Corporate Governance Convergence: Evidence From Takeover Regulation Reforms in Europe
Journal
Oxford Review of Economic Policy
ISSN
0266-903X
ISSN-Digital
1460-2121
Type
journal article
Date Issued
2005
Author(s)
Abstract (De)
This paper contributes to the research on corporate governance by predicting the effects of European takeover regulation. In particular, we investigate whether the recent reforms of takeover regulation in Europe are leading to a harmonization of the national legislations. With the help of 150 corporate governance lawyers from 30 European countries, we collected the main changes in takeover regulation. We assess whether a process of convergence towards the Anglo-(American) corporate governance system has been started and we find that this is the case. We make predictions as to the consequences of the reforms for ownership and control. However, we find that while in some countries the adoption of a unified takeover code may result in dispersed ownership, in others it may further consolidate the blockholder-based system.
Language
German
HSG Classification
not classified
Refereed
No
Publisher
Univ. Press
Publisher place
Oxford
Volume
21
Number
2
Start page
243
End page
268
Pages
26
Subject(s)
Division(s)
Eprints ID
41288