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Corporate Governance in the Netherlands: an overview of the application of the Tabaksblat Code in 2004

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  • Dirk Akkermans
  • Hans Van Ees
  • Niels Hermes
  • Reggy Hooghiemstra
  • Gerwin Van der Laan
  • Theo Postma
  • Arjen Van Witteloostuijn

Abstract

This article examines the overall acceptance of the best practice provisions contained in the Dutch corporate governance code and identifies those that receive comparably less agreement among 150 Dutch listed companies in 2004. The findings indicate a high level of compliance with the Code. Moreover, the extent of compliance is positively associated with company size. Provisions related to the remuneration of board members, independence of supervisory board members, and requirements with respect to internal control systems stand out when it comes to non‐compliance. In addition, the nature and content of the explanations provided for non‐compliance are remarkably similar across companies, which may indicate symbolic compliance with the Code's best practice provisions.

Suggested Citation

  • Dirk Akkermans & Hans Van Ees & Niels Hermes & Reggy Hooghiemstra & Gerwin Van der Laan & Theo Postma & Arjen Van Witteloostuijn, 2007. "Corporate Governance in the Netherlands: an overview of the application of the Tabaksblat Code in 2004," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(6), pages 1106-1118, November.
    • Handle: RePEc:bla:corgov:v:15:y:2007:i:6:p:1106-1118
    DOI: 10.1111/j.1467-8683.2007.00634.x
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    2. Gerhard Schnyder, 2008. "Revisiting the Party Paradox of Finance Capitalism: Evidence from Switzerland, Sweden and the Netherlands," Working Papers wp372, Centre for Business Research, University of Cambridge.
    3. Shrives, Philip J. & Brennan, Niamh M., 2015. "A typology for exploring the quality of explanations for non-compliance with UK corporate governance regulations," The British Accounting Review, Elsevier, vol. 47(1), pages 85-99.
    4. Ilir Haxhi & Ruth V. Aguilera, 2017. "An Institutional Configurational Approach to Cross-National Diversity in Corporate Governance," Journal of Management Studies, Wiley Blackwell, vol. 54(3), pages 261-303, May.
    5. Leona Achtenhagen & Petra Inwinkl & Jacob Björktorp & Robert Källenius, 2018. "More than two decades after the Cadbury Report: How far has Sweden, as role model for corporate-governance practices, come?," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 15(4), pages 235-251, November.
    6. Rose, Caspar, 2016. "Firm performance and comply or explain disclosure in corporate governance," European Management Journal, Elsevier, vol. 34(3), pages 202-222.
    7. Pieter-Jan Bezemer & Stefan Peij & Gregory Maassen & Han Halder, 2012. "The changing role of the supervisory board chairman: the case of the Netherlands (1997–2007)," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(1), pages 37-55, February.
    8. Tek Lama, 2014. "Board Subcommittees: If Not, Why Not?," Accounting and Finance Research, Sciedu Press, vol. 3(3), pages 117-117, August.
    9. Tariq, Yasir Bin & Abbas, Zaheer, 2013. "Compliance and multidimensional firm performance: Evaluating the efficacy of rule-based code of corporate governance," Economic Modelling, Elsevier, vol. 35(C), pages 565-575.
    10. Pietro Previtali & Paola Cerchiello, 2019. "Patterns of compliance with soft regulation in Italian listed companies," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 16(1), pages 37-46, March.
    11. Bravo-Urquiza, Francisco & Moreno-Ureba, Elena, 2021. "Does compliance with corporate governance codes help to mitigate financial distress?," Research in International Business and Finance, Elsevier, vol. 55(C).
    12. Colleen Honigsberg, 2019. "Hedge Fund Regulation and Fund Governance: Evidence on the Effects of Mandatory Disclosure Rules," Journal of Accounting Research, Wiley Blackwell, vol. 57(4), pages 845-888, September.
    13. Reggy Hooghiemstra & Hans van Ees, 2011. "Uniformity as response to soft law: Evidence from compliance and non‐compliance with the Dutch corporate governance code," Regulation & Governance, John Wiley & Sons, vol. 5(4), pages 480-498, December.
    14. Romilda Mazzotta & Giovanni Bronzetti & Graziella Sicoli & Paolo Tenuta, 2018. "La valutazione del CdA in contesti ad elevata concentrazione proprietaria: mero conformismo o reale strumento di valutazione?," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2018(2), pages 107-128.
    15. Till Talaulicar & Axel V. Werder, 2008. "Patterns of Compliance with the German Corporate Governance Code," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(4), pages 255-273, July.
    16. Peter J Baldacchino & Claire Vella & Simon Grima, 2019. "The Corporate Governance Code and Compliance by Maltese Listed Companies," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 71-90.
    17. Rafael Robina-Ramírez & M. Isabel Sánchez-Hernández & Carlos Díaz-Caro, 2021. "Hotel manager perceptions about corporate compliance in the tourism industry: an empirical regional case study in Spain," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 25(2), pages 627-654, June.
    18. David Seidl & Paul Sanderson & John Roberts, 2013. "Applying the ‘comply-or-explain’ principle: discursive legitimacy tactics with regard to codes of corporate governance," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(3), pages 791-826, August.

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