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Corporate governance in the UK: Is the comply or explain approach working?

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  • Arcot, Sridhar
  • Bruno, Valentina
  • Faure-Grimaud, Antoine
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    Abstract

    We examine the effectiveness of the "Comply or Explain" approach to corporate governance in the UK. Using a unique database of 245 non-financial companies for the period of 1998-2004, we find an increasing trend of compliance with the Combined Code, but a frequent use of standard explanations in case of non-compliance. We show how the Combined Code has been interpreted and applied, and we discuss the existence of enforcement and monitoring problems. We make recommendations so that the approach could be strengthened with the greatest possible benefits.

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    File URL: http://www.sciencedirect.com/science/article/B6V7M-4YMPX7P-1/2/86bd8bc8afb7b4cbeb7ddd4b0ce4ab1c
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    Bibliographic Info

    Article provided by Elsevier in its journal International Review of Law and Economics.

    Volume (Year): 30 (2010)
    Issue (Month): 2 (June)
    Pages: 193-201

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    Handle: RePEc:eee:irlaec:v:30:y:2010:i:2:p:193-201

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    Web page: http://www.elsevier.com/locate/irle

    Related research

    Keywords: Corporate governance Comply or explain Combined Code;

    References

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    1. Boone, Audra L. & Casares Field, Laura & Karpoff, Jonathan M. & Raheja, Charu G., 2007. "The determinants of corporate board size and composition: An empirical analysis," Journal of Financial Economics, Elsevier, vol. 85(1), pages 66-101, July.
    2. Becht, Marco & Bolton, Patrick & Roell, Ailsa, 2003. "Corporate governance and control," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 1, pages 1-109 Elsevier.
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    Citations

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    Cited by:
    1. Carsten Gerner-Beuerle, 2014. "Determinants of corporate governance codes," LSE Research Online Documents on Economics 55828, London School of Economics and Political Science, LSE Library.
    2. Björn Fasterling, 2012. "Development of Norms Through Compliance Disclosure," Journal of Business Ethics, Springer, vol. 106(1), pages 73-87, March.
    3. 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.

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