EBOOK Corporate Governance, Competition, and Political Parties:Explaining Corporate Governance Chang -

EBOOK Corporate Governance, Competition, and Political Parties:Explaining Corporate Governance Chang
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Wydawnictwo: Oxford University Press
ISBN: 9780191610356
EAN: 0ED2C05FEB
Format: 0,0 x 0,0 x 0,0
Oprawa: ...
Stron: 348
Data wydania: 2010
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The corporate governance systems of continental Europe have traditionally been        quite different to those of the liberal market economies (e.g. the US and the UK).          Company ownership has been dominated by incumbent blockholders, with a relatively        minor role for minority shareholders and institutional investors. Business strategy        has focused on the achievement of social stability - taking into account the        interests of a broad group stakeholders - rather than the maximisation ofshareholder        value.However, since the mid-1990s, European corporations have adopted many of the        characteristics of the Anglo-American shareholder model. Furthermore, such an        increased shareholder-orientation has coincided with a significant role for the Left        in European government. This presents a puzzle, as conventional wisdom does not        usually conceive of the Left as an enthusiastic proponent of pro-shareholder        capitalism. This book provides an analysis of this paradox by examining how economic        factors haveinteracted with the policy preferences of political parties to cause a        significant change in the European system of corporate governance.This book argues        that the post-war support of the European Left for the prevailing        blockholder-dominated corporate system depended on the willingness of blockholders        to share economic rents with employees, both through higher wages and greater        employment stability. However, during the 1990s, product markets became more        competitive in many European countries. The sharing of rents between social actors        became increasingly difficult to sustain. In such an environment, the Left        relinquished itstraditional social partnership with blockholders and embraced many        aspects of the shareholder model.This explanation is supported through a panel data        econometric analysis of 15 non-liberal market economies. Subsequent case study        chapters examine the political economy of recent corporate governance change in        Germany and Italy.

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