Although many economists do a serious and respectable work, main stream economic theory contains an almost complete disregard for the importance of social, cultural and political structures which are the very foundation of the society. Worse than that, such disregard is developed into arrogance...

The literature on corporate governance has highlighted the importance of board characteristics related to firm innovation. However, empirical findings have not been totally conclusive, and some seem contradictory. Adopting a new perspective, we have tried to help resolve the puzzle using a...