| A History of Corporate Governance around the World: Family Business Groups to Professional Managers
The Rise and Fall of the Widely Held Firm: A History of Corporate Ownership in Canada
This chapter features an admirable effort by by Morck, Percy, Tian, and Yeung to apply recent developments in law and finance theory to a longitudinal country-level case study. The authors closely examine nearly 500 years of Canadian corporate governance and analyze the numerous institutional changes that occurred, particularly over the past two centuries. The fruits of the authors' efforts are a series of questions that can be asked about the underlying theory itself. This longitudinal case study points the way forward for a more complete and nuanced corporate governance theory that does not seek to find the one "magic bullet" institution that leads to better governance, but instead looks for strong and positive interaction effects between mutually reinforcing sets of institutions.
Keywords: corporate governance theory;