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Evolution of Corporate Law and the Transplant Effect: Lessons from Six Countries

Author

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  • Katharina Pistor
  • Yoram Keinan
  • Jan Kleinheisterkamp
  • Mark D. West

Abstract

The pattern of legal change in countries that have their legal systems transplanted from abroad differs markedly from countries that develop their own systems, irrespective of the legal family from which their laws come. In "transplant" countries, law often stagnates for long periods of time; when change takes place, it tends to be radical, if not erratic. External models remain dominant even years after the law was transplanted. Although there is some evidence that transplant countries have engaged in comprehensive legal reforms in response to the pressures of globalization, it is still too early to judge whether these new changes can be taken as a sign that the legal systems in these countries have started a process of endogenous legal evolution. Copyright 2003, Oxford University Press.

Suggested Citation

  • Katharina Pistor & Yoram Keinan & Jan Kleinheisterkamp & Mark D. West, 2003. "Evolution of Corporate Law and the Transplant Effect: Lessons from Six Countries," The World Bank Research Observer, World Bank, vol. 18(1), pages 89-112.
    • Handle: RePEc:oup:wbrobs:v:18:y:2003:i:1:p:89-112
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    Cited by:

    1. Brisley, Neil & Bris, Arturo & Cabolis, Christos, 2011. "A theory of optimal expropriation, mergers and industry competition," Journal of Banking & Finance, Elsevier, vol. 35(4), pages 955-965, April.
    2. Andrei Shleifer & Florencio Lopez-de-Silanes & Rafael La Porta, 2008. "The Economic Consequences of Legal Origins," Journal of Economic Literature, American Economic Association, vol. 46(2), pages 285-332, June.
    3. Aldashev, Gani & Chaara, Imane & Platteau, Jean-Philippe & Wahhaj, Zaki, 2012. "Using the law to change the custom," Journal of Development Economics, Elsevier, vol. 97(2), pages 182-200.
    4. Moohyung Cho & Tim Büthe, 2021. "From rule‐taker to rule‐promoting regulatory state: South Korea in the nearly‐global competition regime," Regulation & Governance, John Wiley & Sons, vol. 15(3), pages 513-543, July.
    5. Giampaolo Lecce & Laura Ogliari & Tommaso Orlando, 2017. "Resistance to Institutions and Cultural Distance: Brigandage in Post-Unification Italy," Cowles Foundation Discussion Papers 2097, Cowles Foundation for Research in Economics, Yale University.
    6. Randall Morck & Lloyd Steier, 2005. "The Global History of Corporate Governance: An Introduction," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 1-64, National Bureau of Economic Research, Inc.
    7. Brigitte Evelyne Granville & Carol Scott Leonard, 2006. "Do institutions matter for technological change in transition economies? The case of the Russia's 89 regions and republics," UCL SSEES Economics and Business working paper series 70, UCL School of Slavonic and East European Studies (SSEES).
    8. Kudrna, Zdenek, 2007. "Banking reform in China: Driven by international standards and Chinese specifics," MPRA Paper 7320, University Library of Munich, Germany.
    9. Cassey Lee, 2007. "Legal Traditions and Competition Policy," Chapters, in: Paul Cook & Raul Fabella & Cassey Lee (ed.), Competitive Advantage and Competition Policy in Developing Countries, chapter 4, Edward Elgar Publishing.
    10. Attiya Y. Javid & Robina Iqbal, 2010. "Corporate Governance in Pakistan : Corporate Valuation, Ownership and Financing," Governance Working Papers 22830, East Asian Bureau of Economic Research.
    11. Miao Miao & Liu An & Shi Jiaming, 2019. "Corporate Law, Government Intervention and Corporate Ownership Structure," Asian Journal of Law and Economics, De Gruyter, vol. 10(3), pages 1-14, December.

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