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Disappearing Paradigms in Shareholder Protection: Leximetric Evidence for 30 Countries, 1990-2013

Katelouzou, Dionysia; Siems, Mathias

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Authors

Dionysia Katelouzou

Mathias Siems



Abstract

Scholars frequently claim that the path dependency of the law, the influence of the US model of corporate governance, and the role of legal origin and the stage of legal development are key for a comparative understanding of shareholder protection. This article, however, suggests that these paradigms of comparative company law gradually seem to be disappearing. The basis for our assessment is an original leximetric dataset that measures the development of shareholder protection for 30 countries over the last 24 years. Using tools of descriptive statistics, time series and cluster analysis, our main findings are that all legal origins now have on average about the same level of shareholder protection, that paternalistic tools have overtaken enabling tools of protection, and that, after the global financial crisis, this area has become a less frequent object of law reforms.

Citation

Katelouzou, D., & Siems, M. (2015). Disappearing Paradigms in Shareholder Protection: Leximetric Evidence for 30 Countries, 1990-2013. Journal of Corporate Law Studies, 15(1), 127-160. https://doi.org/10.5235/14735970.15.1.127

Journal Article Type Article
Acceptance Date Nov 2, 2014
Online Publication Date Aug 4, 2015
Publication Date Apr 1, 2015
Deposit Date May 2, 2015
Publicly Available Date Aug 11, 2015
Journal Journal of Corporate Law Studies
Print ISSN 1473-5970
Electronic ISSN 1757-8426
Publisher Taylor and Francis Group
Peer Reviewed Peer Reviewed
Volume 15
Issue 1
Pages 127-160
DOI https://doi.org/10.5235/14735970.15.1.127
Publisher URL http://www.tandfonline.com/doi/abs/10.5235/14735970.15.1.127
Related Public URLs http://ssrn.com/abstract=2579832

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Copyright Statement
© 2015 The Author(s). Published by Taylor & Francis.
This is an Open Access article distributed under the terms of the Creative Commons Attribution License
(http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and
reproduction in any medium, provided the original work is properly cited.






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