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The study aims to explore the emergence and enactment of corporate governance reforms and their varied implications across institutional levels.

Institutionalising corporate governance: contradictions, negotiated compromises and unintended consequences

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Examines corporate governance reforms in Pakistan, revealing complex outcomes under family ownership and political influence.

The study aims to explore the emergence and enactment of corporate governance reforms and their varied implications across institutional levels.
Analysed 41 interviews with regulators, market actors, and executives.
Utilized Dillard et al.’s multi-level framework combining neo-institutional sociology, structuration theory, and Weber’s axes of tension.
Conducted documentary analysis spanning 1995–2020.
International financial agencies exerted pressures; however, outcomes were negotiated due to entrenched family capitalism.
Formal adoption of governance mechanisms often resulted in symbolic compliance and strategic delisting for family control preservation.
2017 Regulations increased legal formality without changing underlying power dynamics.

Ahmad et al. (2026) studied this question.

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