Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl


2013 | 141 | 72-89

Article title

Perspektywy i bariery konwergencji systemów nadzoru korporacyjnego



Title variants

Perspectives and Impediments of Convergence in Corporate Governance Systems

Languages of publication



In recent years, a lot of controversy has accumulated around the convergence in corporate governance. Some researchers expect substantial convergence in corporate governance practices, as well as company law, toward the Anglo-American model. For other researchers the differences between the various types of market economies will continue. Historical and cultural factors are the causes. The debate gained strength in the context of the financial crisis of 2007-2009. It was then that corporate governance failed, becoming one of the causes of the global financial crisis. In the following text I attempt to answer the following questions: (1) what are the basic differences in corporate governance systems, and how do they come about? (2) what is the convergence of corporate governance? (3) what are the driving forces of convergence in corporate governance systems in the world economy? (4) what are the main impediments of convergence in corporate governance systems? (5) what results from previous empirical studies on convergence?






Physical description



  • H. Hansmann, R. Kraakman: The End of History for Corporate Law. "Georgetown Law Journal" 2001, No. 89.
  • T. Clarke: International Corporate Governance: A Comparative Approach. Routledge, Oxon, New York 2007.
  • D.M. Branson: The Very Uncertain Prospect of "Global" Convergence in Corporate Governance. "Cornell International Law Journal" 2001, Vol. 34.
  • J.N. Gordon, M.J. Roe: Convergence and Persistence In Corporate Governance. Cambridge University Press, International Edition 2004.
  • M. M. Siems: Convergence in Corporate Governance: A Leximetric Approach. "The Journal of Corporation Law" 2010, Vol. 35.
  • A. Samborski: Kryzys finansowy a nadzór korporacyjny. W: Zarządzanie w kryzysie. "Problemy Zarządzania" 2011, Vol. 9, nr 1 (31).
  • T. Yoshikawa, A.A. Rasheed: Convergence of Corporate Governance: Critical Review and Future Directions. "Corporate Governance: An International Review" 2009, No. 17 (3).
  • C. Andres, A. Betzer, M. Coergen, D. Metzger: Corporate Governance Systems. In: Corporate Governance. A Synthesis of Theory, Research, and Practice. Eds. H. Baker, R. Anderson. Wiley, Hoboken 2010, s. 37-52.
  • J. Hicks: A Theory of Economic History. Clarendon Press, Oxford 1969.
  • A.D. Chandler: The Visible Hand: The Managerial Tevolution in American Business. Belknap Press of Harverd University Press, Cambridge, MA 1977.
  • A.D. Chandler: The Emergence of Managerial Capitalism. "Business History Review" 1984, No. 58 (4).
  • F. Allen, D. Gale: Comparing Financial Systems. MIT Press, Cambridge, MA 2000.
  • M.J. Roe: Strong Managers. Weak Owners. The Political Roots of American Corporate Finance. Princeton University Press, Princeton 1994.
  • C. Mallin: Corporate Governance. Oxford University Press, Oxford, New York 2010, s. 212.
  • J. Franks, C. Mayer: Ownership and Control. W: Trends in Business Organization: Do Participation and Co-operation Increase Competitiveness? Ed. H. Siebert. Mohr (Siebeck), Tubingen 1995.
  • J. Solomon: Corporate Governance and Accountability. Wiley, Chichester 2011, s. 195.
  • R. La Porta, F. Lopez-de-Silanes, A. Shleifer, R.W. Vishny: Law and Finance. NBER, Working Paper 5661, Cambridge, MA July 1996.
  • F. Modigliani, E. Perotti: Security versus Bank Finance: the Importance of a Proper Enforcement of Legal Rules. FEEM, Working Paper No. 37.99, February 1998, s. 5.
  • R. Tokarczyk: Prawo amerykańskie. Zakamycze, Kraków 2003.
  • T. Beck, A. Demirgüç-Kunt, R. Levine: Law and Finance: Why Does Legal Origin Matter? "Journal of Comparative Economics" 2003, Vol. 31, Iss. 4.
  • A. Samborski: Finansowanie przedsiębiorstw poprzez emisje papierów wartościowych - diagnoza uwarunkowań i zależności. Wydawnictwo Akademii Ekonomicznej, Katowice 2007, s. 270- 272.
  • M. Pagano, P. Volpin: The Political Economy of Corporate Governance. "American Economic Review" 2005, No. 95 (4).
  • M.J. Roe: The Political Determinant of Corporate Governance. Oxford University Press, Oxford 2003.
  • P.A. Hall, D. Soskice: Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford University Press, Oxford 2001.
  • F.H. Easterbrook, D.R. Fischel: The Incorporation Debate and State Antitakeovers Statutes. The Economic Structure of Corporate Law. Harvard University Press, Cambridge MA 1991.
  • R. Romano: The Genius of American Corporate Law. AEI Press, Washington 1993.
  • K. Palepu, T. Khanna, J. Kogan: Globalization and Similarities in Corporate Governance: A Cross-Country Analysis. Working Paper No. 02-041, Harvard University 2002, p. 4-5.
