Evidence on the international evolution and convergence of corporate governance regulations
AbstractThe issue of appropriate corporate governance framework has been a focal point of recent reforms in many countries. This study provides a comprehensive comparative analysis of corporate governance regulatory systems and their evolution since 1990 in 30 European countries and the US. It proposes a methodology to create detailed corporate governance indices which capture the major features of capital market laws in the analyzed countries. The indices indicate how the law in each country addresses various potential agency conflicts between corporate constituencies: namely, between shareholder and managers, between majority and minority shareholders, and between shareholders and bondholders. The analysis of regulatory provisions within the suggested framework enables us to understand better how corporate law works in a particular country and which strategies regulators adopt to achieve their goals. The 15-year time series of constructed indices and large country-coverage also allows us to draw conclusions about the convergence of corporate governance regimes across the countries.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Corporate Finance.
Volume (Year): 17 (2011)
Issue (Month): 5 ()
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Web page: http://www.elsevier.com/locate/jcorpfin
Governance regulation; Convergence; Corporate governance; Agency problem; Ownership and control; LLSV;
Find related papers by JEL classification:
- G3 - Financial Economics - - Corporate Finance and Governance
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- K2 - Law and Economics - - Regulation and Business Law
- K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
- K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
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- Jackie Krafft & Yiping Qu & Francesco Quatraro & Jacques-Laurent Ravix, 2013.
"Corporate governance, value and performance of firms: New empirical results on convergence from a large international database,"
- Jackie Krafft & Yiping Qu & Francesco Quatraro & Jacques-Laurent Ravix, 2013. "Corporate governance, value and performance of firms: New empirical results on convergence from a large international database," Working Papers halshs-00786763, HAL.
- repec:hal:wpaper:hal-00786664 is not listed on IDEAS
- Renneboog, L.D.R. & Zhao, Y., 2013. "Director Networks and Takeovers," Discussion Paper 2013-056, Tilburg University, Center for Economic Research.
- Humphery-Jenner, Mark, 2012. "The impact of the EU takeover directive on takeover performance and empire building," Journal of Corporate Finance, Elsevier, vol. 18(2), pages 254-272.
- Mihaela Ungureanu, 2012. "Models And Practices Of Corporate Governance Worldwide," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4, pages 625-635, September.
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