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Environnement juridique et systèmes de gouvernance. Quelles conséquences pour l'intégration financière européenne ?

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  • Jean-Paul Pollin
  • Anne-Gaël Vaubourg

Abstract

In this article, we adress the question of the heterogeneity of corporate governance systems in Europe. Using a principal component analysis and a hierarchical classification, we examine the role played by the legal framework relatively to that of other factors such as the pattern of the production system, the characteristics of the fund supply and the organization of the labour market. We show that the explanatory power of legal determinants should not be overstated. On the one hand, the degree of protection for suppliers of funds contributes only weakly to the definition of the european governance system typology. On the other hand, legal origin proxies less for the degree of investor protection than for the institutional interactions between corporate control structures, labour market organization, fund supply and productive system characteristics. Classification JEL : G30

Suggested Citation

  • Jean-Paul Pollin & Anne-Gaël Vaubourg, 2006. "Environnement juridique et systèmes de gouvernance. Quelles conséquences pour l'intégration financière européenne ?," Revue économique, Presses de Sciences-Po, vol. 57(4), pages 919-940.
  • Handle: RePEc:cai:recosp:reco_574_0919
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    References listed on IDEAS

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    5. Giuseppe Nicoletti & Stefano Scarpetta & Olivier Boylaud, 2000. "Summary Indicators of Product Market Regulation with an Extension to Employment Protection Legislation," OECD Economics Department Working Papers 226, OECD Publishing.
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    Cited by:

    1. Jean-Paul POLLIN, 2010. "l eurosystème et l'intégration financière européenne," LEO Working Papers / DR LEO 832, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.

    More about this item

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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