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The Second Time as Farce? The EU Takeover Directive, the Clash of Capitalisms and the Hamstrung Harmonization of European (and French) Corporate Governance *
Author(s) -
CLIFT BEN
Publication year - 2009
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/j.1468-5965.2008.00801.x
Subject(s) - harmonization , directive , corporate governance , commission , political science , european commission , european union , clarity , capitalism , economics , political economy , law , international trade , politics , finance , biochemistry , chemistry , physics , computer science , acoustics , programming language
This article focuses on the EU Takeover Directive and its transposition into French law. French outcomes diverge from European Commission aspirations for greater clarity and uniformity. The clash of European capitalisms as well as heightened uncertainty and differentiation in takeover regulation exacerbate problems of asymmetric vulnerability of EU states (and firms) to the European Commission's liberal reform agenda. This explains the failings of EU‐level harmonization of varieties of capitalism and corporate governance.