Corporate Governance - Legal Fiction or Economic Reality?

In the past few years, corporate governance has become a popular area of discussionin continental Europe. Having been a topic of academic research for a longtime in the Anglo-Saxon literature, corporate governance has only recently movedfrom a special interest into all sections of the corporate sector and the political scene.For example, the recent publication of the German Corporate Governance Code forpublicly listed companies has for the first time established a unique standard of “bestpractice” with rules and recommendations for German publicly listed firms. A similarcode for Switzerland is on the way. There are three principal drivers for an increaseddemand for good corporate governance...