The impracticality of an international “one size fits all” corporate governance code of best practice

Marlene Davies and Bernadette Schlitzer

Managerial Auditing Journal, 2008, vol. 23, issue 6, 532-544

Abstract: Purpose - The purpose of this paper is to review corporate governance literature from an international perspective in terms of having a global code of corporate governance. Design/methodology/approach - Using a wide ranging literature review, the paper looks at the issue of a global corporate governance code of best practice from legal, corporate ownership structure and financial systems perspectives and the consequent/divergence issues that arise. Findings - The paper supports the hypothesis that the “one size fits all” approach to corporate governance, particularly the Anglo Saxon model, is not necessarily the right approach from a global perspective. Convergence on fundamental features of shareholder protection, independence of directors and establishment of committees may be the preferred way forward. Practical implications - The acceptance of a global corporate governance code is limited due to the adaptations in the business environment, investor confidence and corporate successes and failures. Originality/value - The analysis of the framework provides an interesting paper for corporate governance researchers.

Keywords: Corporate governance; Best practice; World economy; Globalization; National cultures (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:eme:majpps:02686900810882093

DOI: 10.1108/02686900810882093

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