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2012 | OriginalPaper | Buchkapitel

National Culture and Corporate Governance

verfasst von : Wolfgang Breuer, Astrid Juliane Salzmann

Erschienen in: Corporate Governance

Verlag: Springer Berlin Heidelberg

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Abstract

In a series of cross-country comparisons, we show that national culture is statistically significant in differentiating countries with different corporate governance systems. Using the Schwartz cultural value model and data on corporate governance systems, we analyze the impact of national culture on six dimensions of corporate governance. Countries that have stronger emphasis on the dimensions of Embeddedness, Egalitarianism, and Harmony are more likely to have bank-based systems, while countries with a stronger emphasis on Autonomy, Hierarchy, and Mastery tend to have market-based systems. The findings suggest several implications for the ongoing debate on convergence and divergence of corporate governance systems and policy reforms regarding financial crises.

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Titel: National Culture and Corporate Governance
verfasst von: Wolfgang Breuer
Astrid Juliane Salzmann
Verlag: Springer Berlin Heidelberg
Buch: Corporate Governance
Print ISBN: 978-3-642-31578-7

Electronic ISBN: 978-3-642-31579-4

Copyright-Jahr: 2012
DOI: https://doi.org/10.1007/978-3-642-31579-4_16