IDEAS home Printed from https://ideas.repec.org/a/cmj/seapas/y2019i21p167-174.html

Corporate Governance Systems And Convergence Tendencies

Author

Listed:
  • Anca-Simona HROMEI

    (Doctoral School of Economics and Business Administration; Alexandru Ioan Cuza University of Iași, Romania)

Abstract

Over time, the specialized literature has very clearly delimited the two main types of corporate governance systems, namely the “outsider” and the “insider” type, starting from the analysis of various internal and external factors. However, as the economic environment and financial markets evolve, the influence of several factors changes, and certain features of a system are increasingly found in companies previously included in a distinct governance system. This paper firstly aims to delineate the characteristics specific to each governance system, and secondly to present those reasons, factors and the characteristics that lead to the possible gradual convergence of the governance systems worldwide.

Suggested Citation

  • Anca-Simona HROMEI, 2019. "Corporate Governance Systems And Convergence Tendencies," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 21, pages 167-174, December.
    • Handle: RePEc:cmj:seapas:y:2019:i:21:p:167-174
    as

    Download full text from publisher

    File URL: http://seaopenresearch.eu/Journals/articles/SPAS_21_1.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Lucian Arye Bebchuk, 1999. "A Rent-Protection Theory of Corporate Ownership and Control," NBER Working Papers 7203, National Bureau of Economic Research, Inc.
    2. Marc Goergen, 2005. "Corporate Governance Convergence: Evidence From Takeover Regulation Reforms in Europe," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 21(2), pages 243-268, Summer.
    3. Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, April.
    4. Udo C Braendle & Juergen Noll, 2006. "On the Convergence of National Corporate Governance Systems," Journal of Interdisciplinary Economics, , vol. 17(1-2), pages 57-81, January.
    5. Marco Pagano & Ailsa A. Röell & Josef Zechner, 2002. "The Geography of Equity Listing: Why Do Companies List Abroad?," Journal of Finance, American Finance Association, vol. 57(6), pages 2651-2694, December.
    6. Tarun Khanna & Krishna G Palepu, 2004. "Globalization and convergence in corporate governance: evidence from Infosys and the Indian software industry," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 35(6), pages 484-507, November.
    7. Sorin COSNEANU & Corneliu RUSSU & Vergina CHIRIŢESCU & Leonardo BADEA, 2013. "Need to implement corporate governance in the Romanian companies," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(4(581)), pages 63-72, April.
    8. Daniela M. Salvioni & Simona Franzoni & Francesca Gennari & Raffaella Cassano, 2018. "Convergence in corporate governance systems and sustainability culture," International Journal of Business Performance Management, Inderscience Enterprises Ltd, vol. 19(1), pages 7-15.
    9. Paul Collier & Mahbub Zaman, 2005. "Convergence in European Corporate Governance: the audit committee concept," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(6), pages 753-768, November.
    10. Colin Mayer & Julian Franks, 2000. "Ownership and Control of German Corporations," Economics Series Working Papers 2001-FE-11, University of Oxford, Department of Economics.
    11. repec:agr:journl:v:4(581):y:2013:i:4(581):p:63-72 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Martynova, M., 2006. "The market for corporate control and corporate governance regulation in Europe," Other publications TiSEM 8651e281-4914-41f2-ac14-1, Tilburg University, School of Economics and Management.
    2. Hubert de La Bruslerie, 2010. "The Equal Opportunity Rule in Transfer of Control: A Contractual Model," Post-Print halshs-00636613, HAL.
    3. Ayyagari, Meghana & Doidge, Craig, 2010. "Does cross-listing facilitate changes in corporate ownership and control?," Journal of Banking & Finance, Elsevier, vol. 34(1), pages 208-223, January.
    4. Goergen, Marc & Renneboog, Luc, 2008. "Contractual corporate governance," Journal of Corporate Finance, Elsevier, vol. 14(3), pages 166-182, June.
    5. Shan, Yuan George & Troshani, Indrit & Tarca, Ann, 2019. "Managerial ownership, audit firm size, and audit fees: Australian evidence," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 35(C), pages 18-36.
    6. Mark J. Roe, 2001. "Les conditions politiques au développement de la firme managériale," Revue Finance Contrôle Stratégie, revues.org, vol. 4(1), pages 123-182, March.
    7. Ariane Chapelle & Ariane Szafarz, 2006. "Control consolidation with a threshold: an algorithm," Working Papers CEB 06-007.RS, ULB -- Universite Libre de Bruxelles.
    8. Ayyagari, Meghana, 2004. "Does cross-listing lead to functional convergence? Empirical evidence," Policy Research Working Paper Series 3264, The World Bank.
    9. Mike Burkart & Samuel Lee, 2008. "One Share - One Vote: the Theory," Review of Finance, European Finance Association, vol. 12(1), pages 1-49.
    10. Marc Goergen, 2005. "Corporate Governance Convergence: Evidence From Takeover Regulation Reforms in Europe," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 21(2), pages 243-268, Summer.
    11. de La Bruslerie, Hubert, 2013. "Equal opportunity rule vs. market rule in transfer of control: How can private benefits help to provide an answer?," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 88-107.
    12. Gérard Hirigoyen & Thierry Poulain-Rehm, 2017. "Comparative approach of governance models: an empirical study [Approche comparative des modèles de gouvernance : Une étude empirique]," Post-Print hal-02521878, HAL.
    13. Pursey Heugens & Stelios Zyglidopoulos, 2008. "From social ties to embedded competencies: the case of business groups," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 12(4), pages 325-341, November.
    14. Fernando Lefort & Rodrigo Gonzalez, 2011. "Holding Company Discounts and Business Groups Optimal Bailout of Subsidiaries," Working Papers 34, Facultad de Economía y Empresa, Universidad Diego Portales.
    15. Manuel C. Kathan, 2025. "How do leveraged buyouts affect industry peers' performance: Evidence from Europe," Review of Financial Economics, John Wiley & Sons, vol. 43(4), pages 519-547, October.
    16. Martynova, M. & Renneboog, L.D.R., 2010. "A Corporate Governance Index : Convergence and Diversity of National Corporate Governance Regulations," Discussion Paper 2010-17, Tilburg University, Center for Economic Research.
    17. Hüttenbrink, Alexander & Oehmichen, Jana & Rapp, Marc Steffen & Wolff, Michael, 2014. "Pay-for-performance – Does one size fit all? A multi-country study of Europe and the United States," International Business Review, Elsevier, vol. 23(6), pages 1179-1192.
    18. Zeineb Barka & Taher Hamza, 2020. "The effect of large controlling shareholders on equity prices in France: monitoring or entrenchment?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(3), pages 769-798, September.
    19. Kato, Takao & Long, Cheryl, 2006. "CEO Turnover, Firm Performance and Enterprise Reform in China: Evidence from New Micro Data," IZA Discussion Papers 1914, IZA Network @ LISER.
    20. Helwege, Jean & Packer, Frank, 2009. "Private matters," Journal of Financial Intermediation, Elsevier, vol. 18(3), pages 362-383, July.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cmj:seapas:y:2019:i:21:p:167-174. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Serghie Dan (email available below). General contact details of provider: https://seaopenresearch.eu/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.