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Corporate Governance Reforms around the World

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Author Info
Pursey P.P.M.A.R. Heugens ()
Jordan Otten ()

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Abstract

Contemporary contributions to the comparative corporate governance literature are often couched in simple, dichotomous terms. Corporate governance systems are typically described as "insider" versus "outsider" systems, as "shareholder" versus "stakeholder" capitalism, or as involving "equity-financed" versus "debt-financed" firms. We are suspicious of greater variety than allowed by these dichotomous models, and report an explorative study on corporate governance reforms around the world in search of heterogeneity. The study involves a 38-country comparative study of corporate governance reform codes, and uses content- and exploratory factor analyses to demonstrate that they reference not two but no less than five independent but mutually complementary corporate governance mechanisms (CGMs).

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Publisher Info
Paper provided by Utrecht School of Economics in its series Working Papers with number 05-08.

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Length: 41 pages
Date of creation: Mar 2005
Date of revision:
Handle: RePEc:use:tkiwps:0508

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Related research
Keywords: Institutional influences; diffusion of governance mechanisms; comparative corporate governance;

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