The Globalization of Corporate Governance

Much recent work on corporate governance convergence has been written in isolation of the vast literature on transplantation of legal concepts or of writing on economic globalisation. This volume addresses this imbalance and places the convergence arguments in a wider context. Key features: * Assesses the impact of economic globalisation on key corporate governance systems -UK, US, Germany and Australia. * Countries chosen are representative of particular systems and stages. The UK and US because they represent the key outsider systems towards which the insider systems are said to be converging. Germany because of its centrality as an outsider system arguably undergoing such a transformation. Australia is because of its indeterminacy in the literature and again because of suggestions that it is undergoing convergence. * Illustrates how the gradual removal of economic barriers has a negative impact on the workability of insider (managerial) systems and a positive effect on outsider (shareholder oriented) systems. * Examines how, if the present wave of globalisation continues, this greater flexibility may force many insider systems to choose to converge out of necessity. * Argues that global corporate governance convergence is not guaranteed due to different institutional dynamics that exist in each national system and which determine the scale and scope of adaptation. This creates systemic workability problems that can in the long term be highly destabilising and may lead to an unworkable system. 'The Gobalization of Corporate Governance' provides a timely analysis of the strengths and weaknesses of the key systems and will be a valuable resource for academics and policymakers.

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