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A European Perspective on Corporate Governance

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  • Karel Lannoo

Abstract

Corporate governance has become a topical issue in many European countries in recent years. Despite there being much conventional wisdom about the different systems of corporate governance, many questions remain on how the European scene will evolve. This article reviews the divergences in both the practice and philosophy of corporate governance in Europe, summarizes the regulatory policy considerations at the national and European levels, and speculates on the possible evolution of the systems. Because of market integration and shifts in pension financing and privatizations, a greater role for the market can be expected in corporate control. The article reveals a contradiction between the globalization of markets, of which also the EU’s single market is an example, and the insular character of the national discussions, as can be observed in the results and recommendations of corporate governance committees in France, the Netherlands and the UK. The latter is reflected in the debate on company law harmonization measures at EU level, which have been held up for a long time on the grounds of ‘subsidiarity’. As a way out of this deadlock, the article proposes that industry, or the European Commission, should come forward with a recommendation for a European‐wide self‐regulatory code of best practice in corporate governance, to underline the European dimension of the debate.

Suggested Citation

  • Karel Lannoo, 1999. "A European Perspective on Corporate Governance," Journal of Common Market Studies, Wiley Blackwell, vol. 37(2), pages 269-294, June.
    • Handle: RePEc:bla:jcmkts:v:37:y:1999:i:2:p:269-294
    DOI: 10.1111/1468-5965.00163
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    Cited by:

    1. Allaya, Manel & Derouiche, Imen & Muessig, Anke, 2022. "Voluntary disclosure, ownership structure, and corporate debt maturity: A study of French listed firms," International Review of Financial Analysis, Elsevier, vol. 81(C).
    2. Kees Van Veen & Janine Elbertsen, 2008. "Governance Regimes and Nationality Diversity in Corporate Boards: A Comparative Study of Germany, the Netherlands and the United Kingdom," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(5), pages 386-399, September.
    3. Oxelheim, Lars & Randoy, Trond, 2003. "The impact of foreign board membership on firm value," Journal of Banking & Finance, Elsevier, vol. 27(12), pages 2369-2392, December.
    4. Idoya Ferrero Ferrero & Robert Ackrill, 2016. "Europeanization and the Soft Law Process of EU Corporate Governance: How has the 2003 Action Plan Impacted on National Corporate Governance Codes?," Journal of Common Market Studies, Wiley Blackwell, vol. 54(4), pages 878-895, July.
    5. Ozcan, Gul Berna & Cokgezen, Murat, 2003. "Limits to Alternative Forms of Capitalization: The Case of Anatolian Holding Companies," World Development, Elsevier, vol. 31(12), pages 2061-2084, December.
    6. Mike Burkart & Samuel Lee, 2008. "One Share - One Vote: the Theory," Review of Finance, European Finance Association, vol. 12(1), pages 1-49.
    7. Kader Şahin, 2015. "The legitimacy of codes of corporate governance: perspectives from developed and emerging economies," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(3), pages 687-708, August.
    8. Ramani, Shyama & Mukherjee, Vivekananda, 2010. "CSR and market changing product innovations: Indian case studies," MERIT Working Papers 2010-026, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    9. Long Wu & Lei Xu, 2022. "Bank loans and firm environmental information disclosure: Evidence from China's heavy polluters," Australian Economic Papers, Wiley Blackwell, vol. 61(1), pages 42-71, March.

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