Corporate Governance Reforms in the EU: Do they Matter and How?

Ivaschenko, Iryna V.; Brooks, Petya Koeva

doi:10.5089/9781451869521.001

Cited by 2 publications

(2 citation statements)

References 28 publications

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“…Second, we offer a related insight into the corporate governance literature. Our focus on convergence toward a pre‐determined set of corporate governance priorities contrasts with much of the corporate governance literature, which is dominated by convergence driven by market forces and (unco‐ordinated) diffusion (see, inter alia, Enriques and Volpin, ; Ivaschenko and Koeva Brooks, , Deakin, ; Yoshikawa and Rasheed, ), rather than by policy.…”

Section: Literature Reviewmentioning

confidence: 98%

“…Two limitations of their study, however, are that it was undertaken quite soon after the publication of the Action Plan, and they omit some countries that we are now able to include. Ivaschenko and Koeva Brooks (, p. 1) find evidence of convergence, but they focus narrowly on ‘the dynamics of the voting premiums, a measure of the private benefits of control in a corporation’. Mavrommati and Papathanassiou () are, to the best of our knowledge, the only authors who have discussed EU corporate governance policy with explicit reference to the OMC.…”

Section: Literature Reviewmentioning

confidence: 99%

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Europeanization and the Soft Law Process of EU Corporate Governance: How has the 2003 Action Plan Impacted on National Corporate Governance Codes?

Ferrero-Ferrero

Ackrill

2016

J of Common Market Studies

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This study explores Europeanization, the interrelationship between domestic and EU-level policy activity. Specifically, it asks how domestic policy is affected by EU-level (soft-law) policy processes. This contrasts with the hard-law focus of most Europeanization research.Our empirical analysis seeks to determine the extent to which the European Commission's 2003 plan to enhance corporate governance delivered on its aim of 'co-ordinating corporate governance efforts of member states'. This study thus differs from most others on convergence in corporate governance regimes, which look for evidence of convergence per se, rather than convergence towards a specified set of principles. Applying content analysis and econometric tests to 95 corporate governance codes issued between 1992 and mid-2010, we find that the Action Plan has influenced member states' corporate governance policies.However, the degree of national policy alignment to the Action Plan's priorities depends on when the corporate governance code was issued, where, and by whom.3

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Section: Literature Reviewmentioning

confidence: 98%

Section: Literature Reviewmentioning

confidence: 99%

Europeanization and the Soft Law Process of EU Corporate Governance: How has the 2003 Action Plan Impacted on National Corporate Governance Codes?

Ferrero-Ferrero

Ackrill

2016

J of Common Market Studies

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The impact of corporate governance legislation on the market for corporate ownership

Canada¹,

Benford²,

Arnold³

et al. 2008

COC

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Over the past few years, the number of corporate scandals and failures throughout the world has escalated, prompting new legislation designed to enhance corporate governance. While the efforts to legislate corporate governance policies are designed to protect the public interest, they have altered the relationship between shareholders and management (Canada et al. 2008). Rather than be subjected to new corporate governance requirements, many companies have indicated an interest in not being traded on the various stock exchanges and have chosen to alter their corporate structure. The purpose of this study is to examine how a company‟s decision to shift corporate ownership and/or corporate control in the face of new corporate governance legislation and regulatory requirements can alter the traditional markets for ownership and control. In order to examine this issue, the paper first develops a typology for predicting the type of organizational restructuring that might occur. This typology incorporates factors from prior research and disentangles the market for ownership from the market for corporate control. The typology is then used as a basis for an in-depth examination of an organization whose corporate structure changed in response to mandated changes in corporate governance. The results provide evidence that corporate governance legislation can potentially induce incumbent management to voluntarily compete in the market for ownership, notwithstanding the associated exposure in the market for managerial control

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Corporate Governance Reforms in the EU: Do they Matter and How?

Abstract: This Working Paper should not be reported as representing the views of the IMF.

Cited by 2 publications

References 28 publications

Europeanization and the Soft Law Process of EU Corporate Governance: How has the 2003 Action Plan Impacted on National Corporate Governance Codes?

Europeanization and the Soft Law Process of EU Corporate Governance: How has the 2003 Action Plan Impacted on National Corporate Governance Codes?

The impact of corporate governance legislation on the market for corporate ownership

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