Research Information System
18th World Business Congress, Tbilisi, Georgia, 1 - 05 July 2009, vol.18, pp.183-193
The aim of this article is to investigate how codes of good governance are institutionalized in developed and emerging economies. The main theoretical explanation is that the process of institutional change follows a different path in the developed economies and in emerging ones. We collected data on codes of good governance for 58 countries at the end of 2008. Our analysis supports the view that all three pillars describe and explain different influences on the legitimacy of corporate governance throughout the world, but taken-for-granted institutionalization has just not been constituted, both in the developed and in emerging economies.