The Convergence of Corporate Governance

More than a decade after Hansmann and Kraakman proclaimed the "end of history" for corporate governance, this book examines in detail whether the world has indeed moved closer towards the triumph of the shareholder value maximization model of corporate governance. Leading researchers on corporate go [...]
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More than a decade after Hansmann and Kraakman proclaimed the "end of history" for corporate governance, this book examines in detail whether the world has indeed moved closer towards the triumph of the shareholder value maximization model of corporate governance. Leading researchers on corporate governance from around the world offer in-depth accounts of industrialized nations such as Japan, Germany, India, Spain, Canada, Singapore, and Korea and identify the factors that lead to convergence and impediments to convergence in each of these countries. The book also analyzes how cross-listing, the adoption of governance codes, and the spread of multinationals have facilitated the process of convergence. This volume makes the case that we are neither moving towards "end of history" nor the perpetual acceleration of history, but instead towards hybridization with selective adoption and careful adaptation of governance practices by individual countries.