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Corporate Governance Reforms in the EU; Do They Matter and How?


  • Iryna V. Ivaschenko
  • Petya Koeva Brooks


This paper proposes a new approach to quantifying the effects of corporate governance reforms, by focusing on the dynamics of the voting premiums, a measure of the private benefits of control in a corporation. The results indicate that the reforms have been successful in reducing the voting premiums EU-wide. Moreover, more intense and broad reform efforts (such as introducing national reforms beyond and above the EU-wide initiatives) bring higher and longer lasting benefits. Our findings also suggest that the market for corporate control in Europe has become more integrated, as illustrated by the lower dispersion in voting premiums across countries and over time.

Suggested Citation

  • Iryna V. Ivaschenko & Petya Koeva Brooks, 2008. "Corporate Governance Reforms in the EU; Do They Matter and How?," IMF Working Papers 08/91, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:08/91

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    Cited by:

    1. Sándor Gardó, 2010. "Bank Governance and Financial Stability in CESEE: A Review of the Literature," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 6-31.
    2. Idoya Ferrero Ferrero & Robert Ackrill, 2016. "Europeanization and the Soft Law Process of EU Corporate Governance: How has the 2003 Action Plan Impacted on National Corporate Governance Codes? See Online Appendix Table," Journal of Common Market Studies, Wiley Blackwell, vol. 54(4), pages 878-895, July.

    More about this item


    Corporate governance; Economic reforms; Europe; European Economic and Monetary Union; reforms; voting premiums; integration; voting; corporate governance reforms; shareholders; shareholder;

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