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European Style of Corporate Governance at the Crossroads[Note 1. I have benefited greatly from discussions at the working ...]
Author(s) -
Rebérioux Antoine
Publication year - 2002
Publication title -
jcms: journal of common market studies
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.54
H-Index - 90
eISSN - 1468-5965
pISSN - 0021-9886
DOI - 10.1111/1468-5965.00346
Subject(s) - corporate governance , convergence (economics) , european union , ideology , context (archaeology) , shareholder value , democracy , globalization , style (visual arts) , shareholder , economic system , economic governance , political science , value (mathematics) , accounting , diversity (politics) , economics , market economy , business , international economics , management , macroeconomics , politics , law , paleontology , history , archaeology , machine learning , biology , computer science
This article examines the basic principles of the continental European style of corporate governance, and its evolution in the context of the globalization of financial markets. By stressing the role of worker involvement, shareholder value, as an (economic) theory of the firm, as a practice and as an ideology, is critically assessed. Also, the thesis of national models’ convergence is rejected, in favour of an approach rooted in ‘institutional complementarities’. To sustain and illustrate our main conclusions, recent developments in France and Germany are studied. Finally, the current building up of a regulatory framework in the European Union — characterized by a model of corporate governance based on workplace democracy — is analysed.