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Global Differences in Corporate Governance Systems
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Building a sound financial system is a prereqUisIte for economic development in both transition economies and developing countries (Fries and Lane, 1994, p. 21; EBRD, 1998, p. 92). To ensure long-term financial stability, the development of bond and equity markets is one important way of reducing the financial fragility of emerging economies (Taylor, 1999). This insight has led various international organizations to work on principles of institutional foundations for well-functioning equity markets: corporate governance. The most cited corporate governance principles are laid out by the OECD (1999). The World Bank concentrates on implementation strategies.! Emphasis on regulatory aspects is put by the IOSCO (1998).
The provided guidelines serve to pronounce necessary key elements of corporate governance to enhance efficiency of capital markets. However, when it comes to concrete recommendations, the fact that corporate governance and associated regulatory approaches differ widely even between advanced economies poses problems (BerglOf and van Thadden, 1999).
Two different corporate governance systems seem to have evolved and persisted in the different countries over the past few decades. One group of countries exhibits a high level of ownership concentration, illiquid capital markets, and a high degree of crossholdings (equity stakes held by other companies).
Reinier H. Kraakman - Organizational Body
1st Edtion
13:978-3-322-81431-9
NONE
Global Differences in Corporate Governance Systems
Management
English
Dissertation Universitiit Hamburg
2002
Germany
1-280
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