“…The hard law, endowed with legal coercivity; the soft law approach, which is based on rules of conduct recommended as it occurs in environments of codes of governance practice; and finally, there is an approach that can be described as the fusion of characteristics of the first two, there being a set of mandatory and other recommended practices. The trend of code adoption has been strong, recommending corporate governance practices and requiring firms to justify non-adoption under the well-known "comply or explain" principle adopted in the UK, Germany, and the Netherlands, for example (Albuquerque, 2008;Efigénia, 2015). A major debate in international corporate governance is on what might be the best strategy for achieving the best level of adherence to good governance practices by companies in all countries, whether by market by soft law, or through "comply or explain" (Abbott & Snidal, 2003;Aguilera & Cuervo-Cazurra, 2009;Hooghiemstra & van Ees, 2011;Keay, 2014;Liu, 2017;Parisi, Mathur, & Nail, 2009;Rejchrt & Higgs, 2015;Salterio, Conrod, & Schmidt, 2013).…”