Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance

Randall Morck and Bernard Yeung ()
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Bernard Yeung: 1Distinguished University Professor and Stephen A. Jarislowsky Distinguished Chair in Finance, School of Business, The University of Alberta, Edmonton, Canada T6G2R6; Research Associate, National Bureau of Economic Research

Annual Review of Financial Economics, 2009, vol. 1, issue 1, 145-179

Abstract: Different economies at different times use different institutional arrangements to constrain the people entrusted with allocating capital and other resources. Comparative financial histories show these corporate governance regimes to be largely stable through time, but capable of occasional dramatic change in response to a severe crisis. Legal origin, language, culture, religion, accidents of history (path dependence), and other factors affect these changes because they affect how people and societies solve problems.

Keywords: agency problems; institutions; structural reform; family business groups; oligarchy; corporatism (search for similar items in EconPapers)
JEL-codes: D02 G21 G32 G34 O16 Z13 (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (6)

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Working Paper: Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance (2009)
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