Corporate Governance in a Globalising World : Convergence or Divergence? A European Perspective

Abstract

Corporate Governance In A Globalising World: Convergence Or Divergence? presents a broad and multi-disciplinary debate on corporate governance systems by integrating academic viewpoints, statistical evidence, as well as field surveys. Based on a large number of publications and studies, the opinions of researchers are grouped into three categories: those that believe in a convergence into the direction of the market-oriented model (with the Anglo-American model as the reference base), those that opt for another type of convergence, namely in the direction of a hybrid corporate governance model (based on cross-reference between different leading governance models), and those that do not believe in global convergence but adhere to diversity of governance models.$ To test the validity of these three possible routes for the development of corporate governance systems, the authors approached this question from an objective perspective based on statistical evidence. The governance characteristics examined herein include the role of capital markets, shareholding structures and influence, shareholder rights, the market for corporate control and anti-takeover mechanisms, the board system, disclosure rules and accountability issues.$ To complete this statistical analysis the authors include a field survey based on an inquiry with experts from business, academic and public institutions. Questions focus on the future outlook of corporate governance within the European Union, as well as on the role and format of corporate governance codes and recommendations.