Research in the International Journal of Business Governance and Ethics seeks to understand the concept of business governance and ethics and how these are differentiated from the more obvious notion of management. The study has implications for businesses and organizations that are hoping to improve their governance practices by giving them a clearer understanding of what constitutes “good” governance and providing a systematic classification of key governance concepts based on their economic functions.
The field of governance research encompasses strategic decision-making, oversight, and addressing crime and misconduct. The main impetus is to understand the factors that contribute to effective governance or result in poor outcomes. Critically, the research is not about making ethical judgements but about helping to distinguish between good and bad governance in terms of effectiveness.
Scott L. Mitchell of the Open Compliance and Ethics Group in Phoenix, Arizona, Mark D. Packard of Florida Atlantic University in Boca Raton, Florida, and Brent B. Clark of the University of Nebraska, Omaha, Nebraska, USA, have tackled the challenges of defining and evaluating “good” governance as opposed to “bad”.
Existing business research faces an inherent problem of semantics in that it does not distinguish clearly between governance and management. This makes it difficult for researchers to study the various concepts surrounding each without the confusion of blurred lines dividing the two areas of work. Moreover, the notion of governance and what constitutes good governance also depends on the stance of any given organization or owner, rendering sweeping generalisations inadequate as they commonly are. The research suggests that the evaluation of governance practices needs to be defined but also must take a unique approach for each organisation being examined rather than attempting a one-size-fits-all approach.
Efforts to clearly define and assess good governance are crucial for advancing governance theory and practices across the business world. The research suggests that transformative change in governance theory must begin with a solid foundation. And, by providing a systematic classification of governance concepts based on economic functions, the current study lays the foundations for such research in the future.
Mitchell, S.L., Packard, M.D. and Clark, B.B. (2023) ‘Good governance, bad governance: a refinement and application of key governance concepts’, Int. J. Business Governance and Ethics, Vol. 17, No. 4, pp.471–494.
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