What Do We Know About Different Systems of Corporate Governance?

29 Pages Posted: 8 May 2007

See all articles by Marc Goergen

Marc Goergen

IE Business School, IE University; European Corporate Governance Institute (ECGI)

Date Written: April 2007

Abstract

Over the last few years, national and international regulators have taken conscious steps to make capital markets - especially those based in Europe - more shareholder-oriented. On one side, these are welcome initiatives as the recent spectacular corporate failures and anecdotal evidence suggest that managers' attitudes definitely need to change and more weight needs to be given to shareholders' concerns. On the other side, there is as yet very little research on the benefits and shortcomings of alternative systems of corporate governance. Evidence from the few existing studies is inconclusive as to whether there is an optimal system of corporate governance and whether such a system already exists in a particular country. The move in one particular direction may therefore be far too premature. Further, some of my own research suggests that very similar changes in regulation - such as changes in takeover regulation - may have very different outcomes depending on the initial corporate ownership and control that prevails in a given country.

Keywords: Corporate governance, shareholder value, stakeholder model

JEL Classification: G32, G34, G35

Suggested Citation

Goergen, Marc, What Do We Know About Different Systems of Corporate Governance? (April 2007). ECGI - Finance Working Paper No. 163/2007, Available at SSRN: https://ssrn.com/abstract=981531 or http://dx.doi.org/10.2139/ssrn.981531

Marc Goergen (Contact Author)

IE Business School, IE University ( email )

Finance Department
Maria de Molina, 12
Madrid, 28006
Spain

HOME PAGE: http://www.ie.edu/business-school/faculty-and-research/faculty/marc-goergen/

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://www.ecgi.org

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