It would not be possible to create a global corporate governance code

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The convergence towards corporate governance has made some progress, along theoretical lines, as well as in accordance with the compulsions presented by globalization spurred corporate transactions. However the convergence has come about primarily between the two major markets of the US/UK, on the one hand and, the EU, on the other.


Over the several years ago, the major issue in corporate governance is a convergence' that has attracting many scholars and commentators in business field. The main reasons behind this approach are; the trend of globalization across the world and financial scandals that happened in many countries globally1.
Most comparatives in this area have claimed that one or the other model is economically superior and that, over time, we should see convergence towards this model of best practice'. Although the shareholder model was heavily criticized in the early 1990s for the tendencies to under-invest and focus on short-term result2, at present the majority view is that the shareholder model will prevail due to the increasing dominance of institutional investors on international capital markets3.
The convergence discussion focuses upon whether the increasing internationalization of capital markets and commerce will and should result in the harmonization of corporate governance standards across national boundaries. ...
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