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Developing codes of conduct: Regulatory conversations as means for detecting institutional change
School of Management and Economics, Växjö University, Växjö, Sweden.
School of Management and Economics, Växjö University, Växjö, Sweden.ORCID iD: 0000-0003-4961-1569
2007 (English)In: Law & Policy, ISSN 0265-8240, E-ISSN 1467-9930, Vol. 29, no 4, p. 460-492Article in journal (Refereed) Published
Abstract [en]

The introduction of a new corporate governance code in Sweden, modeled after prevailing Anglo-Saxon norms of corporate governance, offers the opportunity to investigate global regulatory convergence. Using the metaphor of regulatory space, this article analyzes the positions of the parties who submitted formal responses to the introduction of "The Swedish Code of Corporate Governance - A Proposal from the Code Group."While the globalization of financial markets might forecast unconditional acceptance of the proposed code by business and financial interests, the analysis of who made comments, and what was said, reveals three categorically distinct groups: Swedish business "insiders"connected to the existing institutional framework who opposed changes that would erode traditional division of functions, including collective responsibility for the actions of company boards; "outsiders" (i.e., foreign investors and more marginal Swedish investors) aligned with Anglo-Saxon internationalization of the markets who would change the system of corporate accountability; and the professions (i.e., auditors), who advocated for their professional interests. Of the three groups, Swedish business insiders were most successful in gaining support for their positions. Although international financial and political interests were key to the introduction of the Code in the first place, the article demonstrates how the dynamics of national (local) culture and power structures influence the transfer of regulatory law across jurisdictions. 

Place, publisher, year, edition, pages
John Wiley & Sons, 2007. Vol. 29, no 4, p. 460-492
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-46366DOI: 10.1111/j.1467-9930.2007.00263.xScopus ID: 2-s2.0-34648823379OAI: oai:DiVA.org:hj-46366DiVA, id: diva2:1354701
Available from: 2019-09-26 Created: 2019-09-26 Last updated: 2019-09-26Bibliographically approved
In thesis
1. Convergence of National Corporate Governance Systems: Localizing and Fitting the Transplants
Open this publication in new window or tab >>Convergence of National Corporate Governance Systems: Localizing and Fitting the Transplants
2014 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

The purpose of this thesis is to elucidate the phenomenon of legal transfers from the perspective of the dominant comparative corporate governance research paradigm. Drawing on legal studies and empirical observations, the thesis develops a terminology for understanding the legal transplant metaphor in comparative corporate governance and problematizes the debate on the convergence or divergence of corporate governance systems.

This purpose is achieved through five empirically-based articles that are included in the thesis. The first article concerns a change in the Swedish Companies Act that allows for stock repurchases. The second article discusses the voluntary and then mandatory introduction of nomination committees. The third and the fourth articles focus on the introduction of the Swedish corporate governance code. Finally, the fifth article discusses the role played by independent directors in the Swedish corporate governance setting.

The focus on legal transplants broadens the framework of comparative corporate governance in three respects. First, it develops and applies a clearer framework for distinguishing between accepted and rejected legal transplants (based on Watson, 1974, Miller, 2003 and Mattei, 1994), thus refining the debate regarding convergence or divergence of corporate governance systems (e.g. Hansmann and Kraakman, 2004, and Branson, 2001). Second, the empirical studies demonstrate how imported regulations can be “localized” (Gillespie, 2008a) by local regulators and/or “fitted” (adapted from Kanda and Milhaupt, 2003) by other local actors. The studies show that fitting often precedes localizing. Third, the thesis ads to a growing body of research (e.g. Buck et al., 2004; Lutz, 2004 and Collier and Zaman, 2005) emphasizing that convergence and divergence are not necessarily two empirically or analytically distinguishable processes. Rather, depending on the perspective of the scholar, convergence and divergence might refer to very similar – or even identical – processes.

Finally, in focusing on the transplant process, this thesis offers a description and analysis of the role played by various key actors in the Swedish corporate governance system.

Place, publisher, year, edition, pages
Växjö: Linnaeus University Press, 2014. p. 215
National Category
Social Sciences Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:hj:diva-46365 (URN)978-91-87925-17-7 (ISBN)
Public defence
2014-10-24, Weber, Hus K, Växjö, 13:00 (English)
Supervisors
Funder
The Jan Wallander and Tom Hedelius Foundation
Available from: 2019-09-26 Created: 2019-09-26 Last updated: 2019-09-26Bibliographically approved

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