Global corporate governance: debates and challenges

doi:10.1108/14720700410534930

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Corporate Governance

ISSN: 1472-0701

Online from: 2001

Subject Area: Business Ethics and Law

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Global corporate governance: debates and challenges

Document Information:
Title:	Global corporate governance: debates and challenges
Author(s):	Malla Praveen Bhasa, (The author is a doctoral student at the Shailesh J. Mehta School of Management, Indian Institute of Technology, Bombay, India, researching in the area of corporate governance. He can be reached at praveen@som.iitb.ac.in)
Citation:	Malla Praveen Bhasa, (2004) "Global corporate governance: debates and challenges", Corporate Governance, Vol. 4 Iss: 2, pp.5 - 17
Keywords:	Corporate governance, Divergence, Economic convergence, Globalization, Shareholders, Stakeholders
Article type:	Research paper
DOI:	10.1108/14720700410534930 (Permanent URL)
Publisher:	Emerald Group Publishing Limited
Abstract:	Modern day business is beset with changing operating paradigms. Economies with efficient economic policies and stable political systems are a big draw among the investors. Countries that have opened themselves to world markets and that have good legal systems in place, providing protection to investors have attracted more capital in the process of globalization. As the demand for capital is growing in both the developed and the developing economies, the need to establish good governance practices has gained momentum. Governance practices however, are not uniform across nations. This diversity may be particularly because of the different legal structures and cultural settings adopted by different nations. This paper tries to explore the arguments on convergence and divergence of corporate best practices, keeping in view the various governance models currently in practice. Explaining the rationale behind the emergence of corporate governance as a movement, this paper attempts at discussing the various prevalent systems of governance. In the end an attempt is made to address the challenges to corporate governance in the context of globalization of best practices. Given the cultural settings of different nations it is argued that it would never be possible for corporate laws to converge universally. New models of corporate governance are likely to emerge given the large-scale experimentation done by transition economies.