Basic corporate governance models: a systematic review

Abstract

Purpose – The purpose of this paper is to review the state of existing literature for various corporate governance models by answering specific questions. Much has been written in the recent years on various corporate governance (CG) models, primarily the model of Anglo-Saxon and Continental European. In particular, it investigates most examined model in literature, forums used to publish and research types conducted, as well as basic differences between the two models. Findings of this paper suggest that more evidence-based systematic reviews on various aspects and geographical regions are needed to map the entire field of CG. Design/Methodology/Approach – Much has been written in the recent years on various CG models, primarily the model of Anglo-Saxon and Continental European. This paper attempts to review the state of existing literature for these models by answering specific questions. In particular, it investigates most examined model in literature, forums used to publish and research types conducted, as well as basic differences between the two models. Findings of this paper suggest that more evidence-based systematic reviews on various aspects and geographical regions are needed to map the entire field of CG. Findings – The authors found that although both models are well-reviewed, Continental European model is mostly explored with 47 per cent contributions as compared to Anglo-Saxon with 45 per cent. Moreover, majority of contributions are based on analytical research in terms of research type (30 per cent) and primarily focus on convergence of models. In addition, some 85 per cent of selected studies are based on theoretical research work, which leads to a significant dearth of empirical studies in the literature. Research limitations/implications – The scope of the paper is limited to two basic models of CG, namely, Anglo-Saxon model and Continental European model in context of specific research questions. Practical/implications – The systematic review on the basic models will assist the practitioners and policy-makers in determining the status of existing literature based on evidences. Further, it may facilitate in formulating new laws, regulations, codes and policies. Originality/Value – The authors used evidenced-based systematic approach for conducting literature review of CG models. Systematic review is getting much attention of researchers, as it minimizes the bias by adopting a replicable, scientific and transparent process. This review, as contrary to narrative, contributes to the CG models literature the findings based on evidences.