نوع مقاله : مقاله علمی پژوهشی
نویسندگان
1 دانشکده علوم مالی، دانشگاه خوارزمی، تهران، ایران
2 دانشجوی دکترا، گروه حسابداری، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبائی، تهران، ایران.
3 دانشجوی دکترا، گروه حسابداری، دانشکده مدیریت و حسابداری، دانشگاه شهید بهشتی، تهران، ایران.
چکیده
کلیدواژه‌ها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
Objective
This study investigates the methodological challenges faced in quantitative research on corporate governance. It identifies key issues, including the gap between theoretical frameworks and empirical methods, the stickiness of variables, insufficient cross-sectional variability, endogeneity concerns, complex interactions between corporate governance constructs, and the limitations of commonly used data sources. Furthermore, it emphasizes the lack of focus on economic significance in existing research. The study also examines the trends in these methodological challenges within domestic corporate governance research over the study period. By addressing these issues, the study aims to highlight novel research pathways and opportunities in the corporate governance field. Additionally, instrumental variable methods are briefly discussed as a prevalent approach to mitigating endogeneity in corporate governance studies.
Method
This study employs an analytical-critical approach to identify methodological challenges in corporate governance research. Articles published in the journal Accounting and Auditing Reviews between 1992 and 2023 were reviewed. This journal was chosen for its long-standing publication history and its consistent focus on various corporate governance mechanisms. Corporate governance mechanisms analyzed in this study include both internal and external structures. Specifically, three recurring constructs—board of directors, management, and ownership—were evaluated to examine common issues and trends in methodological practices.
Results
The analysis highlights significant methodological challenges in frequently studied corporate governance constructs. Within the Board of Directors, four recurring characteristics—independence, size, financial expertise, and CEO-Chair duality—were examined. Similarly, three recurring characteristics in Management—CEO stability, managerial ownership, and compensation—and three in Ownership—institutional ownership, ownership concentration, and state ownership—were evaluated. The findings reveal that many of these criteria contribute to a gap between theory and method due to insufficient consideration of the research context. Key issues identified include variable stickiness, inadequate cross-sectional variability, neglect of interactions among corporate governance constructs, persistent endogeneity problems, limited sample sizes, and a general lack of emphasis on economic significance. These methodological challenges were found to persist in more recent publications, suggesting a trend of unresolved issues over time. Although this study did not directly evaluate indices used to measure corporate governance, a brief review indicates that these indices are also prone to similar methodological limitations.
Conclusion
This study identifies significant methodological challenges in corporate governance research in Iran, highlighting their potential to undermine the credibility and practical relevance of findings. Addressing foundational issues—such as the misalignment between theoretical frameworks and environmental contexts, persistent endogeneity concerns, and sampling limitations—is essential for improving the quality of this research. Overcoming these challenges can strengthen both the theoretical rigor and the practical implications, providing a more robust basis for policy-making and decision-making. Moreover, domestic research has predominantly concentrated on a narrow range of characteristics within the three primary corporate governance mechanisms, with particular emphasis on the board of directors. While the board’s critical role is undeniable, this focus has led to a neglect of other potentially influential factors identified in the international literature. By proposing these underexplored features as avenues for future research, this study broadens the scope and deepens the understanding of corporate governance within the local context.
کلیدواژه‌ها [English]
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