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A Primer on Corporate Governance: by Jean Chen

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CHAPTER 4

Internal Corporate Governance Mechanisms

Boards of Directors

Board Structure and Composition

In developed economies, two broad types of governance structure can be distinguished (Shleifer and Vishny 1997). One is the insider or neocorporatist model, such as the Japanese–Germanic model, which relies on large institutional stakeholders such as banks for effective governance. The other is the outsider or neoliberal model, such as the ­Anglo-American model, which relies on capital market discipline and the legal ­system. China should not try to copy microlevel corporate governance ­models from developed countries, whether neoliberal or neocorporatist. ­Nevertheless, it is argued that for former state-owned enterprises (SOEs) a neocorporatist ...

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