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

Annual Review of Financial Economics, 2009, 1:145-79

University of Alberta School of Business Research Paper No. 2013-238

Posted: 26 May 2013 Last revised: 4 Jun 2013

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: March 24, 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.

Keywords: agency problems, institutions, structural reform, family business groups, oligarchy, corporatism

Suggested Citation

Morck, Randall K. and Yeung, Bernard Yin, Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance (March 24, 2009). Annual Review of Financial Economics, 2009, 1:145-79; University of Alberta School of Business Research Paper No. 2013-238. Available at SSRN: https://ssrn.com/abstract=2269913

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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BIZ 1 Level 6
Singapore, 119245
Singapore
65 6516 3075 (Phone)
65 6779 1365 (Fax)

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