Legal Environment and Corporate Governance——With a Review on the Institutional Approach Research

摘要

With an empirical test on how legal environment affects the choice of corporate governance systems our objective in this paper is to clarify some basic concepts of institutional approach research in corporate governance. Although in last 20 years the institutional approach research in finance has achieved very impressive results,we argue that there are still some concepts are not clearly defined and the theoretical building block is not really established. We present a few critical issues and our opinions on it