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Corporate Governance in an International Context: legal systems, financing patterns and cultural variables

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  • Steven M. Mintz

Abstract

Corporate governance systems develop as a result of cultural underpinnings, legal structures and different forms of financing business. This paper describes these factors in the US and UK, two examples of strong shareholder ownership patterns of financing, and Germany, a country with a tradition of strong creditor financing. Recommendations are made for best practices in governance. Although enhanced governance mechanisms is a sound goal to pursue, the results may be meaningless unless internal controls are strengthened and top management and the board of directors establish an ethical tone at the top.

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  • Steven M. Mintz, 2005. "Corporate Governance in an International Context: legal systems, financing patterns and cultural variables," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(5), pages 582-597, September.
    • Handle: RePEc:bla:corgov:v:13:y:2005:i:5:p:582-597
    DOI: 10.1111/j.1467-8683.2005.00453.x
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    References listed on IDEAS

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    1. Schmidt, Reinhard H., 2003. "Corporate Governance in Germany: An Economic Perspective," CFS Working Paper Series 2003/36, Center for Financial Studies (CFS).
    2. Siebert, Horst, 2004. "Germany's capital market and corporate governance," Kiel Working Papers 1206, Kiel Institute for the World Economy (IfW Kiel).
    3. Gregory Jackson & Martin Hopner & Antje Kurdelbusch, 2004. "Corporate Governance and Employees in Germany: Changing Linkages, Complementarities, and Tensions," Discussion papers 04008, Research Institute of Economy, Trade and Industry (RIETI).
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    Cited by:

    1. Marlene Davies & Bernadette Schlitzer, 2008. "The impracticality of an international “one size fits all” corporate governance code of best practice," Managerial Auditing Journal, Emerald Group Publishing, vol. 23(6), pages 532-544, June.
    2. Osemeke Louis & Nobert Osemeke, 2017. "The role of ethnic directors in corporate social responsibility: Does culture matter? The cultural trait theory perspectives," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 14(2), pages 152-172, May.
    3. Nobert Osemeke & Louis Osemeke, 2017. "The role of auditors in the context of Nigerian environment," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 14(4), pages 299-317, November.
    4. Nguyen, Thi Tuyet Mai, 2017. "An examination of independent directors in Vietnam," OSF Preprints ay6dv, Center for Open Science.
    5. Shirley J. Daniel & Joshua K. Cieslewicz & Hamid Pourjalali, 2012. "The Impact of National Economic Culture and Country-Level Institutional Environment on Corporate Governance Practices," Management International Review, Springer, vol. 52(3), pages 365-394, June.
    6. Jiatao Li & J. Richard Harrison, 2008. "National Culture and the Composition and Leadership Structure of Boards of Directors," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(5), pages 375-385, September.
    7. Ho, Daniel & Lau, Alex & Young, Angus, 2012. "Enterprise ownership and control in China: Governance with a Chinese twist," Business Horizons, Elsevier, vol. 55(6), pages 575-582.
    8. Amélia Carrasco & Claude Francoeur & Isabelle Réal & Joaquina Laffarga & Emiliano Ruiz-Barbadillo, 2012. "Cultural differences and board gender diversity," Post-Print hal-00937923, HAL.
    9. Bhatia, Madhur & Gulati, Rachita, 2021. "Board governance and bank performance: A meta- analysis," Research in International Business and Finance, Elsevier, vol. 58(C).
    10. Mauricio Jara‐Bertin & Félix J. López‐Iturriaga & Óscar López‐de‐Foronda, 2008. "The Contest to the Control in European Family Firms: How Other Shareholders Affect Firm Value," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(3), pages 146-159, May.
    11. Zahid Irshad Younas & Haider Mahmood & Asif Saeed, 2013. "Effect of Firm Performance on Corporate Governance A Panel Data Analysis," Asian Journal of Empirical Research, Asian Economic and Social Society, vol. 3(1), pages 1-8, January.
    12. Nobert Osemeke & Louis Osemeke, 2017. "The effect of culture on corporate governance practices in Nigeria," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 14(4), pages 318-340, November.
    13. Óscar López‐de‐Foronda & Félix J. López‐Iturriaga & Marcos Santamaría‐Mariscal, 2007. "Ownership Structure, Sharing of Control and Legal Framework: international evidence," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(6), pages 1130-1143, November.
    14. Wang, Boya, 2018. "Ownership, institutions and firm value: Cross-provincial evidence from China," Research in International Business and Finance, Elsevier, vol. 44(C), pages 547-565.
    15. Ahmed Abdel-Meguid & Anwer Ahmed & Scott Duellman, 2013. "Auditor independence, corporate governance and aggressive financial reporting: an empirical analysis," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(2), pages 283-307, May.
    16. Rose, Caspar, 2016. "Firm performance and comply or explain disclosure in corporate governance," European Management Journal, Elsevier, vol. 34(3), pages 202-222.
    17. Floarea Iosub Dobrica, 2008. "Shareholder value enhancing strategies - empirical evidence on multinational corporations behaviour," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 55, pages 65-75, November.
    18. Bahram Soltani & Christian Maupetit, 2015. "Importance of core values of ethics, integrity and accountability in the European corporate governance codes," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(2), pages 259-284, May.

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