Path Dependence, Corporate Governance and Complementarity

By R. Schmidt, G. Spindler. 2002

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Corporate Governance in Germany: An Economic Perspective (2003, unknown): “…of a system, while consistency represents 3 See especially Schmidt and Grohs (2000), Schmidt (2001) and the references given there, as well as Schmidt and Spindler (2002) with respect to corporate governance systems, and Hackethal and Schmidt (2000), Tyrell and Schmidt (2001) and Schmidt et…”
Complementary or Substitutive Effects? Corporate Governance Mechanisms and Corporate Social Responsibility (2018, background): “The complementary perspective suggests that multiple governance mechanisms together increase shareholders’ wealth in a synergistic fashion (Hoskisson et al., 2009; Schepker & Oh, 2013; Schmidt & Spindler, 2002).”
Economic Consequences of Financial Reporting and Disclosure Regulation: A Review and Suggestions for Future Research (2008, unknown): “45 Complementarities also imply that countries‟ institutional systems exhibit path dependence, which in turn suggests a role for historical analyses (e.g., Bebchuk and Roe, 1999; Schmidt and Spindler, 2002).”
The Role of Accounting in the German Financial System (2003, unknown): “However, complementarities among the elements of the institutional framework make it unlikely that reforms take hold unless several other elements of the system are changed simultaneously (e.g. Ball, 2001; Schmidt and Spindler 2002).”