Citation Context

...e literature on convergence between different governance systems is vast (reviewed by Rasheed and Yoshikawa, 2012). This research indicate that both convergence and divergence occur as corporate governance reforms are diffused between systems, leading at least in the short run to so-called hybrid systems (e.g. Rose and Mayer, 2003; Buck, et al., 2004), i.e., mutual influences between the UK/USA systems and other systems (Thomsen, 2004; Aguilera and Jackson, 2010). The research focus has therefor moved to describing which parts of a corporate system persist and which parts undergo change (e.g. Krenn, 2014). Often it is assumed that the globalization of financial capital has trigger a standardization of corporate governance regulation (Gordon and Roe, 2004; Rasheed and Yoshikawa, 2012). However, this ostensible standardization masks significant variations. Hence, even though comparisons between national corporate governance codes have shown that most codes are structured as the Cadbury code (Aguilera and Jackson, 2010; Thomsen, 2006), they may differ in their details and their application (Lau Hansen, 2006; Larsson-Olaison, 2014). Thus, even in highly standardized areas some features of national...