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The impracticality of an international “one size fits all” corporate governance code of best practice

The impracticality of an international “one size fits all” corporate governance code of best... Purpose – The purpose of this paper is to review corporate governance literature from an international perspective in terms of having a global code of corporate governance. Design/methodology/approach – Using a wide ranging literature review, the paper looks at the issue of a global corporate governance code of best practice from legal, corporate ownership structure and financial systems perspectives and the consequent/divergence issues that arise. Findings – The paper supports the hypothesis that the “one size fits all” approach to corporate governance, particularly the Anglo Saxon model, is not necessarily the right approach from a global perspective. Convergence on fundamental features of shareholder protection, independence of directors and establishment of committees may be the preferred way forward. Practical implications – The acceptance of a global corporate governance code is limited due to the adaptations in the business environment, investor confidence and corporate successes and failures. Originality/value – The analysis of the framework provides an interesting paper for corporate governance researchers. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Managerial Auditing Journal Emerald Publishing

The impracticality of an international “one size fits all” corporate governance code of best practice

Marlene Davies; Bernadette Schlitzer
Managerial Auditing Journal , Volume 23 (6): 13 – Jun 27, 2008
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Publisher
Emerald Publishing
Copyright
Copyright © 2008 Emerald Group Publishing Limited. All rights reserved.
ISSN
0268-6902
DOI
10.1108/02686900810882093
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to review corporate governance literature from an international perspective in terms of having a global code of corporate governance. Design/methodology/approach – Using a wide ranging literature review, the paper looks at the issue of a global corporate governance code of best practice from legal, corporate ownership structure and financial systems perspectives and the consequent/divergence issues that arise. Findings – The paper supports the hypothesis that the “one size fits all” approach to corporate governance, particularly the Anglo Saxon model, is not necessarily the right approach from a global perspective. Convergence on fundamental features of shareholder protection, independence of directors and establishment of committees may be the preferred way forward. Practical implications – The acceptance of a global corporate governance code is limited due to the adaptations in the business environment, investor confidence and corporate successes and failures. Originality/value – The analysis of the framework provides an interesting paper for corporate governance researchers.

Journal

Managerial Auditing Journal – Emerald Publishing

Published: Jun 27, 2008

Keywords: Corporate governance; Best practice; World economy; Globalization; National cultures

References

  • Corporate governance in commonwealth countries
    Armstrong, P.
  • Sharholder access in Australia
    Arnold, A.