Differentiates market (e.g. USA) from group‐based (e.g. Germany) corporate governance systems, traces their evolution … and asks whether they are converging. Puts forward a theoretical convergence model based on the belief that agency … for corporate control and the focus on shareholder value creation/activism. Presents statistics from the USA, UK, Germany …

governance, changes occur in the same or similar direction lines (the phenomenon of convergence). It can be also observed that …

for the issue of rapid convergence to the best system. In addition, we introduce a formal concept of complementarity and … of systems composed of complementary elements are such that a rapid convergence towards a universally best corporate … complementarity, that there even is the possibility of a convergence towards a common system which is economically inferior. And in …