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National Culture and Corporate Governance

In: Corporate Governance

Author

Listed:
  • Wolfgang Breuer

    (RWTH Aachen University)

  • Astrid Juliane Salzmann

    (RWTH Aachen University)

Abstract

In a series of cross-country comparisons, we show that national culture is statistically significant in differentiating countries with different corporate governance systems. Using the Schwartz cultural value model and data on corporate governance systems, we analyze the impact of national culture on six dimensions of corporate governance. Countries that have stronger emphasis on the dimensions of Embeddedness, Egalitarianism, and Harmony are more likely to have bank-based systems, while countries with a stronger emphasis on Autonomy, Hierarchy, and Mastery tend to have market-based systems. The findings suggest several implications for the ongoing debate on convergence and divergence of corporate governance systems and policy reforms regarding financial crises.

Suggested Citation

  • Wolfgang Breuer & Astrid Juliane Salzmann, 2012. "National Culture and Corporate Governance," Springer Books, in: Sabri Boubaker & Bang Dang Nguyen & Duc Khuong Nguyen (ed.), Corporate Governance, edition 127, pages 369-397, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-31579-4_16
    DOI: 10.1007/978-3-642-31579-4_16
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    Citations

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    Cited by:

    1. José Ignacio Jarne-Jarne & Susana Callao-Gastón & Miguel Marco-Fondevila & Fernando Llena-Macarulla, 2022. "The Impact of Organizational Culture on the Effectiveness of Corporate Governance to Control Earnings Management," JRFM, MDPI, vol. 15(9), pages 1-19, August.
    2. Frijns, Bart & Hubers, Frank & Kim, Donghoon & Roh, Tai-Yong & Xu, Yahua, 2022. "National culture and corporate risk-taking around the world," Global Finance Journal, Elsevier, vol. 52(C).
    3. Chandrasekhar Krishnamurti & Domenico Pensiero & Eswaran Velayutham, 2019. "Determinants Of Defence Industry Corruption Risk: Firm Level Empirical Evidence Using Transparency International’S Anti-Corruption Index," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 64(03), pages 675-708, June.
    4. Lacramioara Mansour & Elena Cerasela Spatariu & Gabriela Gheorghiu, 2023. "Organizational Performance and Corporate Governance from the Inside Out," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 501-510, December.

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