Corporate Governance, Innovation Systems and Industrial Performance

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Abstract
The effective corporate governance of innovating firms calls for a capacity to deal with novelty, visibility and appropriability. Such capacities are found to vary among sectors, in terms of industry-specific expertise, firm-specific perceptiveness, and (sometimes) stakeholder enfranchisement. They also vary between countries, according to their corporate governance systems, as outlined in the paper for the cases of Germany, France, Britain and the United States. The paper shows how the differences described can help to explain the propensity for national industrial specialization in these countries, and describes the results of statistical tests of the hypothesis.