Political Origin and Evolution of Corporate Governance
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Abstract
The «species» of corporate governance are the result of an adaptive evolution to the political environment. Contrary to what Legal Origin Theory advances (i.e., a convergence towards to an efficient model), we affirm that the diversity of corporate governance regimes depends on different political institutions which dominate economic contexts. This work, moreover, offers a reassessment with such biological lens of the recent Italian debate on the governance of cooperative banks and mutual organizations.
Keywords
- Corporate Governance
- Legal Origin Theory
- Path-Dependence
- Italian Cooperative Banks
- Politics