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Does Culture Affect Corporate Governance?

  • Pascal Gantenbein


  • Christophe Volonté


    (University of Basel)

The legal environment is one important determinant of corporate governance. However,� within� legal families,� also cultural� differences can explain the level of corporate governance to some extent. We analyze this relationship for the case of Switzerland.� Swiss firms� are mainly located in two cultural areas, the German and French speaking parts of Switzerland. Swiss federal law is equal in both regions which allows us to investigate the effect of cultural differences on corporate governance. Although we only find few differences, we observe that board composition is significantly� driven by language-related factors: French-speaking� directors are prevalent in Swiss French boards and German-speaking� directors in Swiss German boards. More importantly, however,� boards of these two parts of Switzerland� are more likely� to be structured as in their respective neighboring countries. Further- more, in the French part, transfer restrictions of shares are more common.

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Paper provided by Faculty of Business and Economics - University of Basel in its series Working papers with number 2012/04.

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Date of creation: 2012
Date of revision:
Handle: RePEc:bsl:wpaper:2012/04
Contact details of provider: Postal: Peter-Merian-Weg 6, Postfach, CH-4002 Basel
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