The invention, innovation and diffusion of self-regulation in corporate governance

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    In this article the self-regulation of corporate governance is examined within the framework of Schumpeter's ideas on invention, innovation and diffusion; a framework which is more usually applied to technological change. The article has two aims: to present recent developments relating to the corporate governance debate and to suggest that Schumpeter's model could be applied, with modifications, to this and possibly other areas of the law. The claims which are made in respect of each aim are fairly modest. The contribution to the corporate governance debate is one of synthesis. This article brings together for the first time corporate governance codes developed for use in three different settings. It shows how the development of these codes can be seen as the diffusion of a technology, but with incremental innovation. In relation to wider applications, Schumpeter's model is merely proffered as one which could usefully be adapted in the future.
    Original languageEnglish
    Pages (from-to)322-334
    Number of pages13
    JournalNorthern Ireland Legal Quarterly
    Issue number3
    Publication statusPublished - 1996


    • Company law
    • Accountability
    • Codes of practice
    • Corporate governance
    • Economics and law


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