Corporate Governance in Transition: Ten Empirical Findings on Shareholder Value and Industrial Relations in Germany.
Опубликовано на портале: 20-11-2008
MPIfG, Discussion Paper.
2001.
No. 01/5.
Тематический раздел:
Within the context of debates over national “varieties” of capitalism,
this paper discusses
the shareholder value orientation of the 40 largest listed German companies.
Three dimensions of shareholder value are distinguished: the communicative dimension,
the operative dimension and the dimension of managerial compensation. A
shareholder value index compiling data on accounting, investor relations, variable
top-management compensation and the implementation of profitability goals makes
it possible to compare the shareholder orientations of the companies. The shareholder
value phenomenon is explained first by the exposure to markets – the international
product market, capital market pressures and the market for corporate control –
and,
secondly, by internal developments – changing management careers, increasing
management compensation and reduced monitoring by banks and corporate networks
– which cause external impulses to increase shareholder value to fall on fertile
ground. Conflicts over shareholder orientation result in changing coalitions between
shareholders, management, and employees. Shareholder value does not make companies
opt out of central collective agreements or endanger the existence of employees’
codetermination, but it does lead to more market-driven industrial relations.
Ключевые слова
comparative political economy corporate governance german economy German model industrial relations shareholder value varieties of capitalism
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