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

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  • Randall Morck
  • Bernard Yeung

Abstract

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.

Suggested Citation

  • Randall Morck & Bernard Yeung, 2009. "Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance," NBER Working Papers 15042, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:15042
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    References listed on IDEAS

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    Cited by:

    1. Palmberg, Johanna, 2012. "Family Control and Executive Compensation," Ratio Working Papers 186, The Ratio Institute.
    2. Bianco, Madga & Golinelli, Roberto & Parigi, Giuseppe, 2009. "Family firms and investments," MPRA Paper 19247, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • N2 - Economic History - - Financial Markets and Institutions
    • P1 - Economic Systems - - Capitalist Systems

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