The global diffusion of stewardship codes
- n today’s world, the transfer of laws and regulations between different legal systems is commonplace. The global spread of stewardship codes in recent years presents a promising, but yet untested, terrain to explore the diffusion of such norms. This paper aims to fill this gap. Employing the method of content analysis and using information from 41 stewardship codes enacted between 1991 and 2019, we systematically examine the formal diffusion of these stewardship codes. While we find support for the diffusion story of the UK as a stewardship norm exporter, especially in former British colonies in Asia, we also find evidence of diffusion from transnational initiatives, such as the EFAMA and ICGN codes, as well as regional clusters. We also show that the UK Stewardship Code of 2020 now deviates from these current models; thus, it remains to be seen how far a second round of exportation of the revised UK model into the transnational arena will follow.
| Author: | Dionysia Katelouzou, Mathias Siems |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-616503 |
| DOI: | https://doi.org/10.2139/ssrn.3616798 |
| Parent Title (English): | European Corporate Governance Institute: ECGI Working Paper Series in Law ; No. 526/2020, King’s College London Dickson Poon School of Law: Legal Studies Research Paper Series ; Paper No. 2020-41, LawFin working paper ; No. 10 |
| Series (Serial Number): | LawFin Working Paper (10) |
| Publisher: | Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University |
| Place of publication: | Frankfurt am Main |
| Document Type: | Working Paper |
| Language: | English |
| Year of Completion: | 2020 |
| Year of first Publication: | 2020 |
| Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Release Date: | 2021/09/08 |
| Tag: | content analysis; diffusion of norms; institutional investors; legal transplants; stewardship codes |
| Issue: | May 2020 Draft |
| Institutes: | Rechtswissenschaft / Rechtswissenschaft |
| Wirtschaftswissenschaften / Wirtschaftswissenschaften | |
| Wissenschaftliche Zentren und koordinierte Programme / House of Finance (HoF) | |
| Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) | |
| Wissenschaftliche Zentren und koordinierte Programme / Sustainable Architecture for Finance in Europe (SAFE) | |
| Wissenschaftliche Zentren und koordinierte Programme / DFG-Forschergruppen / Foundation of Law and Finance | |
| Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| 3 Sozialwissenschaften / 34 Recht / 340 Recht | |
| Sammlungen: | Universitätspublikationen |
| Licence (German): |  Deutsches Urheberrecht |
