Could the Different Countries’ Corporate Governance Regimes be Harmonized?

Abstract: Corporate governance system is of great importance in the performance of corporations through connection the interests of investors and managers. The efficiency of the corporate governance determines whether the value of firms can be improved. According to this, every country is finding the suitable model which can improve the performance of corporations efficiently. During this process, two models formed: the ‘outsider’ system and the ‘insider’ system. It is commonly believed that different country has different backgrounds of historical, economic, political, cultural, legal system, and basically the different structures of corporations based on which corresponding corporate governance systems are shaped. According to the differences among these crucial elements, the standards of the efficient corporate governance system in different countries are distinctive too. So, there cannot be ‘one best standard system’ which is suitable for every country, and the argument for harmonization of corporate governance at the world level is weak. Key words: Harmonization; Concentration; Company la