“服从或解释”作为公司治理准则的全球模式的出现

Q2 Social Sciences

European Business Law Review Pub Date : 2022-02-01 DOI:10.54648/eulr2022001

Iain Macneil, Irene-Marié Esser

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引用次数: 5

摘要

上世纪90年代初，英国推出《吉百利准则》(Cadbury Code)，标志着全球公司治理演变的一个重要转折点。吉百利守则开创的“遵守或解释”方法优先考虑了灵活性和市场纪律在其方法中的作用。虽然这些特征可以与英国公司治理演变的早期趋势联系起来，但更难以解释为什么《吉百利准则》对在方法和演变上与英国不同的制度施加了如此大的影响。在本文中，我们将重点关注“遵守或解释”方法在其他国家采用的程度，并试图解释为什么会发生这种情况。我们对“遵守或解释”代码在世界各地的传播提出了三种解释，并进行定性和定量(弹性)分析来检验这些命题。公司治理、守则、“遵守或解释”、上市公司、披露、移植

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The Emergence of ‘Comply or Explain’ as a Global Model for Corporate Governance Codes

The introduction of the Cadbury Code in the UK in the early 1990s marked an important turning point in the evolution of corporate governance around the world. The ‘comply or explain’ approach pioneered by the Cadbury Code prioritised flexibility and the role of market discipline in its approach. While those characteristics can be linked to earlier trends in the evolution of corporate governance in the UK, it is more difficult to explain why the Cadbury Code has exerted so much influence over systems which differ from the UK in their approach and evolution. In this article we focus on the extent to which the ‘comply or explain’ approach has been adopted in other countries and attempt to explain why this has occurred. We propose three explanations for the diffusion of ‘comply or explain’ codes around the world and undertake qualitative and quantitative (leximetric) analysis to test these propositions. Corporate governance, codes, ‘comply or explain’, listed companies, disclosure, transplantation

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来源期刊

European Business Law Review Social Sciences-Law

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The mission of the European Business Law Review is to provide a forum for analysis and discussion of business law, including European Union law and the laws of the Member States and other European countries, as well as legal frameworks and issues in international and comparative contexts. The Review moves freely over the boundaries that divide the law, and covers business law, broadly defined, in public or private law, domestic, European or international law. Our topics of interest include commercial, financial, corporate, private and regulatory laws with a broadly business dimension. The Review offers current, authoritative scholarship on a wide range of issues and developments, featuring contributors providing an international as well as a European perspective. The Review is an invaluable source of current scholarship, information, practical analysis, and expert guidance for all practising lawyers, advisers, and scholars dealing with European business law on a regular basis. The Review has over 25 years established the highest scholarly standards. It distinguishes itself as open-minded, embracing interests that appeal to the scholarly, practitioner and policy-making spheres. It practices strict routines of peer review. The Review imposes no word limit on submissions, subject to the appropriateness of the word length to the subject under discussion.