Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance
Different economies at different times use different institutional arrangements to constrain the people entrusted with allocating the economy's 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.
We are grateful for helpful suggestions from Franklin Allen, Mara Faccio, Masao Nakamura, Enrico Perotti, Katharina Pistor, and Paulo Volpin. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.
Randall Morck & Bernard Yeung, 2009. "Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance," Annual Review of Financial Economics, Annual Reviews, vol. 1(1), pages 145-179, November. citation courtesy of