The emergence of the economy of knowledge has resulted in, among other consequences, the triumph of globalization and market liberalization, the primacy of the individual as a competitive critical factor and the crisis of the relevance of financial information, its comparability and reliability....

An international reaction was required to the financial scandals of recent years, and some States started to reform corporate governance. Two main systems were used – self-regulation through good governance codes, and legislative measures to achieve transparency in financial markets. The...