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History and the Global Corporate Governance Revolution: The UK Perspective


  • B. Cheffins


Market forces are allegedly serving to destabilise traditional business structures and cause some form of convergence along US lines. Consistent with an emerging trend in the literature, this article examines the convergence trend from an historical perspective. The focus is on Britain, since it is the only major industrial nation that has undertaken the journey upon which other countries may be embarking. While contemporary developments suggest that Britain's failure to adopt US-style managerial structures more quickly may have contributed to the UK's economic 'decline', this inference should be drawn with caution. The evolution of corporate governance in Britain indicates that various factors that have been identified as preconditions for the emergence of the 'Anglo-American' system of corporate governance are probably not decisive variables.

Suggested Citation

  • B. Cheffins, 2001. "History and the Global Corporate Governance Revolution: The UK Perspective," Business History, Taylor & Francis Journals, vol. 43(4), pages 87-118.
  • Handle: RePEc:taf:bushst:v:43:y:2001:i:4:p:87-118 DOI: 10.1080/713999243

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    References listed on IDEAS

    1. Jacobsen, Siv Fagerland & Tschoegl, Adrian E, 1999. "The Norwegian Banks in the Nordic Consortia: A Case of International Strategic Alliances in Banking," Industrial and Corporate Change, Oxford University Press, vol. 8(1), pages 137-165, March.
    2. Engwall, L. & Wallenstål, M., 1988. "Tit for tat in small steps: the internationalization of Swedish banks," Scandinavian Journal of Management, Elsevier, vol. 4(3-4), pages 147-155.
    3. Kindleberger, Charles P., 1983. "International banks as leaders or followers of international business : An historical perspective," Journal of Banking & Finance, Elsevier, vol. 7(4), pages 583-595, December.
    4. Ball, Clifford A. & Tschoegl, Adrian E., 1982. "The Decision to Establish a Foreign Bank Branch or Subsidiary: An Application of Binary Classification Procedures," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 17(03), pages 411-424, September.
    5. Heinkel, Robert L. & Levi, Maurice D., 1992. "The structure of international banking," Journal of International Money and Finance, Elsevier, vol. 11(3), pages 251-272, June.
    6. Edward Brown Flowers, 1976. "Oligopolistic Reactions in European and Canadian Direct Investment in the United States," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 7(2), pages 43-56, June.
    7. Chwo-Ming J Yu & Kiyohiko Ito, 1988. "Oligopolistic Reaction and Foreign Direct Investment: The Case of the U.S. Tire and Textiles Industries," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 19(3), pages 449-460, September.
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    Cited by:

    1. Agamirova, Maria & Dzagurova, Natalia, 2014. "Incentives for cooperative-specific investments from court decisions to the theoretical analysis," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 79-97.
    2. Malcolm Anderson, 2002. "Accounting History publications 2001," Accounting History Review, Taylor & Francis Journals, vol. 12(3), pages 505-512.
    3. Graeme G. Acheson & Gareth Campbell & John D. Turner & Nadia Vanteeva, 2015. "Corporate ownership and control in Victorian Britain," Economic History Review, Economic History Society, vol. 68(3), pages 911-936, August.
    4. Haque, Faizul & Arun, Thankom & Kirkpatrick, Colin, 2011. "The political economy of corporate governance in developing economies: The case of Bangladesh," Research in International Business and Finance, Elsevier, vol. 25(2), pages 169-182, June.

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