Corporate Governance and Director Accountability: an Institutional Comparative Perspective


  • Ruth V. Aguilera

    1. Department of Business Administration, College of Business and Institute of Labor and Industrial Relations, University of Illinois at Urbana-Champaign, 1206 S. Sixth St., Champaign, IL 61820, USA
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  • *Research support from the Vernon K. Zimmerman Center for International Education and Reserach in Accounting at the College of Business and the European Union Center at the University of Illinois at Urbana-Champaign is greatly appreciated.


This paper examines the role of boards of directors in light of institutional contingencies and recent best practice governance guidelines and regulation such as the United Kingdom Higgs Review and the United States Sarbanes-Oxley Act 2002. Particular attention is paid to discussing the role of independent directors across countries, and the implications for corporate governance innovation. It concludes by posing questions about recent corporate governance transformations and providing suggestions for future research.