According to Fligstein and Choo, corporate governance systems arise from:

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Fligstein and Choo argue that corporate governance systems are the product of political and historical processes, meaning that they are shaped by societal and institutional norms that have evolved over time. While government choice and stakeholder activism may play a role in shaping corporate governance, they are ultimately seen as secondary to larger political and historical processes. The needs of owners of capital to maximize profit may also be a factor, but are not the primary driver of corporate governance systems according to Fligstein and Choo.

According to Fligstein and Choo, Corporate Governance Systems Arise From