Do consultants in corporate governance share a community? An empirical study on their practice

Abstract

AbstractWe present an empirical study on the community of management consultants in the specialty of corporate governance. Although most studies on consulting are done on large multinational consulting firms, we suggest an alternative framework that encompasses the heterogeneity of the industry, considering also the smaller consulting firm and the independent consultant. We have qualitatively studied the practice of consultants specialized in corporate governance and looked for evidence of community belonging. Drawing on a Kuhnian theoretical framework and adapting his notion of knowledge creation to a governance consulting scenario, we explore community belonging, entry and exit mechanisms into the consulting community of governance, common culture and language, and regulation of the community. Findings confirm that consultants have mixed professional identities and an overlapping of memberships of various communities. Our results show that although no formal regulation or organization regulates corporate governance consulting, mechanisms such as reputation, career paths, experience and credibility work in strengthening the practice of the community.