Abstract

http://ssrn.com/abstract=709023
 
 

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Corporate Governance Convergence: Evidence from Takeover Regulation Reforms


Marc Goergen


Cardiff University - Cardiff Business School; European Corporate Governance Institute (ECGI)

Marina Martynova


Cornerstone Research; Tilburg University - Department of Finance

Luc Renneboog


Tilburg University - Department of Finance; European Corporate Governance Institute (ECGI); Tilburg Law and Economics Center (TILEC)

April 2005

ECGI - Law Working Paper No. 33/2005

Abstract:     
This paper contributes to the research on corporate governance by predicting the effects of European takeover regulation. In particular, we investigate whether the recent reforms of takeover regulation in Europe are leading to a harmonization of the national legislations. With the help of 150 corporate governance lawyers, we collected the main changes in takeover regulation for 30 European countries. We assess whether a process of convergence towards the Anglo-(American) corporate governance system has been started. We conclude that this is the case. We make predictions as to the consequences of the reforms for ownership and control. We find that, while in some countries the adoption of a unified takeover code may result in dispersed ownership, in others it may further consolidate the blockholder-based system.

Number of Pages in PDF File: 39

Keywords: takeover regulation, mergers and acquisitions, corporate governance

JEL Classification: G3, G34, G38, K2, K22, K40, G32

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Date posted: April 22, 2005  

Suggested Citation

Goergen, Marc and Martynova, Marina and Renneboog, Luc, Corporate Governance Convergence: Evidence from Takeover Regulation Reforms (April 2005). ECGI - Law Working Paper No. 33/2005. Available at SSRN: http://ssrn.com/abstract=709023 or http://dx.doi.org/10.2139/ssrn.709023

Contact Information

Marc Goergen
Cardiff University - Cardiff Business School ( email )
Colum Drive
Cardiff, CF10 3EU
United Kingdom
HOME PAGE: http://www.cf.ac.uk/carbs/faculty/goergenm/index.html
European Corporate Governance Institute (ECGI) ( email )
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Marina Martynova (Contact Author)
Cornerstone Research ( email )
699 Boylston St
Boston, MA 02116
United States
Tilburg University - Department of Finance ( email )
P.O. Box 90153
Room B 906
5000 LE Tilburg
Netherlands
Luc Renneboog
Tilburg University - Department of Finance ( email )
P.O. Box 90153
Warandelaan 2
5000 LE Tilburg
Netherlands
+13 31 466 8210 (Phone)
+13 31 466 2875 (Fax)
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
Tilburg Law and Economics Center (TILEC)
Warandelaan 2
Tilburg, 5000 LE
Netherlands
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