A large body of empirical evidence indicates that corporate governance and investor protection are better in countries that are more advanced in their economic and political development. This pattern is usually interpreted as support for the argument that improved corporate governance and investor protection leads to such development.
然而，在其他一些国家里，上市公司通常有一个具有决策权的董事会。相关的法规就是为了制衡大股东的权力，保护小股东的利益。但是，那些公司管理者或许会规避管理，从而侵害到小股东的利益。