The Global History of Corporate Governance: An Introduction

Posted: 27 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

Lloyd Steier

University of Alberta - Department of Strategic Management and Organization

Multiple version iconThere are 2 versions of this paper

Date Written: January 3, 2004

Abstract

This paper presents a synopsis of recent NBER studies of the history of corporate governance in Canada,China, France, Germany, Japan, India, Italy, the Netherlands, Sweden, the United Kingdom, and the United States. Together, the studies underscore the importance of path dependence, often as far back into preindustrial period; legal system origin, though in a more nuanced form than mere statutory shareholder rights; and wealthy families. They also clarify the roles of ideologies, business groups, trust, institutional transplants, and politics in institutional evolution and financial development. Other themes are the universality of business insiders’ investments in, entrenchment, and a possible behavioral basis for this.

JEL Classification: G3, N2

Suggested Citation

Morck, Randall K. and Steier, Lloyd, The Global History of Corporate Governance: An Introduction (January 3, 2004). University of Alberta School of Business Research Paper No. 2013-248. Available at SSRN: https://ssrn.com/abstract=2269979

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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Lloyd Steier

University of Alberta - Department of Strategic Management and Organization ( email )

Edmonton, Alberta T6G 2R6
Canada

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