IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Determinants of corporate governance codes

  • Carsten Gerner-Beuerle
Registered author(s):

    Corporate governance codes are an increasingly prominent feature of the regulatory landscape in many countries, yet remarkably little is known about the determinants of corporate governance reform. Potential determinants include: (1) the diffusion of an international benchmark model of good governance; (2) a country’s legal system; (3) the desire to attract foreign investors; and (4) the influence of interest groups. I construct a proxy for the investor-friendliness of 52 corporate governance codes of different jurisdictions and collect data on the code issuers. I find strong evidence that the drafters of codes emulate international benchmark models and that jurisdictions belonging to different legal traditions use different regulatory strategies, some evidence that portfolio equity inflows are associated with the investor-friendliness of codes, and no evidence that interest groups succeed in affecting rules. The article suggests a method for the modeling of legal evolution, convergence, and the political economy of corporate governance codes.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://eprints.lse.ac.uk/55828/
    File Function: Open access version.
    Download Restriction: no

    Paper provided by London School of Economics and Political Science, LSE Library in its series LSE Research Online Documents on Economics with number 55828.

    as
    in new window

    Length: 99 pages
    Date of creation: Feb 2014
    Date of revision:
    Handle: RePEc:ehl:lserod:55828
    Contact details of provider: Postal: LSE Library Portugal Street London, WC2A 2HD, U.K.
    Phone: +44 (020) 7405 7686
    Web page: http://www.lse.ac.uk/

    More information through EDIRC

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    as in new window
    1. Arcot, Sridhar & Bruno, Valentina & Faure-Grimaud, Antoine, 2010. "Corporate governance in the UK: Is the comply or explain approach working?," International Review of Law and Economics, Elsevier, vol. 30(2), pages 193-201, June.
    2. Paul A. Gompers & Joy L. Ishii & Andrew Metrick, 2002. "Corporate Governance and Equity Prices," Center for Financial Institutions Working Papers 02-32, Wharton School Center for Financial Institutions, University of Pennsylvania.
    3. מחקר - ביטוח לאומי, 2006. "אפריל 2006," Working Papers 216, National Insurance Institute of Israel.
    4. Mathias M Siems, 2006. "Legal origins: reconciling law and finance and comparative law," ESRC Centre for Business Research - Working Papers wp321, ESRC Centre for Business Research.
    5. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    6. מחקר - ביטוח לאומי, 2006. "יולי 2006," Working Papers 211, National Insurance Institute of Israel.
    7. נעמה בר-און & קרן קופיעץ & עביר גאנס ואווה שדה, 2006. "הקן - זוגות," Working Papers 159, National Insurance Institute of Israel.
    8. אסתר טולידנו, 2006. "מקבלי דמי אבטלה בשנת 2005," Working Papers 378, National Insurance Institute of Israel.
    9. Lucian A. Bebchuk & Zvika Neeman, 2010. "Investor Protection and Interest Group Politics," Review of Financial Studies, Society for Financial Studies, vol. 23(3), pages 1089-1119, March.
    10. ד"ר הנק הבסי, 2006. "הלקוח במרכז," Working Papers 151, National Insurance Institute of Israel.
    11. Djankov, Simeon & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2008. "The law and economics of self-dealing," Journal of Financial Economics, Elsevier, vol. 88(3), pages 430-465, June.
    12. מחקר - ביטוח לאומי, 2006. "ינואר 2006," Working Papers 213, National Insurance Institute of Israel.
    13. 林忠正, 2006. "懲罰怠惰、流失人才: 升等續聘標準的經濟分析," IEAS Working Paper : academic research 06-A003, Institute of Economics, Academia Sinica, Taipei, Taiwan.
    14. RAFAEL LaPORTA & FLORENCIO LOPEZ-de-SILANES & ANDREI SHLEIFER & ROBERT W. VISHNY, . "Legal Determinants of External Finance,"," CRSP working papers 324, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    15. Armour, J. & Deakin, S. & Mollica, V. & Siems, M.M., 2010. "Law and Financial Development: What we are learning from time-series evidence," ESRC Centre for Business Research - Working Papers wp399, ESRC Centre for Business Research.
    16. ד"ר שוקי הנדלס, 2006. "מושבים - משבר תעסוקתי לפרנס," Working Papers 120, National Insurance Institute of Israel.
    17. מחקר - ביטוח לאומי, 2006. "יוני 2006," Working Papers 214, National Insurance Institute of Israel.
    18. Andrei Shleifer & Florencio Lopez-de-Silanes & Rafael La Porta, 2008. "The Economic Consequences of Legal Origins," Journal of Economic Literature, American Economic Association, vol. 46(2), pages 285-332, June.
    19. מחקר - ביטוח לאומי, 2006. "דין וחשבון שנתי לשנת 2005," Working Papers 233, National Insurance Institute of Israel.
    20. ז'ק בנדלק, 2006. "חברות בקופת חולים, 2005-2004," Working Papers 503, National Insurance Institute of Israel.
    21. Cheffins, Brian R, 2001. "Does Law Matter? The Separation of Ownership and Control in the United Kingdom," The Journal of Legal Studies, University of Chicago Press, vol. 30(2), pages 459-84, Part I Ju.
    22. ד"ר יאיר עמרם, 2006. "אור לילד ביישובי הנגב," Working Papers 83, National Insurance Institute of Israel.
    23. Armour, John & Deakin, Simon & Sarkar, Prabirjit & Siems, Mathias & Singh, Ajit, 2007. "Shareholder protection and stockmarket development: an empirical test of the legal origins hypothesis," MPRA Paper 39055, University Library of Munich, Germany.
    24. אדוה הים-יונם ויצחק פרידמן, 2006. "שילוב נכים בקהילה," Working Papers 175, National Insurance Institute of Israel.
    25. Carsten Gerner-Beuerle & Philipp Paech & Edmund-Philipp Schuster, 2013. "Study on directors’ duties and liability," LSE Research Online Documents on Economics 50438, London School of Economics and Political Science, LSE Library.
    26. John Armour & Simon Deakin & Priya Lele & Mathias Siems, 2009. "How Do Legal Rules Evolve? Evidence from a cross-country Comparison of Shareholder, Creditor and Worker Protection," ESRC Centre for Business Research - Working Papers wp382, ESRC Centre for Business Research.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:ehl:lserod:55828. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (LSERO Manager)

    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 references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.

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

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.