Corporate governance in a globalising world: convergence or by Lutgart Berghe

By Lutgart Berghe

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Kester(1996). 1 Drivers for the hybrid Standard School The belief in a hybrid system is based on two reasons. First, proponents like Van Hulle (1997) argue that the two major systems will attempt, under the influence of internationalisation, to take over each other's mutual advantages. This implies that the insider system becomes more market-oriented and the outsider system moves toward a greater concentration in its shareholding, so as to be able to rely on more stable longer-term commitments by the shareholders.

G. g. higher capital requirements to protect creditors that potentially decreases shareholders' return; special guarantees to decrease credit risk); economic theories differ on the best monitoring mechanisms to govern these relationships (transaction cost economics versus agency theory42); there can be conflicts between short-term and long-term value creation, etc. ' will depend on national factors and on firm-specific factors. Different industries might find it more efficient to work with dispersed ownership, while other industries would find it more efficient to work with concentrated ownership.

Table 5 provides a dynamic view of this issue. All Continental European countries show a shift from non-financial to financial shareowners except for the Netherlands and Italy. In Italy, individuals became major shareowners over the period 1997-1990 due to the wave of privatisations. This shift (again) points to an increasing convergence with the shareholder profile of market-oriented countries. K. and Spain witnessed an increase in foreign shareholders during the 1990s. The category 'foreign' shareholders may contain two quite different groups of shareholders.

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