CHAPTER 4

Corporate Governance in Mexico

Mexico was a land inhabited by various indigenous civilizations (i.e., Mayas, Aztecs). It was conquered by the Spanish captain Hernán Cortes in 1521. The country today is a blend of its history; 80 percent of its population is a racial mix between the Spanish and the native cultures. It is mostly a collectivist culture that is socially cohesive. It is, thus, a traditionalist society where family, religion, and culture play a key role.

The legal system is based in civil law as for most former colonial members of the Spanish empire. The role of the marketplace is constrained by the government and local interest groups such as unions, political parties, commerce chambers, and private firms. Because of this, ...

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