Corporate Governance and Development: Reform, Financial Systems and Legal Frameworks

摘要

The corporate governance systems can largely be categorized into two types. The market-oriented model relies primarily on a host of non-legal mechanisms such as executive incentive compensation, the board of directors, and/or the threat of takeovers in order to motivate, monitor or discipline managers. In contrast, the mandatory approach depends heavily on corporate law that allows the state to play an active role in shareholder protection. The relative efficiency of the different