| Summary/Abstract |
IN THE context of financial globalization, international financial markets have had a strong impact on the traditional structure of corporate governance in Europe. This has manifested itself in, among other things, the strengthening of European companies' work with private investors, the recalibrating of income policy to reap short-term profits in capital markets, and the aligning of accounting practices with Anglo-American financial reporting standards [Höpner, 2003:67]. Of course, the scale and depth of this transformation has differed between northern and southern European countries on account of the distinctive features of the local business culture and differences between the socioeconomic development models practiced in these countries.
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