Rethinking Corporate Governance: From Shareholder Value to Stakeholder Value

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Kluwer Law International, 2011 - Business & Economics - 359 pages
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Now that the economic orthodoxy of 'light-touch' regulation has been widely discredited by recent events in the financial markets, and shareholder-oriented management has come under intense scrutiny, it is time to seriously consider the merits of stakeholder-oriented economies. In this far-reaching symposium on this aspect of comparative labour relations, 35 scholars examine case studies and evolving scenarios in a wide variety of countries, from leading economic powers such as the United States, the United Kingdom, and Germany to post-socialist states such as Poland, Hungary, and Bulgaria to the formidable global economic presences of Brazil, Russia, and India. With contributions from leading experts from all around the world in the fields of labour law, industrial relations, labour economics, labour statistics, human resources management, organization theory and other related subjects, the papers focus on the impact of the global economic crisis and its implications for the future of employment. Specific contexts covered include: ; adversarial versus strategic collective bargaining; transnational collective bargaining; long-term employees as the most valuable corporate stakeholders; workers' voice and participation in the restructuring of undertakings; privatization of state-owned companies; executive pay; investment in vocational training in times of economic crisis; the impact of the EU's Cross-Border Merger Directive; inherent dangers in the EMU one-size-fits-all monetary policy; and cases of large-scale corporate fraud. Of particular interest is the treatment of important developments in Singapore and Nigeria, as well as lessons to be learned from pitfalls encountered in South Africa and other countries. With its theoretical arguments and empirical data, this volume is certainly a major contribution to the debate over whether shareholder or stakeholder approaches to management yield the best results in terms of employment outcomes. As the world economic crisis continues to take its toll on employment, pension funds, public services, and living standards, the book is sure to find a wide audience among policymakers and lawyers worldwide concerned with the future of employment relations and their effect on both productivity and social stability. This volume includes a selection of papers from the Eighth International Conference in commemoration of Marco Biagi held at the Marco Biagi Foundation in Modena, Italy in March 2010.
 

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Contents

Collective Bargaining
3
External Factors
19
Summary and Conclusions
24
Chapter 2
29
Chapter 3
39
Conclusion
54
Chapter 4
59
Industrial Relations Systems
60
Conclusions
252
Chapter 16
255
The Challenge of a Social Dimension
262
New Institutional Mechanisms
268
Chapter 17
271
Trends in Participation in Training Activities Over the Last Four
275
Bibliography
281
Chapter 18
283

Political Conditions and MacroFocused Unions
66
Chapter 5
71
Problems and Prospects
72
Chapter 6
79
Conclusions
85
Chapter 7
91
Involvement and Restructuring through Reduction
98
Chapter 8
105
Employees Involvement in Poland
112
Conclusions
118
Chapter 9
121
Do Employee Representatives Make a Difference?
124
Employee RepresentativesStakeholder Representatives?
126
Conclusions and Research Implications
137
Chapter 10
141
Concluding Remarks
159
Chapter 11
165
The Origins of the Limited Liability Company
169
Chapter 12
175
Some Potentially CrossCutting
190
Chapter 13
195
CSR in Bulgaria
196
CSR in the Context of Industrial Relations Social Dialogue
207
Chapter 14
211
Labor Regulation and Shareholder Protection
212
Informal Norms and Institutional Complementarities
218
Legal Development and CrossNational Diversity
224
Conclusions
230
Chapter 15
237
HR Structures and Policies InsideOriented Governance
246
The Different Approaches
284
EBLR in Europe in a Shareholder and Stakeholder Perspective
285
A Germany
286
B Sweden
287
A Brief History
288
The CBM Directive in General
289
Employee Participation Under the CBM Directive
291
Alternative Regime
293
Possible Complications
294
Conclusion
297
Chapter 19
299
Models
300
Jobless Growth
301
Economic Restructuring
302
Financial Restructuring
304
From Stakeholder to Shareholder
305
Concluding Remarks
307
Bibliography
308
Chapter 20
311
The ResourceBasedView of the Firm
313
TopDown Governance in the NHS in Scotland
315
BottomUp Value Increasing? Governance
318
Mutuality Organizational Democracy
320
Balancing the Interests of Shareholders and Stakeholders
327
Shift from Shareholder to Stakeholder Value
334
Balancing the Interests of Stakeholders and Shareholders
340
Bibliography
346
Chapter 22
353
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