  • K. Pistor, M. Raiser, S. Gelfer: Law and Finance in Transition Economies. European Bank for Reconstruction and Development. Working Paper no. 48, 2000.
  • A.L. Bebchuk, M.J. Roe: A Theory of Path Dependence in Corporate Ownership and Governance. "Stanford Law Review" 1999, No. 52(1).
  • W.W. Bratton, J.A. McCahery: Comparative Corporate Governance and the Theory of the Firm: A Case Against Global Cross Reference. "Columbia Journal of Transnational Law" 1999, No. 38.
  • R.H. Schmidt, G. Spindler: Path Dependence, Corporate Governance and Complementarities. University of Frankfurt, Working Paper no. 27, 2000.
  • A. Bhide: The Hidden Costs of Stock Market Liquidity. "Journal of Financial Economics" 1993, No. 34(1).
  • R.J. Gilson: Globalizing Corporate Governance: Convergence of Form or Function. Columbia Law School. The Center for Law and Economic Studies Working Paper No. 174, Stanford Law School John..
  • M. Olin Program in Law and Economics Working Paper No. 192, Social Science Research Network Electronic Paper Collection, 2000, s. 10, 13, http://papers.ssrn.com/paper.taf?abstract_id=229517.
  • R. La Porta, F. Lopez-de-Silanes, A. Shleifer, R.Vishny: Investor Protection and Corporate Governance. "Journal of Financial Economics" 2000, No. 58.
  • J.C. Coffee: The Future as History: The Prospects for Global Convergence in Corporate Governance and its Implications. "Northwestern University Law Review" 1999, No. 93.
  • J.C. Coffee: The Rise of Dispersed Ownership: The Role of Law in the Separation of Ownership and Control. "Yale Law Journal" 2001, No. 111.
  • W. Reese, M. Weisbach: Protection of Minority Shareholder Interests, Cross-Listings in the United States, and Subsequent Equity Offerings. "Journal of Financial Economics" 2002, No. 66.
  • T. Mitton: A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis. "Journal of Financial Economics" 2002, No. 64 (2).
  • J. Siegel: Can Foreign Firms Bond Themselves Effectively by Renting US Securities Laws. "Journal of Financial Economics" 2005, No. 75.
  • M. Ayyagari: International Corporate Governance: A Study of Complementarities and Convergence. Dissertation, Faculty of the Graduate School of the University of Maryland, College Park 2004, s. 4.
  • M. Olson: The Logic of Collective Action. Harvard University Press. Cambridge 1971.
  • D.M. Branson: The Very Uncertain Prospect of "Global" Convergence in Corporate Governance. SSRN Working Paper 2000.
  • R. Rajan, L. Zingales: The Great Reversals: The Politics of Financial Developments in the 20th Century. Working Paper, Univ. of Chicago 2001.
  • B. Biais, E. Perotti: Machiavellian Underpricing. "American Economic Review" 2002, No. 92.
  • F.H. Easterbrook, D.R. Fischel: The Economic Structure of Corporate Law. Harvard Univ. Press 1991.
  • E.C. Perotti, E. von Thadden: Strategic Transparency and Informed Trading: Will Capital Market Integration Force Convergence of Corporate Governance? "Journal of Financial and Quantitative Analysis" 2003, Vol. 38, No. 1.
  • G.J. Rossouw: The Ethics of Corporate Governance Global Convergence or Divergence? "International Journal of Law and Management" 2009, Vol. 51, No. 1.
  • A. West: Corporate Governance Convergence and Moral Relativism. "Corporate Governance: An International Review" 2009, No. 17(1).
  • D. Reed: Corporate Governance Reforms in Developing Countries, "Journal of Business Ethics" 2002, Vol. 37.
  • A.D. Garrett: Themes and Variations: The Convergence of Corporate Governance Practices in Major World Markets. "Denver Journal of International Law and Policy" 2004, Vol. 32.
  • D.M. Branson: The Uncertain Prospect of Global Convergence in Corporate Governance. "Cornell International Law Journal" 2001, Vol. 34.
  • G.J. Rossouw: Balancing Corporate and Social Interests: Corporate Governance Theory and Practice, "African Journal of Business Ethics" 2008, Vol. 3 No. 1.
  • S.M. Jacoby: Corporate Governance in Comparative Perspective: Prospects for Convergence. "Comparative Labor Law and Policy Journal" 2002, No. 22.
  • G. Caroti: Convergence of Corporate Governance Systems. "Managerial Finance" 2000, Vol. 26, No. 10.
  • J.J. Shinn: Globalization, Corporate Governance and the State: Testing Convergence in a Twelve Country Sample. Dissertation, Princeton University 2001.
  • D. Clarke: Nothing but Wind? The Past And Future Of Comparative Corporate Governance. "American Journal Of Comparative Law" 2010, Vol. 59.
  • M. Jerzemowska: Wybrane międzynarodowe i krajowe regulacje nadzoru korporacyjnego - na przykładzie Stanów Zjednoczonych, Wielkiej Brytanii, Niemiec i Japonii. W: D. Dobija, I. Koładkiewicz (red): Ład korporacyjny. Wolters Kluwer, Warszawa 2011, s. 186.
  • B.H. McDonnell: Convergence in Corporate Governance - Possible, But Not Desirable. "Villanova Law Review" 2002, No. 47.

Document Type

Publication order reference



YADDA identifier

JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.