Corporate governance lies at the heart of contemporary debates over internationalization and varieties of capitalism. Despite this growing attention to cross-national diversity, a unified comparative framework remains elusive. This article develops a theoretical model to describe and explain...

The U.S. is often seen as being the paradigmatic case of the shareholder-oriented or market-based model to corporate governance, and described in terms of several inter-related elements: activist institutional investors, an open market for corporate control, independent outside directors on the...