Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance

Posted: 4 Jun 2010

See all articles by Randall Morck

Randall Morck

University of Alberta - Department of Finance and Statistical Analysis; National Bureau of Economic Research (NBER); European Corporate Governence Institute; Asian Bureau of Finance and Economic Research

Bernard Yin Yeung

National University of Singapore - Business School

Multiple version iconThere are 3 versions of this paper

Date Written: December 2009

Abstract

Different economies at different times use different institutional arrangements to constrain the people entrusted with allocating capital and other resources. Comparative financial histories show these corporate governance regimes to be largely stable through time, but capable of occasional dramatic change in response to a severe crisis. Legal origin, language, culture, religion, accidents of history (path dependence), and other factors affect these changes because they affect how people and societies solve problems.

Suggested Citation

Morck, Randall K. and Yeung, Bernard Yin, Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance (December 2009). Annual Review of Financial Economics, Vol. 1, pp. 145-179, 2009. Available at SSRN: https://ssrn.com/abstract=1599380 or http://dx.doi.org/10.1146/annurev.financial.050808.114257

Randall K. Morck (Contact Author)

University of Alberta - Department of Finance and Statistical Analysis ( email )

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National Bureau of Economic Research (NBER)

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European Corporate Governence Institute ( email )

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Asian Bureau of Finance and Economic Research ( email )

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Bernard Yin Yeung

National University of Singapore - Business School ( email )

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Singapore
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65 6779 1365 (Fax)

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