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Business Systems and Corporate Governance


  • Pedersen, Torben

    (Department of International Economics and Management, Copenhagen Business School)

  • Thomsen, Steen

    (The Aarhus School of Business)


The paper tests the applicability of Whitley’ s business systems framework to the study of international differences in corporate ownership structure. In support of Whitley’ s framework we document the existence of large differences among the largest companies in 12 European nations. Furthermore we find that these differences can be partly attributed to the institutional determinants stressed by Whitley: structure of the financial system, government regulation and labour relations. However, we also find evidence of microeconomic effects attributable to firm size and industry structure which cut across national borders and which influence cross country variations in ownership structure. We conclude that ownership structures are influenced by both economic and system effects.

Suggested Citation

  • Pedersen, Torben & Thomsen, Steen, 1999. "Business Systems and Corporate Governance," Working Papers 1-1999, Copenhagen Business School, Department of International Economics and Management.
  • Handle: RePEc:hhb:cbsint:1999-001

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    Cited by:

    1. Ruth V. Aguilera & Valentina Marano & Ilir Haxhi, 2019. "International corporate governance: A review and opportunities for future research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(4), pages 457-498, June.
    2. Gang Chen & James J. Zhang & N. David Pifer, 2019. "Corporate Governance Structure, Financial Capability, and the R&D Intensity in Chinese Sports Sector: Evidence from Listed Sports Companies," Sustainability, MDPI, vol. 11(23), pages 1-19, November.
    3. Chong Choi & Sae Kim & Jai Kim, 2010. "Globalizing Business Ethics Research and the Ethical Need to Include the Bottom-of-the-Pyramid Countries: Redefining the Global Triad as Business Systems and Institutions," Journal of Business Ethics, Springer, vol. 94(2), pages 299-306, June.
    4. Zorica Kalezić, 2015. "Ownership Concentration and Firm Performance in Transition Economies: Evidence from Montenegro," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 4(3), pages 5-64.
    5. Koen, Carla I., 2004. "The dialectics of globalization: what are the effects for management and organization in Germany and Japan," Research in International Business and Finance, Elsevier, vol. 18(2), pages 173-197, June.
    6. Harris, Simon & Carr, Chris, 2008. "National cultural values and the purpose of businesses," International Business Review, Elsevier, vol. 17(1), pages 103-117, February.
    7. Ron Berger & Moti Zviling, 2013. "The Relationship between Stakeholder Marketing and Reciprocity in Eastern Europe: A Conceptual Analysis," International Journal of Management, Knowledge and Learning, International School for Social and Business Studies, Celje, Slovenia, vol. 2(2), pages 149-164.


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