Political Determinants of Corporate Governance: Political Context, Corporate Impact / Edition 1

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The political and social predicates that make the large firm possible and that shape its form are not always taken into account, despite the fact that variation in the political and social environment can deeply affect which firms, which ownership structures, and which governance arrangements survive and prosper. Focussing on the US, the larger nations in continental Europe, and Japan, Mark Roe uses statistical and qualitative analyses to explore the relationship between politics, history, and business organization.

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Editorial Reviews

From the Publisher
"Mark J. Roe's compact but probing study investigates a previously overlooked variable in the development of corporate governance structures: political cultureProfessor Roe supports his provocative thesis with empirical data as well as rich qualitative descriptions of the interactions between corporate governance and politics in eight economically advanced nations."—Harvard Law Review
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Product Details

  • ISBN-13: 9780199205301
  • Publisher: Oxford University Press, USA
  • Publication date: 9/21/2006
  • Series: Clarendon Lectures in Management Studies Series
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 256
  • Product dimensions: 9.10 (w) x 6.10 (h) x 0.60 (d)

Meet the Author

Mark J. Roe is Berg Professor Law at the Harvard Law School. He has previously held positions at Columbia University School of Law; University of Pennsylvania School of Law; and Rutgers University School of Law. His publications include Corporate Reorganization and Bankruptcy: Legal and Financial Materials (Foundation Press, 2000) and Strong Managers, Weak Owners: The Political Roots of American Corporate Finance (Princeton University Press, 1994).

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Table of Contents

List of Graphs and Figures
List of Tables
Introduction 1
Pt. I Political Conflict and the Corporation 11
1 Peace as Predicate 13
2 The Wealthy West's Differing Corporate Governance Structures 16
3 A General Theory 21
Pt. II Social Conflict and the Institutions of Corporate Governance 27
4 Social Democracies and Agency Costs: Raising the Stakes 29
5 Reducing Shareholders' Power to Control Managers 38
Pt. III Left-Right Politics and Ownership Separation: Data 47
6 Data and Confirmation 49
Pt. IV Nation by Nation 63
7 France 65
8 Germany 71
9 Italy 83
10 Japan 87
11 Sweden 94
12 United Kingdom 98
13 United States 104
14 Extending the Sample? 106
Pt. V The Direction of Casuality 109
15 Alternative Formulations of the Thesis 111
16 Backlash 116
17 Contract as Metaphor 123
18 Rents 125
19 Rents and Politics 134
20 Rents and Ownership Concentration 142
21 Political Change in Continental Europe 150
22 Alternative Formulations: Data 154
Pt. VI Corporate Law's Limits 159
23 Corporate Law as the Foundation for Securities Markets: The Theory 161
24 Its Limits: Theory 168
25 Its Limits: Data 183
26 The Quality of Corporate Law and its Limits 194
Pt. VII Unifying Two Political Theories 197
27 Populism and Socialism in Corporate Governance 199
Conclusion 201
Acknowledgements 205
Bibliography 207
Index 221
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