5.3.2 Expected research results for univariate analysis

The univariate analysis (descriptive statistics) focuses mainly on the trends and developments in the code compliance for the purpose of establishing where code compliance currently stands or is heading to. This kind of research has been conducted before, although not based on one large dataset consisting of companies from different countries and covering a period of more than one year. It is assumed that, based on this extensive dataset, a univariate analysis will contribute to the purpose of this research, so the conditions can be formulated that need to be put in place for the comply or explain principle to work most effectively within the EU corporate governance framework. Trends in the lay-out of the corporate governance statements are analysed, as well as the developments in the level of compliance over time and per country, in temporary non-compliance due to implementation issues and trends in the quality and category of the reasons provided for non-compliance. Finally, the top 5 deviations and reasons provided for non-compliance are reviewed. An overall tendency towards more compliance over time and convergence between the countries under review is expected, as well as an improvement in the quality of the reasons provided for non-compliance, not neglecting the fact that strong national cultural features can still be seen.