We survey two generations of research on corporate governance systems around the
world, concentrating on countries other than the United States. The first generation
of international corporate governance research is patterned after the US research
that precedes it. These studies examine individual governance mechanisms –
particularly board composition and equity ownership – in individual countries.
The second generation of international corporate governance research considers the
possible impact of differing legal systems on the structure and effectiveness of
corporate governance and compares systems across countries.