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Global Differences in Corporate Governance Systems

Theory and Implications for Reforms

  • Authors
  • Markus Berndt

Part of the Ökonomische Analyse des Rechts book series (ÖAR)

Table of contents

  1. Front Matter
    Pages I-XVIII
  2. Markus Berndt
    Pages 1-3
  3. Markus Berndt
    Pages 22-31
  4. Markus Berndt
    Pages 32-43
  5. Markus Berndt
    Pages 44-67
  6. Markus Berndt
    Pages 68-75
  7. Markus Berndt
    Pages 76-92
  8. Markus Berndt
    Pages 127-135
  9. Back Matter
    Pages 137-145

About this book

Introduction

Over the past few decades two different corporate governance systems have evolved. Countries with an "insider system" exhibit a high level of ownership concentration, illiquid capital markets, and a high level of crossholdings. Countries with an "outsider system" are characterized by widely dispersed ownership, liquid stock markets, a low level of inter-corporate crossholdings, and an active market for corporate control.

Markus Berndt explains the observable differences by elaborating on the influence of network effects on corporate governance systems. He develops a coherent theoretical framework pulling together existing agency theories and providing new theoretical foundations wherever there is a gap. The presented theory gives answers to the following questions: How does the insider system of corporate governance function despite its inefficiencies? Why do we not see any significant convergence of ownership structures and regulations? What are the legislative requirements in the different systems? How does globalization affect the effectiveness of the institutional arrangements? Which system should be chosen by developing countries?

Keywords

AG Corporate Governance Corporate Law Financial Systems Institutional Economics Law and Economics Network Economics Ökonomische Analyse des Rechts

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-322-81431-9
  • Copyright Information Gabler Verlag | Springer Fachmedien Wiesbaden GmbH, Wiesbaden 2002
  • Publisher Name Deutscher Universitätsverlag
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-8244-7694-7
  • Online ISBN 978-3-322-81431-9
  • Buy this book on publisher's site
Industry Sectors
Finance, Business & Banking