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Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance

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Author Info
Randall Morck
Bernard Yeung

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Abstract

Different economies at different times use different institutional arrangements to constrain the people entrusted with allocating the economy's capital and other resources. Comparative financial histories show these corporate governance regimes to be largely stable through time, but capable of occasional dramatic change in response to a severe crisis. Legal origin, language, culture, religion, accidents of history (path dependence), and other factors affect these changes because they affect how people and societies solve problems.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15042.

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Date of creation: Jun 2009
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Handle: RePEc:nbr:nberwo:15042

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Find related papers by JEL classification:
G01 - Financial Economics - - General - - - Financial Crises
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
N2 - Economic History - - Financial Markets and Institutions
P1 - Economic Systems - - Capitalist Systems

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This page was last updated on 2009-11-25.

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