Journal of Scientific Papers

ECONOMICS & SOCIOLOGY


© CSR, 2008-2015
ISSN 2071-789X



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  • General Founder and Publisher:


    Centre of Sociological Research

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    University of Szczecin (Poland)


    Mykolas Romeris University (Lithuania)

     

     
     
    Alexander Dubcek University of Trencín, Faculty of Social and Economic Relations (Slovak Republic)



     
    University of Entrepreneurship and Law, (Czech Republic)

     

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Cross-Country Analysis of Corporate Governance Codes in the European Union

Vol. 9, No 2, 2016

Aleš Kubíček

 

University of Economics,

Prague, Czech Republic

 

ales.kubicek@vse.cz

CROSS-COUNTRY ANALYSIS OF CORPORATE GOVERNANCE

CODES IN THE EUROPEAN UNION

 

Petra Štamfestová

 

University of Economics,

Prague, Czech Republic

 

 petra.stamfestova@vse.cz

 

Jiří Strouhal

 

Škoda Auto University Mladá Boleslav,

Mladá Boleslav, Czech Republic

 

ystrouhal@is.savs.cz

 

Abstract.The purpose of  this paper is to  analyse corporate governance codes in the member states of the European Union (EU) and to examine to what extent is their contents shaped by the EU. Building on study of diffusion in organizational settings, we examine whether exogenous forces in the form of the European Commission recommendations have impact on the contents of corporate governance codes or contents is driven by domestic stakeholders representing endogenous forces.

Furthermore, we contribute to limited research analysing evolution of corporate governance codes and we examine how compliance with the European Commission (EC) has changed over time. Our findings suggest a significant strengthening of codes’ quality across member states and convergence tendency to international best practices. However, we are not able to affirm that the European Commission recommendations were that certain exogenous force to shape national governance codes.

 

Received: December, 2015

1st Revision: March, 2016

Accepted: June, 2016

 

DOI: 10.14254/2071- 789X.2016/9-2/22

JEL Classification: G34

Keywords: Corporate Governance, Corporate Governance Codes, the European Union.