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Corporate Governance Convergence : Evidence from Takeover Regulation Reforms in Europe

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  • Goergen, M.
  • Martynova, M.

    (Tilburg University, Center For Economic Research)

  • 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 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. Copyright 2005, Oxford University Press.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Goergen, M. & Martynova, M. & Renneboog, L.D.R., 2005. "Corporate Governance Convergence : Evidence from Takeover Regulation Reforms in Europe," Discussion Paper 2005-63, Tilburg University, Center for Economic Research.
    • Handle: RePEc:tiu:tiucen:e09dd6cf-98ae-44e9-bdbb-222efd501b8f
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    More about this item

    Keywords

    takeover regulation; mergers and acquisitions; corporate governance; ownership and control; governance regulation; convergence;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K2 - Law and Economics - - Regulation and Business Law
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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