This paper demonstrates that different corporate governance systems and corporate ownership structures create different causes for the corporate governance problems within a system, and each cause requires a different solution. Therefore, rules and regulations that are adopted by one country may not be appropriate for another. However, in today's globalizing world, it is important for countries to engage in a detailed analysis of the reform movements in other countries and understand both how and why these reforms were (or were not) successful. Most importantly, transplanting highly developed rules and regulations or adopting the standards used by other countries without the proper foundation or compatible corporate structures means the failure of these legal reforms. In order to ensure successful reform, a country must have the necessary regulatory power to implement and enforce these reforms, as well as a strong, competent judiciary, and a populace informed of the benefits of quality corporate governance.
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