Evolution and Structuration of Corporate Governance Models Over Time and Accross Countries

Abstract

Using social responsibility ratings on over 663 companies belonging to 18 European countries in 2000 and 2010, this paper examines whether or to what extent stylized models of Corporate Governance (CG) shape national systems of CG and firm commitments in the long run. In doing so, we question arguments in favor of convergence versus continued divergence and alignment versus resistance or status quo. In particular, we assess the factors that explain these trends and the detected processes. Our findings are manifold but principally highlight the structuring dimension of both the shareholder-oriented and stakeholder- oriented models of CG, and the role of micro-economic factors in explaining the changing and varying practices of firm commitments.