Prior empirical research in the accounting and finance literatures has often neglected the role of the state in corporate governance, preferring instead to study relationships between shareholders and directors and the effects of various corporate governance mechanisms on the economic performance of companies. In contrast, accounting and business historians have often examined the legal systems, rules, and regulations that control business enterprises, thereby acknowledging the existence of persistent interactions between the state and business entities through time. The purpose of this article is to illustrate, through a discussion and analysis of several ways in which the state has enacted its role in corporate governance, that state regulation and supervision of business entities has been both commonplace and necessary for the maintenance of a stable economic system.
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