Corporate Governance in a Globalising World: Convergence or by Lutgart Van Den Berghe

By Lutgart Van Den Berghe

Corporate Governance In A Globalising global: Convergence Or Divergence? provides a extensive and multi-disciplinary debate on company governance platforms by way of integrating educational viewpoints, statistical facts, in addition to box surveys. in response to a number of guides and reports, the evaluations of researchers are grouped into 3 different types: those who think in a convergence into the course of the market-oriented version (with the Anglo-American version because the reference base), those who choose one other kind of convergence, specifically towards a hybrid company governance version (based on cross-reference among diversified prime governance models), and those who don't believe in worldwide convergence yet adhere to variety of governance models.

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5 Different strategies require different corporate governance structures Differences in corporate governance structures serve different economic purposes. One can illustrate this with the fact that a "Berle & Means "-type of corporation and a closely held corporation are both efficient but in different contexts43. e. the industry. For example, if investment in research and development is a 'complex' and a very risky undertaking, the benefits of separating the decision and control functions should outweigh the associated agency costs.

The major shareholder has, on average, a smaller voting block in the largest corporations than in any other size class (see Table 8). This holds for all countries studied. K. and Continental European countries remain significant for each size class. K. average amounts to 7,6% of the (ordinary) voting shares. Comparable differences hold for the medium-, small- and micro-sized companies. 3 Differences per type of shareholder Table 9 outlines the number of and the average voting block per type of shareholder.

Especially Italy is notable, since the individuals doubled their shareownership over the last decade, thereby taking over a large part of the stake from public authorities, at the time of privatisation. This is totally different from the experience in France, where individuals diminished their shareownership from 38 to 11%. The French initiative to vigorously stimulate individual shareholding, at the time of large privatisation projects, seems to have largely failed65. Also Belgian and American individuals drastically diminished their direct shareownership (from 28% to 18% in Belgium and 51% to 42% in the US).

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