After the studies of Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shlifer and Robert Vishny(hereafter LLSV), it is considered that the common law system may protect investors and improve the corporate governance, and therefore it is superior to civil law system for the corporate governance. However, this study shows that the legal origin theory explains only a few aspects of corporate governance, and modern politics is an alternative explanation for divergent ownership structure and differing depths of securities markets in the developed countries. Roe(2006) explains that nearly every core civil law nation suffered military invation and occupation in the twentieth century, while no core common law nation collapsed under that kind of catastrophe. Therefore, this study insists that, in order to analyze the general studies on corporate governance, researchers must concern not only legal system but also government’'s interruption, political positions of people, the degree of labor protection, tax systems on dividends, competition policies and regulation systems. Additionally, this study shows some implication to Korean corporate governance issues.