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Objectivity, Proximity and Adaptability in Corporate Governance

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Author Info
Boot, Arnoud W A
Macey, Jonathon

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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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Related research
Keywords: Comparative Financial Systems; Corporate Governance;

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Find related papers by JEL classification:
G3 - Financial Economics - - Corporate Finance and Governance
K2 - Law and Economics - - Regulation and Business Law
P5 - Economic Systems - - Comparative Economic Systems

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  1. Burkart, Mike & Panunzi, Fausto, 2001. "Agency Conflicts, Ownership Concentration, and Legal Shareholder Protection," CEPR Discussion Papers 2708, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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