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Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance

  • Randall Morck
  • Bernard Yeung

Different economies at different times use different institutional arrangements to constrain the people entrusted with allocating the economy's capital and other resources. Comparative financial histories show these corporate governance regimes to be largely stable through time, but capable of occasional dramatic change in response to a severe crisis. Legal origin, language, culture, religion, accidents of history (path dependence), and other factors affect these changes because they affect how people and societies solve problems.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15042.

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Date of creation: Jun 2009
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Publication status: published as Randall Morck & Bernard Yeung, 2009. "Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance," Annual Review of Financial Economics, Annual Reviews, vol. 1(1), pages 145-179, November.
Handle: RePEc:nbr:nberwo:15042
Note: CF
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