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Corporate governance convergence: Evidence from takeover regulation reforms in Europe

Goergen, Marc, Martynova, M. and Renneboog, Luc 2005. Corporate governance convergence: Evidence from takeover regulation reforms in Europe. Oxford Review of Economic Policy 21 (2) , pp. 243-268. 10.1093/oxrep/gri015

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Abstract

This paper contributes to the research on corporate governance by predicting the effects of European takeover regulation. In particular, we investigate whether the recent reforms of takeover regulation in Europe are leading to a harmonization of the national legislations. With the help of 150 corporate governance lawyers from 30 European countries, we collected the main changes in takeover regulation. We assess whether a process of convergence towards the Anglo-(American) corporate governance system has been started and we find that this is the case. We make predictions as to the consequences of the reforms for ownership and control. However, we find that while in some countries the adoption of a unified takeover code may result in dispersed ownership, in others it may further consolidate the blockholder-based system.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
H Social Sciences > HG Finance
Publisher: Oxford University Press
ISSN: 0266-903X
Last Modified: 04 Jun 2017 04:22
URI: http://orca-mwe.cf.ac.uk/id/eprint/37595

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