Environnement juridique et systèmes de gouvernance. Quelles conséquences pour l'intégration financière européenne ?

Abstract

In this article, we adress the question of the heterogeneity of corporate governance systems in Europe. Using a principal component analysis and a hierarchical classification, we examine the role played by the legal framework relatively to that of other factors such as the pattern of the production system, the characteristics of the fund supply and the organization of the labour market. We show that the explanatory power of legal determinants should not be overstated. On the one hand, the degree of protection for suppliers of funds contributes only weakly to the definition of the european governance system typology. On the other hand, legal origin proxies less for the degree of investor protection than for the institutional interactions between corporate control structures, labour market organization, fund supply and productive system characteristics. Classification JEL : G30