S-Space Graduate School of Public Administration (행정대학원) Dept. of Public Administration (행정학과) Korean Journal of Policy Studies (정책논총) Korean Journal of Policy Studies (정책논총) vol.16(2) (2002)
A Study of Institutional Change: Corporate Governance Reform in Britain
- Ha, Tae-Soo
- Issue Date
- Korean Journal of Policy Studies, Vol.16 No.2, pp. 33-47
- This article analyzes corporate governance reform in Britain from the viewpoint of historical institutionalism. There have been three stages of reforms since the early-1970s: pure self-regulation, semi-statutory self-regulation and statutory regualtion. Despite these changes, however, there appeared institutional persistence, the maintenance of the Anglo-Saxon Corporate Governance Model. Although there had been several movements that had intended to introduce the Germany-originated Rhine Model to Britain, they all failed. This phenomenon resulted from three institutional structures: the Outside Initiative Policy Agenda-Setting Model, finance-dominating finance-industry relationship and the relatively strong and autonomous status of the British economy within the world economy.