Abstract
AbstractThe debate over convergence in international corporate governance continues to rage, yet the nature of any convergence is far from homogeneous. Convergence can be formal, functional, or even contractual. Further, the degree to which convergence occurs can be comprehensive or more limited, resulting in a hybrid system of governance. Although many researchers claim the superiority of the common law system of governance for maximizing firm value, others challenge the desirability of convergence, noting that such harmonization reduces the ability to respond to national needs, lessens governance diversity, and ignores a more pressing need for the international regulation of global firms.
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