Abstract

http://ssrn.com/abstract=277613
 
 

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Culture, Law, and Finance: Cultural Dimensions of Corporate Governance Laws


Amir N. Licht


Interdisciplinary Center (IDC) Herzliyah - Radzyner School of Law; European Corporate Governance Institute (ECGI)

Chanan Goldschmidt


Interdisciplinary Center (IDC) Herzliyah - Radzyner School of Law

Shalom H. Schwartz


Hebrew University of Jerusalem - Department of Psychology; National Research University Higher School of Economics



Abstract:     
Using cross-sectional samples of nations from around the world and drawing on two models of cultural dimensions in cross-cultural psychology, we analyze the relations between investors' legal rights - as reflected in the indices of La Porta et al. (LLSV) - and national cultural profiles. We find that grouping countries according to legal families - the cornerstone of LLSV's legal approach - provides only a partial depiction of the universe of corporate governance regimes. Our findings cast particular doubt on the alleged supremacy of statutes in common law countries in protecting creditors and, hence, in protecting investors in general. We also find that indices of voting rights and creditor rights correlate with cultural dimensions, but that an index of remedial rights does not. These findings have implications for studying diversity and convergence in corporate governance systems and for the systematic analysis of the interface between law and culture.

Number of Pages in PDF File: 64

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Date posted: July 23, 2001  

Suggested Citation

Licht, Amir N. and Goldschmidt, Chanan and Schwartz, Shalom H., Culture, Law, and Finance: Cultural Dimensions of Corporate Governance Laws. Available at SSRN: http://ssrn.com/abstract=277613 or http://dx.doi.org/10.2139/ssrn.277613

Contact Information

Amir N. Licht (Contact Author)
Interdisciplinary Center (IDC) Herzliyah - Radzyner School of Law ( email )
P.O. Box 167
Herzliya, 46150
Israel
972-9-952-7332 (Phone)
952-9-9513323 (Fax)
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
952-9-9513323 (Fax)
HOME PAGE: http:/www.ecgi.org
Chanan Goldschmidt
Interdisciplinary Center (IDC) Herzliyah - Radzyner School of Law ( email )
P.O. Box 167
Herzliya, 46150
Israel
Shalom H. Schwartz
Hebrew University of Jerusalem - Department of Psychology ( email )
National Research University Higher School of Economics ( email )
Myasnitskaya street, 20
Moscow, Moscow 119017
Russia
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