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Objectivity, Proximity and Adaptability in Corporate Governance

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  • Boot, Arnoud W A
  • Macey, Jonathon

Abstract

Countries appear to differ considerably in the basic orientations of their corporate governance structures. We postulate the trade-off between objectivity and proximity as fundamental to the corporate governance debate. We stress the value of objectivity that comes with distance (e.g. the market oriented U.S. system), and the value of better information that comes with proximity (e.g. the more intrusive Continental European model). A superior corporate governance arrangement must balance the benefits of proximity and objectivity. In this context, we also discuss the ways in which investors have "contracted around" the flaws in their own corporate governance systems, pointing at the adaptability of different arrangements.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2257.

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Date of creation: Oct 1999
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Handle: RePEc:cpr:ceprdp:2257

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Keywords: Comparative Financial Systems; Corporate Governance;

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  1. Strausz, Roland, 1997. "Delegation of Monitoring in a Principal-Agent Relationship," Review of Economic Studies, Wiley Blackwell, vol. 64(3), pages 337-57, July.
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  6. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August.
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  8. Oliver Hart & Sanford Grossman, 1985. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Working papers 372, Massachusetts Institute of Technology (MIT), Department of Economics.
  9. Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
  10. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
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Cited by:
  1. Mike Burkart & Fausto Panunzi, 2001. "Agency conflicts, ownership concentration, and legal shareholder protection," LSE Research Online Documents on Economics 25056, London School of Economics and Political Science, LSE Library.
  2. Alberto Zazzaro, 2001. "Specificità e modelli di governo delle banche: un' analisi degli assetti proprietari dei gruppi bancari italiani," Moneta e Credito, Economia civile, vol. 54(216), pages 487-517.

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