A panel analysis of corporate governance spillovers among the G7, BRICS, and GIIPS countries

Abstract

This study uses the Worldwide Governance Indicators (WGI) developed by the World Bank to examine a cross-country corporate governance spillover effect among the G7, BRICS, and GIIPS countries during the period of 1996–2014. The panel unit root tests show stationary panel time series properties of the WGI among these country groups. However, the results of panel vector autoregression partially support the spillover effect, which the U.S. possesses a governance-influence over the GIIPS and BRICS countries, but not for the remaining G7 countries.

Keywords

• Corporate governance
• spillovers
• worldwide governance indicators
• G3
• F4
• F6