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The dynamics of Corporate Governance (Business) Terminology
Corporate Governance Terminology cannot be strictly outlined, as the field encompasses practically the whole sphere of Management. Above all, Corporate Governance focuses on control tools, risk-management, budget and financial fields. The interconnection of different “economic-administrative domains” results in “a higher degree of dynamics than what is necessarily expected from a “normal” science development” (Kristiansen, 2014, p. 252).
Corporate Governance Terminology can be considered to be dynamic as business terminology is being developed under the conditions of the globalization of Economics and the change of subject fields. New term forms play an important role in enriching the field of Management and ensuring its sound functioning: “in specialized domains, neonyms are the source of information as to the vitality of the domain, since new concepts, objects or tools need
to be assigned names for communication to remain possible” (Resche, 2013, p. 83). New concepts appear, and innovative term forms replace old ones. For instance, the accounting term “sub-prime debt” was developed by experts at the beginning of the global financial crisis and it was later substituted by a new one: “toxic assets” (Fuertes Olivera & Nielsen, 2014, p. 215). Experts use metaphors to “create images” in people´s mind (ibidem).
Similarly, the conceptualization of the world is unique in every language and every nation. However, sometimes a concept can become international. For example, the term scorched earth is used in Military terminology: “relating to or being a Military policy involving deliberate and usually widespread destruction of property and resources (such as housing and factories) so that an invading enemy cannot use them” (Merriam-Webster). The term form is recognizable all over the world, due to its use for defining notorious historical events, for example, during World War II: “The Germans <…> began to be hampered by the scorched earth policy adopted by the retreating Soviets. The Soviet troops burned crops, destroyed bridges, and evacuated factories in the face of the German advance” (Encyclopaedia Britannica, n.d.). The military term has a Calque form in the Russian Language: “выжженная земля” (Lingvo) (vyzhzhennaja zemlja), or тактика “ывжженной земли” (taktika “vyzhzhennoj zemli”).
The dynamics of Corporate Governance terminology is strengthened by cross-domain borrowings. In Business terminology, the term was bestowed with another meaning of intentionally damaging something as a measure of prevention: “a takeover prevention strategy in which the target company seeks to make itself less attractive to hostile bidders by selling off assets, taking on high levels of debt or initiating other activities that may damage the company if it is purchased” (Investopedia). The Corporate Governance term scorched earth (scorched earth policy) has the following equivalent in Russian: сжигание мостов (IFC) (szhiganie mostov; L.t.: burning bridges). It is interesting to note, that this dynamic development of terminology created a new form of the term, but the original Calque form is used as a synonym: тактика выжженной земли (IFC) (taktika “vyzhzhennoj zemli”; L.t.: scorched earth tactics). This example demonstrates the uncontrolled and rapid development of the field of Management, when the term is borrowed from English, but it is not based on previous knowledge. The creation of the new term form can be also explained by making the term different from its homonym.
According to Pedro A. Fuertes and Sandro Nielsen, English plays the role of “the lingua franca of accounting” (Fuertes Olivera & Nielsen, 2014, p. 215). Accordingly, it is possible to state that English is the source language for the creation of Management and Business terms in other languages, namely Corporate Governance in Russian. Corporate Governance as a field has developed considerably in recent decades. For this reason, a lot of previously accepted frameworks have been dismissed and new ones have been adopted.
The use of Management terminology is mostly regulated by the terms creators, and the organizations regulating the process of term use. The “supranational EU rules” (ibidem, p. 217) and United Nations regulations exert considerable influence on Business terminology. The international standards should be applied worldwide, although each country has its own Corporate Governance model. Despite the implementation of rules and harmonization, there are no comprehensive and generally accepted language regulations for English Corporate Governance terminology. This complicates the translation of Business terms, which widely employ synonyms, comments, clipped forms, additional elements and irrelevant components. The Internet has considerably changed the study of terminology, “the scope of research has grown considerably”: “the computer has revolutionized the possibilities for organizing, distributing and accessing information” (Temmerman et al., 2014, p. 3). The “lexicographic tools” can help “not only experts, but also semi-experts and interested laypersons who need knowledge to solve problems” (Fuertes Olivera & Nielsen, 2014, p. 216) and to be up to date with the highly dynamic Management terminology. Accordingly, the Internet dictionaries must provide up to date and essential information about terms.
Term forms can be changed by the replacement of old or general frameworks. For instance, the “traditional English term in financial reporting” enterprise, which “emphasizes the commercial nature of business units” “has gradually been replaced by the term entity” (Fuertes Olivera & Nielsen, 2014, p. 217). This is proved by the existence of derivatives in Corporate Governance terminology with the meaning of “the business organization as a single and separate unit for financial reporting purposes” (ibidem): non-for-profit entity, non-profit entity (IFC): некоммерческая организация (nekommercheskaja organizacija).
Meanwhile the term enterprise is used for other purposes: enterprise risk management, state- owned enterprise, etc. The difference is preserved by the translation into the Russian language: enterprise: компания (kompanija, L.t.: a company) or предприятие (predprijatije; L.t.: enterprise) ; entity: организация (organizacija, L.t.: organization):
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