Political Determinants of Corporate Governance Political Context, Corporate Impact

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Format: Hardcover
Pub. Date: 2003-02-20
Publisher(s): Oxford University Press
List Price: $229.33

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Summary

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.

Author Biography


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).

Table of Contents

List of Graphs and Figures
xi
List of Tables
xii
Introduction 1(10)
Part I Political Conflict and the Corporation 11(16)
Peace as Predicate
13(3)
The Wealthy West's Differing Corporate Governance Structures
16(5)
A General Theory
21(6)
Part II Social Conflict and the Institutions of Corporate Governance 27(20)
Social Democracies and Agency Costs: Raising the Stakes
29(9)
Reducing Shareholders' Power to Control Managers
38(9)
Part III Left-Right Politics and Ownership Separation: Data 47(16)
Data and Confirmation
49(14)
Part IV Nation by Nation 63(46)
France
65(6)
Germany
71(12)
Italy
83(4)
Japan
87(7)
Sweden
94(4)
United Kingdom
98(6)
United States
104(2)
Extending the Sample?
106(3)
Part V The Direction of Causality 109(50)
Alternative Formulations of the Thesis
111(5)
Backlash
116(7)
Contract as Metaphor
123(2)
Rents
125(9)
Rents and Politics
134(8)
Rents and Ownership Concentration
142(8)
Political Change in Continental Europe
150(4)
Alternative Formulations: Data
154(5)
Part VI Corporate Law's Limits 159(38)
Corporate Law as the Foundation for Securities Markets: The Theory
161(7)
Its Limits: Theory
168(15)
Its Limits: Data
183(11)
The Quality of Corporate Law and its Limits
194(3)
Part VII Unifying Two Political Theories 197(4)
Populism and Socialism in Corporate Governance
199(2)
Conclusion 201(4)
Acknowledgements 205(2)
Bibliography 207(14)
Index 221

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