Abstract

http://ssrn.com/abstract=1260746
 
 

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National Culture and Corporate Governance


Wolfgang Breuer


Aachen University - Department of Finance

Astrid Juliane Salzmann


RWTH Aachen University - Department of Finance

August 11, 2009

Sabri Boubaker, Bang D. Nguyen, Duc K. Nguyen (Eds.), “Corporate Governance: Recent Developments and New Trends”, Berlin, Forthcoming

Abstract:     
In a series of cross-country comparisons, we show that national culture is statistically significant in differentiating countries with different corporate governance systems. Using the Schwartz cultural value model and data on corporate governance systems, we analyze the impact of national culture on six dimensions of corporate governance. Countries that have stronger emphasis on the dimensions of Embeddedness, Hierarchy and Mastery are more likely to have a bank-based system, countries with a stronger emphasis on Autonomy, Egalitarianism and Harmony tend to have market-based systems. The findings suggest several implications for the ongoing debate on convergence and divergence of corporate governance systems.

Number of Pages in PDF File: 65

Keywords: national culture, corporate governance

JEL Classification: A13, G10, G30, N20, Z13

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Date posted: September 1, 2008 ; Last revised: October 22, 2013

Suggested Citation

Breuer, Wolfgang and Salzmann, Astrid Juliane, National Culture and Corporate Governance (August 11, 2009). Sabri Boubaker, Bang D. Nguyen, Duc K. Nguyen (Eds.), “Corporate Governance: Recent Developments and New Trends”, Berlin, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1260746 or http://dx.doi.org/10.2139/ssrn.1260746

Contact Information

Wolfgang Breuer
Aachen University - Department of Finance ( email )
Templergraben 55
D-52056 Aachen, 52056
Germany
Astrid Juliane Salzmann (Contact Author)
RWTH Aachen University - Department of Finance ( email )
Templergraben 64
Aachen, 52056
Germany
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