Abstract
The European Union (EU) aims to create a market without borders. In an effort to harmonize the various systems of corporate governance and corporate control currently represented in Europe, EU policymakers early on drafted proposals for a unionwide system, such as the corporate structure directive of 1972 and the takeover directive of 1989. None of these directives has yet been finalized, and it is not clear whether a single governance system will, in fact, result from these political efforts. However, there are also economic reasons that make a unified system desirable (e.g., transaction and information costs). Once a new system develops, the question is whether this system will be both politically viable and economically efficient.
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Schaede, U. (1995). Toward a New System of Corporate Governance in the European Union: An Integrative Model of the Anglo-American and Germanic Systems. In: Eichengreen, B., Frieden, J., von Hagen, J. (eds) Politics and Institutions in an Integrated Europe. European and Transatlantic Studies. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-57811-3_5
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