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Investor Protection in EuropeCorporate Law Making, The MiFID and Beyond$
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Guido Ferrarini and Eddy Wymeersch

Print publication date: 2006

Print ISBN-13: 9780199202911

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199202911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 January 2022

The Economics and Politics of Corporate Governance in the European Union

The Economics and Politics of Corporate Governance in the European Union

(p.3) 1 The Economics and Politics of Corporate Governance in the European Union
Investor Protection in Europe

Dennis C. Mueller

Oxford University Press

Over the last 25 years, the term ‘corporate governance’ has entered the lexicon of economists and other students of business. This development has been accompanied by growing interest in differences in institutional structures — like corporate governance systems — across countries. Among the many questions regarding the effects of corporate governance systems that have been examined, one of the most important has been to measure the effects of corporate governance systems on corporate performance somehow measured, or more broadly the economic performance of countries. This chapter reviews some of this evidence and takes up the questions of which system is ‘best’, and whether this superiority is likely to lead to a convergence of corporate governance structures over time. With a few exceptions, most studies of the effects of corporate governance institutions treat them as exogenous. The chapter also discusses the historical and political determinants of corporate governance institutions.

Keywords:   economic performance, corporate performance, convergence, politics, managerial entrenchment

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