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A Primer on Corporate Governance by Alessandro Zattoni, Andrea Melis

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CHAPTER 8

Current and Future Governance Challenges in the Italian Economy

Convergence Toward a Global Model?

According to some governance scholars, market and efficiency forces will drive national economic systems to converge toward one superior model. Scholars supporting this view argue that the convergence will be the result of the pressure coming from both the globalization of product and capital markets and the actions of Anglo-American institutional investors (see, for example, Coffee 2005; Gordon and Roe 2004; Hansmann and Kraakman 2004; La Porta, Lopez-de-Silanes, Shleifer, and Vishny, 1997, 1998). These forces will create a competition among national governance systems and increase the pressure on political elites to improve the effectiveness ...

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