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The impracticality of an international “one size fits all” corporate governance code of best practice

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  • Marlene Davies
  • Bernadette Schlitzer
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    Abstract

    Purpose – The purpose of this paper is to review corporate governance literature from an international perspective in terms of having a global code of corporate governance. Design/methodology/approach – Using a wide ranging literature review, the paper looks at the issue of a global corporate governance code of best practice from legal, corporate ownership structure and financial systems perspectives and the consequent/divergence issues that arise. Findings – The paper supports the hypothesis that the “one size fits all” approach to corporate governance, particularly the Anglo Saxon model, is not necessarily the right approach from a global perspective. Convergence on fundamental features of shareholder protection, independence of directors and establishment of committees may be the preferred way forward. Practical implications – The acceptance of a global corporate governance code is limited due to the adaptations in the business environment, investor confidence and corporate successes and failures. Originality/value – The analysis of the framework provides an interesting paper for corporate governance researchers.

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    Bibliographic Info

    Article provided by Emerald Group Publishing in its journal Managerial Auditing Journal.

    Volume (Year): 23 (2008)
    Issue (Month): 6 (July)
    Pages: 532-544

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    Handle: RePEc:eme:majpps:v:23:y:2008:i:6:p:532-544

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    Related research

    Keywords: Best practice; Corporate governance; Globalization; National cultures; World economy;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    18. Michael J. Peel & Edmond O'Donnell, 1995. "Board Structure, Corporate Performance and Auditor Independence," Corporate Governance: An International Review, Wiley Blackwell, vol. 3(4), pages 207-217, October.
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    Cited by:
    1. Nedelchev, Miroslav, 2013. "Good Practices in Corporate Governance: One-Size-Fits-All vs. Comply-or-Explain," MPRA Paper 52225, University Library of Munich, Germany.
    2. Tariq, Yasir Bin & Abbas, Zaheer, 2013. "Compliance and multidimensional firm performance: Evaluating the efficacy of rule-based code of corporate governance," Economic Modelling, Elsevier, vol. 35(C), pages 565-575.

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