Review

Historical review and taxonomy of international corporate governance

¹*Owolabi Sunday Ajao, PhD, ²Owolabi Titilayo Joy and ³Olotu Ayooluwa

¹Associate Professor of Accounting, Department of Accounting, Babcock University, Nigeria
²School Officer, Babcock Business School, Babcock University, Nigeria
³Babcock University, Nigeria

*Corresponding Author E-mail: emilagba05@yahoo.com; Mobile line: +2348034097016

Accepted September 30, 2013

Abstract

The Study examined the historical background of the development of corporate countries like United States of America, Germany, France, United Kingdom and Nigeria. Each of the countries under review showed different historical background which ranges from family ownership to dispensed shareholders. The study also discovered that in the current situation, most countries are converging towards international corporate governance practices. More executive is given to shareholders’ right and protection, dichotomy of chairman and chief executive officer dispensed shareholdings, functional judicial system and better regulatory framework. The paper recommends that an international code of corporate governance be instituted to guide at least multi-national companies and to support the international financial reporting system which is becoming a universal reporting system.

Keywords: Shareholders, Corporate Governance, Family Ownership, Dispensed Shareholder Security Markets.