What accounts for the observed differences across national systems of corporate governance? This chapter analyzes the importance of diversity in regard to institutional arrangements of corporate governance. Institutional analyses of comparative corporate governance raise many issues also found in other areas of the social sciences: the interaction between different institutional features of an economy; and the importance of complex causation resulting from the presence of many institutional variables. The analysis of these issues in this chapter is structured around the three two most prominent theoretical perspectives: law and economics, and politics. Additional materials drawing from economic sociology are also presented. The chapter concludes by highlighting two important tasks: accounting for divergence across national systems of corporate governance in a context of change; assessing the relative weight of causal factors in processes of complex causation.
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