National Business Systems
| National Business System | Examples of countries | Nature of the corporate governance mechanism |
|---|---|---|
| Liberal market economies (LMEs) | United States of America, United Kingdom, Australia, Canada, Ireland and New Zealand | Corporate governance norms are guided by agency theory and shareholder value maximisation |
| Coordinated market economies (CMEs) | Austria, Belgium, Denmark, Finland, the Netherlands, Norway, Sweden and Switzerland | Greater focus on value maximisation for multiple stakeholders, influencing how firms perceive corporate governance |
| Highly coordinatedeconomies | Japan | General prevalence of insider-dominated governance structures |
| European peripheral economies | France, Greece, Italy, Portugal, Spain, Czech Republic, Hungary, Poland, Romania and Slovakia | Moderately strong corporate governance norms |
| Advanced emerging economies | Chile, Turkey, Israel, South Africa, Korea and Taiwan | Well-defined corporate governance norms |
| Advanced city economies | Hong Kong and Singapore | Superior corporate governance norms |
| Arab oil-based economies | Kuwait, Qatar, Saudi Arabia and the United Arab Emirates | Poor to average corporate governance norms |
| Emerging economies | Algeria, Argentina, Bangladesh, Brazil, China, Colombia, Egypt, India, Indonesia, Kazakhstan, Malaysia, Mexico, Morocco, Nigeria, Pakistan, Peru, Philippines, Russia, Thailand, Ukraine and Vietnam | Poor corporate governance norms |
| Socialist economies | Cuba and Venezuela | Very weak corporate governance norms |
| National Business System | Examples of countries | Nature of the corporate governance mechanism |
|---|---|---|
| Liberal market economies (LMEs) | United States of America, United Kingdom, Australia, Canada, Ireland and New Zealand | Corporate governance norms are guided by agency theory and shareholder value maximisation |
| Coordinated market economies (CMEs) | Austria, Belgium, Denmark, Finland, the Netherlands, Norway, Sweden and Switzerland | Greater focus on value maximisation for multiple stakeholders, influencing how firms perceive corporate governance |
| Highly coordinatedeconomies | Japan | General prevalence of insider-dominated governance structures |
| European peripheral economies | France, Greece, Italy, Portugal, Spain, Czech Republic, Hungary, Poland, Romania and Slovakia | Moderately strong corporate governance norms |
| Advanced emerging economies | Chile, Turkey, Israel, South Africa, Korea and Taiwan | Well-defined corporate governance norms |
| Advanced city economies | Hong Kong and Singapore | Superior corporate governance norms |
| Arab oil-based economies | Kuwait, Qatar, Saudi Arabia and the United Arab Emirates | Poor to average corporate governance norms |
| Emerging economies | Algeria, Argentina, Bangladesh, Brazil, China, Colombia, Egypt, India, Indonesia, Kazakhstan, Malaysia, Mexico, Morocco, Nigeria, Pakistan, Peru, Philippines, Russia, Thailand, Ukraine and Vietnam | Poor corporate governance norms |
| Socialist economies | Cuba and Venezuela | Very weak corporate governance norms |
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