International corporate governance

Table: International corporate governance - Tentative characterizations of legal and empirical state of large firm creditor structures in various countries as of 1980-1995:

Developing countries
Germany
Japan
Anglo-American countries
Denmark

Introduction: Some of the characterizations can be found in Shleifer and Vishny [1996, pages 49-55]. 2) Precautionary statement: The first version of this table was primarily made out of memory and consequently it lacks adequate references and may contain errors about the actual legal and empirical state of the different institutions. As time passes more references will be added.

Tentative characterizations of legal and empirical state of large firm creditor structures in developing countries as of 1980-1995

A) Laws on debt structure.

Legal state: Some barriers. Public issuing of corporate bonds is often forbidden.

Empirical state: Bank lending is the only important source of debt.

Tentative characterizations of legal and empirical state of large firm creditor structures in Germany as of 1980-1995

A) Laws on debt structure.

Legal state: Few barriers.

Empirical state: Non-public bank lending is completely dominating, and only a few firms issue public corporate bonds. The degree of concentration is generally very high.

Tentative characterizations of legal and empirical state of large firm creditor structures in Japan as of 1980-1995

A) Laws on debt structure.

Legal state: Few restrictions. However, until recently public issuing of corporate bonds was forbidden.

Empirical state: Non-public bank lending is dominating. However, contrary to other governance systems, public debt is also beginning to play a role.

Tentative characterizations of legal and empirical state of large firm creditor structures in Anglo-American countries as of 1980-1995:

A) Laws on debt structure.

Legal state: Few barriers. Every kind of debt finance is allowed.

Empirical state: Non-public bank lending is dominating. However, contrary to other governance systems, public debt also plays a mayor role.

Tentative characterizations of legal and empirical state of large firm creditor structures in Denmark as of 1980-1995

A) Laws on debt structure.

Legal state: Few barriers.

Empirical state: Non-public bank lending is completely dominating, and only a few firms issue public corporate bonds.