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Corporate Governance Convergence: Evidence from Takeover Regulation Reforms in Europe

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  • Goergen, M.
  • Martynova, M.
  • Renneboog, L.D.R.

    (Tilburg University, Center for Economic Research)

Abstract

This paper contributes to the research on corporate governance by predicting the effects of European takeover regulation.In particular, we investigate whether the recent reforms of takeover regulation in Europe are leading to a harmonization of the national legislations.With the help of 150 corporate governance lawyers from 30 European countries, we collected the main changes in takeover regulation.We assess whether a process of convergence towards the Anglo-(American) corporate governance system has been started and we find that this is the case.We make predictions as to the consequences of the reforms for the ownership and control.However, we find that, while in some countries the adoption of a unified takeover code may result in dispersed ownership, in others it may further consolidate the blockholder-based system.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2005-63.

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Date of creation: 2005
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Handle: RePEc:dgr:kubcen:200563

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Related research

Keywords: takeover regulation; mergers and acquisitions; corporate governance; ownership and control; governance regulation; convergence;

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  21. Koke, Jens & Renneboog, Luc, 2005. "Do Corporate Control and Product Market Competition Lead to Stronger Productivity Growth? Evidence from Market-Oriented and Blockholder-Based Governance Regimes," Journal of Law and Economics, University of Chicago Press, vol. 48(2), pages 475-516, October.
  22. Burkart, Mike, 1995. " Initial Shareholdings and Overbidding in Takeover Contests," Journal of Finance, American Finance Association, vol. 50(5), pages 1491-1515, December.
  23. Dickerson, Andrew P & Gibson, Heather D & Tsakalotos, Euclid, 1997. "The Impact of Acquisitions on Company Performance: Evidence from a Large Panel of UK Firms," Oxford Economic Papers, Oxford University Press, vol. 49(3), pages 344-61, July.
  24. 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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