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Corporate Governance in an International Context: legal systems, financing patterns and cultural variables

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  • Steven M. Mintz

Abstract

Corporate governance systems develop as a result of cultural underpinnings, legal structures and different forms of financing business. This paper describes these factors in the US and UK, two examples of strong shareholder ownership patterns of financing, and Germany, a country with a tradition of strong creditor financing. Recommendations are made for best practices in governance. Although enhanced governance mechanisms is a sound goal to pursue, the results may be meaningless unless internal controls are strengthened and top management and the board of directors establish an ethical tone at the top.

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  • Steven M. Mintz, 2005. "Corporate Governance in an International Context: legal systems, financing patterns and cultural variables," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(5), pages 582-597, September.
  • Handle: RePEc:bla:corgov:v:13:y:2005:i:5:p:582-597
    DOI: 10.1111/j.1467-8683.2005.00453.x
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    References listed on IDEAS

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    1. Schmidt, Reinhard H., 2003. "Corporate Governance in Germany: An Economic Perspective," CFS Working Paper Series 2003/36, Center for Financial Studies (CFS).
    2. Siebert, Horst, 2004. "Germany's capital market and corporate governance," Kiel Working Papers 1206, Kiel Institute for the World Economy (IfW Kiel).
    3. Gregory Jackson & Martin Hopner & Antje Kurdelbusch, 2004. "Corporate Governance and Employees in Germany: Changing Linkages, Complementarities, and Tensions," Discussion papers 04008, Research Institute of Economy, Trade and Industry (RIETI).
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    Cited by:

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    3. Ho, Daniel & Lau, Alex & Young, Angus, 2012. "Enterprise ownership and control in China: Governance with a Chinese twist," Business Horizons, Elsevier, vol. 55(6), pages 575-582.
    4. Wang, Boya, 2018. "Ownership, institutions and firm value: Cross-provincial evidence from China," Research in International Business and Finance, Elsevier, vol. 44(C), pages 547-565.
    5. Rose, Caspar, 2016. "Firm performance and comply or explain disclosure in corporate governance," European Management Journal, Elsevier, vol. 34(3), pages 202-222.
    6. Marlene Davies & Bernadette Schlitzer, 2008. "The impracticality of an international “one size fits all” corporate governance code of best practice," Managerial Auditing Journal, Emerald Group Publishing, vol. 23(6), pages 532-544, June.
    7. Osemeke Louis & Nobert Osemeke, 2017. "The role of ethnic directors in corporate social responsibility: Does culture matter? The cultural trait theory perspectives," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 14(2), pages 152-172, May.
    8. Amélia Carrasco & Claude Francoeur & Isabelle Réal & Joaquina Laffarga & Emiliano Ruiz-Barbadillo, 2012. "Cultural differences and board gender diversity," Post-Print hal-00937923, HAL.
    9. Bhatia, Madhur & Gulati, Rachita, 2021. "Board governance and bank performance: A meta- analysis," Research in International Business and Finance, Elsevier, vol. 58(C).
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    12. Floarea Iosub Dobrica, 2008. "Shareholder value enhancing strategies - empirical evidence on multinational corporations behaviour," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 55, pages 65-75, November.
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    14. Jiatao Li & J. Richard Harrison, 2008. "National Culture and the Composition and Leadership Structure of Boards of Directors," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(5), pages 375-385, September.
    15. Mauricio Jara‐Bertin & Félix J. López‐Iturriaga & Óscar López‐de‐Foronda, 2008. "The Contest to the Control in European Family Firms: How Other Shareholders Affect Firm Value," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(3), pages 146-159, May.
    16. Óscar López‐de‐Foronda & Félix J. López‐Iturriaga & Marcos Santamaría‐Mariscal, 2007. "Ownership Structure, Sharing of Control and Legal Framework: international evidence," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(6), pages 1130-1143, November.
    17. Ahmed Abdel-Meguid & Anwer Ahmed & Scott Duellman, 2013. "Auditor independence, corporate governance and aggressive financial reporting: an empirical analysis," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(2), pages 283-307, May.
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