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Determinants of Corporate Governance Codes


Carsten Gerner-Beuerle


London School of Economics and Political Science

November 8, 2014

LSE Legal Studies Working Paper No. 5/2014

Abstract:     
This article presents three models analyzing the determinants of corporate governance reform, the international diffusion of legal innovations in corporate governance, and the convergence of corporate governance systems. The results show that regulatory reform is positively associated with changes to international benchmark models of good governance, negatively associated with concentrated ownership structure and civil-law legal traditions, and not associated with the preponderance of issuer or investor representatives on the drafting committees. We also find that the probability of adopting a particular corporate governance rule is positively related to the number of countries having adopted a similar rule. In spite of such cross-border legal learning, convergence of corporate governance regimes, understood formally as the lower variance of legal variables over time, has not yet occurred in Europe.

The Appendices for this paper are available at the following URL: http://ssrn.com/abstract=2521100

Number of Pages in PDF File: 65

Keywords: Corporate governance codes, board structure, empirical legal research, interest group politics, convergence

JEL Classification: G34, G38, K22, P51

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Date posted: February 13, 2014 ; Last revised: January 6, 2015

Suggested Citation

Gerner-Beuerle, Carsten, Determinants of Corporate Governance Codes (November 8, 2014). LSE Legal Studies Working Paper No. 5/2014. Available at SSRN: http://ssrn.com/abstract=2346673 or http://dx.doi.org/10.2139/ssrn.2346673

Contact Information

Carsten Gerner-Beuerle (Contact Author)
London School of Economics and Political Science ( email )
Houghton Street
London, WC2A 2AE
United Kingdom

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