Maassen, G.F., Bosch, F.A.J. van den, and Volberda, H. (2004). The Importance of Disclosure in Corporate Governance Self-regulation Across Europe: A Review of the Winter Report and the EU Action Plan. International Journal of Disclosure and Governance, 1(2): 146-159.
Although self-regulation has proven to be effective for the development of voluntary corporate-governance codes, the results of this study indicate that leading European companies are not yet too concerned about compliance with these codes.
While self-regulation appears to be ineffective to change the disclosure practices of companies, the study concludes that factors relevant for choosing regulatory forms and the impact and risks involved with non-compliance of companies with voluntary codes have determined the Winter Report’s emphasis on self-regulation.
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