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Corporate Governance Reforms in the EU: Do They Matter and How?
Author:
Mr. Iryna V. Ivaschenko
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and
Ms. Petya Koeva Brooks
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Series:
IMF Working Papers
Volume/Issue:
Volume 2008: Issue 091
Language:
English
Publication Date:
01 Apr 2008
DOI:
https://doi.org/10.5089/9781451869521.001
ISBN:
9781451869521
ISSN:
1018-5941
Pages:
29
Keywords:
WP; shareholder; company; shareholder empowerment
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper proposes a new approach to quantifying the effects of corporate governance reforms, by focusing on the dynamics of the voting premiums, a measure of the private benefits of control in a corporation. The results indicate that the reforms have been successful in reducing the voting premiums EU-wide. Moreover, more intense and broad reform efforts (such as introducing national reforms beyond and above the EU-wide initiatives) bring higher and longer lasting benefits. Our findings also suggest that the market for corporate control in Europe has become more integrated, as illustrated by the lower dispersion in voting premiums across countries and over time.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund