Europeanization and the Soft Law Process of EU Corporate Governance: How has the 2003 Action Plan Impacted on National Corporate Governance Codes?

Abstract

This study explores Europeanization, the interrelationship between domestic and EU-level policy activity. Specifically, it asks how domestic policy is affected by EU-level (soft-law) policy processes. This contrasts with the hard-law focus of most Europeanization research.Our empirical analysis seeks to determine the extent to which the European Commission's 2003 plan to enhance corporate governance delivered on its aim of 'co-ordinating corporate governance efforts of member states'. This study thus differs from most others on convergence in corporate governance regimes, which look for evidence of convergence per se, rather than convergence towards a specified set of principles. Applying content analysis and econometric tests to 95 corporate governance codes issued between 1992 and mid-2010, we find that the Action Plan has influenced member states' corporate governance policies.However, the degree of national policy alignment to the Action Plan's priorities depends on when the corporate governance code was issued, where, and by whom.3

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