting, workplace democracy, ESOP, ESOPS, stockholders, stockholder, investor, investors, corpgov, pension, fund, funds, fiduciary, mutual funds, mutual fund, trustee, trustees, board of trustee, boards of trustees, governance, corporate, regulation, international, review, organisations, government, business, management, multinational, international, national, company, law, journal, research, analysis, periodical, book, reviews, article, theory

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1.International Differences in the CEO Gender Pay Gap

Xiaoqi Chen
Institute for Financial & Accounting Studies, Xiamen University, China

Wouter Torsin
HEC Management School, University of Liège, Belgium

Albert Tsang
The Hong Kong Polytechnic University, Hong Kong

First published: 13 December 2021
https://doi.org/10.1111/corg.12421

This article has been accepted for publication and undergone full peer review but has not been through the copyediting, typesetting, pagination and proofreading process, which may lead to differences between this version and the Version of Record. Please cite this article as doi: 10.1111/corg.12421

Abstract：This study examines (i) whether and to what extent differences in the level of compensation paid to men and women can be observed at the corporate executive (i.e., CEOs) level in an international setting; and (ii) whether and how country-level attitudes toward gender equality help explain the heterogeneity in the CEO gender pay gap observed across countries.

Research Findings/Insights

Using executive compensation data from 27 countries over the 2001–2016 period, this study documents a 3.3% average difference in the level of executive compensation between male and female CEOs in countries around the world. The results further indicate that firms that transition from a male to a female CEO tend to have a significantly lower level of compensation. These results are robust when controlling for an array of key CEO attributes including education, age, and work experience and when US firms are excluded from the sample. Our findings also suggest that attitudes related to gender equality across countries can be an important factor explaining the CEO gender pay gap observed in our study.

Theoretical/Academic Implications

The results of our study suggest the existence of a CEO gender pay gap at the international level. Specifically, our study suggests that the difference in pay between men and women, which is well documented in the literature of many countries, not only applies to regular employees in an economy but can also be generalized to those who work at the chief executive level. More importantly, our study suggests that a country’s institutional environment vis-à-vis gender equality can contribute to the gender pay differences observed in various countries around the world.


Practitioner/Policy Implications

We provide evidence supporting the existence of a gender pay gap using executive compensation data at the CEO level. We further show that country-level institutional characteristics related to gender equality partly contribute to gender pay differences between male and female CEOs across countries. Thus, the findings of our study provide new insights into the potential determinants of executive compensation (i.e., CEO gender and country-level gender equality) and are valuable to policymakers in proposing legislative changes to reduce the gender pay gap.

2.Private communication and management forecasts: Evidence from corporate site visits

Xiaoqi Chen,
Institute for Financial and Accounting Studies, Xiamen University, Xiamen, China

C. S. Agnes Cheng,
Steed School of Accounting, University of Oklahoma, Norman, Oklahoma, USA

Jing Xie,
School of Accounting and Finance, Hong Kong Polytechnic University, Hong Kong, SAR, China

Haoyi Yang
School of Business, Nanjing University, Nanjing, China

First published: 10 December 2021
https://doi.org/10.1111/corg.12419

Abstract：This paper investigates whether the communication between managers and corporate site visitors facilitates managerial learning in improving management forecast accuracy.


Research Findings/Insights

Using corporate site visit (CSV) data from 2009 to 2016, we find that the frequency of corporate site visits is positively related to management forecast accuracy. The positive relationship between corporate site visits and forecast accuracy is stronger when visitors have greater expertise and advanced industry knowledge and when firms are visited during a period of high business uncertainty and are subject to high sensitivity to industry shocks. These findings are consistent with the managerial learning hypothesis. Our results are robust to endogeneity concerns and alternative CSV measures.


Theoretical/Academic Implications

Previous literature on voluntary disclosure assumes that managers are endowed with a private set of information and decide how much of that to reveal. In this paper, we find that corporate site visits serve as a communication channel through which managers learn from investors. Overall, we provide evidence that private communication is a two-way channel through which visitors learn useful information from managers and vice versa.


Practitioner/Policy Implications

We provide evidence that the private information acquisition process is also a channel of information sharing that increases management forecast accuracy. Our results could be useful to policymakers who may care about the information acquisition cost of investors when evaluating the benefit of corporate site visits.

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