The Global History of Corporate Governance: An Introduction
NBER Working Paper No. 11062
This paper presents a synopsis of recent NBER studies of the history of corporate governance in Canada, China, France, Germany, Japan, India, Italy, the Netherlands, Sweden, the United Kingdom, and the United States. Together, the studies underscore the importance of path dependence, often as far back into preindustrial period; legal system origin, though in a more nuanced form than mere statutory shareholder rights; and wealthy families. They also clarify the roles of ideologies, business groups, trust, institutional transplants, and politics in institutional evolution and financial development. Other themes are the universality of business insiders' investments in, entrenchment, and a possible behavioral basis for this.
Published: The Global History of Corporate Governance: An Introduction, Randall Morck, Lloyd Steier, in A History of Corporate Governance around the World: Family Business Groups to Professional Managers (2005), University of Chicago Press