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Global corporate governance: debates and challenges

Global corporate governance: debates and challenges Modern day business is beset with changing operating paradigms. Economies with efficient economic policies and stable political systems are a big draw among the investors. Countries that have opened themselves to world markets and that have good legal systems in place, providing protection to investors have attracted more capital in the process of globalization. As the demand for capital is growing in both the developed and the developing economies, the need to establish good governance practices has gained momentum. Governance practices however, are not uniform across nations. This diversity may be particularly because of the different legal structures and cultural settings adopted by different nations. This paper tries to explore the arguments on convergence and divergence of corporate best practices, keeping in view the various governance models currently in practice. Explaining the rationale behind the emergence of corporate governance as a movement, this paper attempts at discussing the various prevalent systems of governance. In the end an attempt is made to address the challenges to corporate governance in the context of globalization of best practices. Given the cultural settings of different nations it is argued that it would never be possible for corporate laws to converge universally. New models of corporate governance are likely to emerge given the large‐scale experimentation done by transition economies. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Corporate Governance Emerald Publishing

Global corporate governance: debates and challenges

Corporate Governance , Volume 4 (2): 13 – Jun 1, 2004

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References (23)

Publisher
Emerald Publishing
Copyright
Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
ISSN
1472-0701
DOI
10.1108/14720700410534930
Publisher site
See Article on Publisher Site

Abstract

Modern day business is beset with changing operating paradigms. Economies with efficient economic policies and stable political systems are a big draw among the investors. Countries that have opened themselves to world markets and that have good legal systems in place, providing protection to investors have attracted more capital in the process of globalization. As the demand for capital is growing in both the developed and the developing economies, the need to establish good governance practices has gained momentum. Governance practices however, are not uniform across nations. This diversity may be particularly because of the different legal structures and cultural settings adopted by different nations. This paper tries to explore the arguments on convergence and divergence of corporate best practices, keeping in view the various governance models currently in practice. Explaining the rationale behind the emergence of corporate governance as a movement, this paper attempts at discussing the various prevalent systems of governance. In the end an attempt is made to address the challenges to corporate governance in the context of globalization of best practices. Given the cultural settings of different nations it is argued that it would never be possible for corporate laws to converge universally. New models of corporate governance are likely to emerge given the large‐scale experimentation done by transition economies.

Journal

Corporate GovernanceEmerald Publishing

Published: Jun 1, 2004

Keywords: Corporate governance; Shareholders; Stakeholders; Globalization; Economic convergence; Divergence

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