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Corporate Governance Convergence: Evidence From Takeover Regulation Reforms in Europe

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Author Info

  • Marc Goergen

    ()

  • Marina Martynova

    ()

  • Luc Renneboog

    ()

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 Utrecht School of Economics in its series Working Papers with number 05-19.

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Length: 27 pages
Date of creation: Mar 2005
Date of revision:
Handle: RePEc:use:tkiwps:0519

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Related research

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

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References

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  3. 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.
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  6. Roe, Mark J., 2006. "Political Determinants of Corporate Governance: Political Context, Corporate Impact," OUP Catalogue, Oxford University Press, number 9780199205301.
  7. Rossi, Stefano & Volpin, Paolo, 2003. "Cross-Country Determinants of Mergers and Acquisitions," CEPR Discussion Papers 3889, C.E.P.R. Discussion Papers.
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  19. Marc Goergen & Luc Renneboog, 2003. "Why Are the Levels of Control (So) Different in German and U.K. Companies? Evidence from Initial Public Offerings," Journal of Law, Economics and Organization, Oxford University Press, vol. 19(1), pages 141-175, April.
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  23. Louis, Henock, 2004. "Earnings management and the market performance of acquiring firms," Journal of Financial Economics, Elsevier, vol. 74(1), pages 121-148, October.
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