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Part III - Post-crisis corporate governance: the search for new directions

Published online by Cambridge University Press:  05 August 2011

William Sun
Affiliation:
Leeds Metropolitan University
Jim Stewart
Affiliation:
Leeds Metropolitan University
David Pollard
Affiliation:
Leeds Metropolitan University
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Summary

The contributions in the final part explore and point to new directions for corporate governance research and reforms as a post-crisis agenda. Peer Zumbansen begins by questioning the current functional and ahistorical approach in comparative law and corporate governance research, which is more interested in exploring and designing regulatory responses towards the quick ‘fixing’ of the system failures, without a fundamental understanding of the changing, evolving and increasingly complex nature of the business corporation and its regulatory environment. Examining the evolution of European capital market law and corporate governance harmonization, he recognizes the increasingly multilevel and trans-territorialized norm production in corporate governance as an ephemeral ‘double movement’: the attempted liberation of the national regulatory constraints as required by business globalization on the one side, and the inevitably embedded nature of corporate norms in distinct socio-economic cultures and historically grown legal and institutional frameworks on the other side. Zumbansen argues that the rapid developments of globalization of markets, information technology, knowledge economy and the ‘financialization’ of the corporation have opened up regulatory spaces and transformed formal rule creation in politically embedded state legal systems towards an emerging system of decentralized and specialized transnational regulatory regimes that unfolds in a web of hard and soft laws, which blur the regulatory boundaries between national and international, public and private, formal and informal. This phenomenon is what he calls ‘transnational legal pluralism’, the new embeddedness of the firm.

Type
Chapter
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Corporate Governance and the Global Financial Crisis
International Perspectives
, pp. 243 - 247
Publisher: Cambridge University Press
Print publication year: 2011

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