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In fact, materially changing prevailing corporate governance models could destabilise the equilibrium. Different corporate governance models coincide with differences in legislation like company law and capital market law. Differences in content of the judicial system reflect cultural and historical differences. These differences have considerable consequences. Regulation visibly affects the relationship between ownership and control. Regulation has a significant influence on control patterns. Control is concentrated in forms which regulation confers particular advantages.

Van der Elst (2001). 2 The financial sector The financial sector is composed of banks, insurance companies, pension funds and investment funds. In the strict sense, only the latter three are true 'institutional investors', meaning that their main role is investing large volumes of money on behalf of their clients or members. ). As financial intermediaries they also offer investment funds and other saving vehicles. It is mainly in this last capacity that they also act as an institutional investor.

Without greater detail within the category of foreign shareholders, it is not possible to measure the correct proportion of institutional investors in those countries with a large/growing share of foreign capital. Taking into consideration that the relative importance of foreign ownership has decreased in Belgium, it can be questioned to what extent the contrary evolution is happening there, namely that foreign institutional investors have decreased their presence61. Quite substantial differences can be observed within the Anglo-American or market-oriented model (Table 4 and Table 5).

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