The purpose of this paper is to examine empirically the evolution of corporate compliance with the eighth Company Law Directive (CLD) over time, the relationship between the degree of compliance with the eighth CLD and corporate governance quality (CGQ), and the relative effect of compliance with the eighth CLD and Sarbanes–Oxley Act (SOX) on CGQ.,The hypotheses are tested on a sample of EU firms that are cross listed in the EU and the USA and, thus, subject to both EU and US legislation, using fixed effects panel regression analysis.,The authors find that compliance levels with the eighth CLD are increasing over time, yet they vary considerably across constituent provisions. The authors also find that higher compliance is positively related to CGQ, although the effect size is higher for compliance with the eighth CLD than for compliance with SOX.,This study is original from many perspectives. Unlike most prior studies, which rely on binary variables to represent the constructs appraised in this study, novel and advanced measures of compliance and CGQ are constructed. Next, this study examines EU firms that have received very little research interest compared to US firms. Third, in an innovative approach, the authors appraise the relationship between the degree of compliance and CGQ longitudinally at both the aggregate and the constituent provision levels.

中文翻译：

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替代性监管政策，合规性和公司治理质量

本文的目的是通过实证检验随着时间的推移，公司对第八个公司法指令（CLD）的遵守情况的演变，对第八个CLD的遵守程度与公司治理质量（CGQ）之间的关系以及符合关于CGQ的第八个CLD和《萨班斯法案》（Sarbanes-Oxley Act（SOX））。假设是通过在欧盟和美国交叉上市的欧盟公司的样本进行检验的，因此，在使用欧盟和美国法律的前提下，固定效应小组回归分析。作者发现，第八个CLD的遵从水平随着时间的推移而增加，但是在各个构成条款之间却有很大差异。作者还发现，较高的依从性与CGQ呈正相关，尽管符合第八个CLD的影响大小比符合SOX的影响大。这项研究是多角度原创的。与大多数以前的研究依靠二进制变量来代表本研究中评估的结构不同，本研究构建了新的和高级的依从性和CGQ度量。接下来，本研究考察了与美国公司相比研究兴趣很小的欧盟公司。第三，作者采用一种创新的方法，从总体和构成要素层面上纵向评估了遵从程度和CGQ之间的关系。