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1701. The Effects of Convergence: Internationalisation and the Changing Distribution of Net Value Added in Large German Firms

Author:
Anke Hassel and Jürgen Beyer
Publication Date:
11-2001
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
The paper examines whether and how the increasing internationalisation of firms impacts on the operation of a co-ordinated market economy. Following the tenets of agency theory it assumes that an emerging market for corporate control changes the monitoring mechanisms that oversee management. Since Anglo- American forms of monitoring are usually associated with a higher return for investors compared with Continental European firms, a change in the distribution of the net value added of firms is expected. Using financial data on 59 large German companies, the paper shows that the emerging convergence of German corporate governance practices to Anglo-American standards has had a weak, but significant, impact on the distribution of net value added. This is in contrast to the impact of the internationalisation of firms on product markets, which does not have an effect. Since the market for corporate control is, however, still underdeveloped in Germany, the main effects remain to be seen.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
America, Europe, and Germany

1702. An Emerging Market for Corporate Control? The Mannesmann Takeover and German Corporate Governance

Author:
Gregory Jackson and Martin Hopner
Publication Date:
04-2001
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
Corporate governance in Germany is often described as a bank-oriented, blockholder or stakeholder model where markets for corporate control have not played a significant role. This case study of the hostile takeover of Mannesmann AG by Vodafone in 2000 demonstrates how systemic changes during the 1990s have eroded past institutional barriers to takeovers. These changes include the strategic reorientation of German banks from the “house bank” to investment banking, the growing consensus and productivity orientation of employee codetermination and corporate law reform. A significant segment of German corporations are now subjected to a market for corporate control. The implications for the German model are examined in light of both claims by agency theory for the efficiency of takeover markets, as well as the institutional complementarities within Germany's specific “variety” of capitalism. While the efficiency effects are questionable, the growing pressures for German corporations to achieve the higher stock market valuations of their Anglo-American competitors threaten the distributional compromises underlying the German model.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
America and Germany

1703. Special Policy Forum Report: The Status of Middle Eastern Studies in America

Author:
Michael Kramer
Publication Date:
10-2001
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
Two decades ago, a generation of Middle East scholars in America revolted against their teachers — the founders of Middle Eastern studies in America. They did so in a bid to revitalize funding and job opportunities in the field. The banner they waived was that of Edward Said's 1978 Orientalism, in which he argued that Europeans and Americans were afflicted by bias when analyzing trends in the region. In effect, that left Middle Easterners as the only scholars who could claim to study the region objectively. Said's followers then proceeded to take over the field of Middle Eastern studies in America. But now, the revolutionaries have become the establishment, and it is time for the younger generation of Middle East scholars to effect a revolution against their own teachers..
Topic:
Security, NATO, Arms Control and Proliferation, Religion, and Terrorism
Political Geography:
America, Washington, Middle East, and Arab Countries

1704. Shaykh Dr. Yousef Al-Qaradawi: Dr. Jekyll and Mr. Hyde

Author:
Reuven Paz
Publication Date:
10-2001
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
Shaykh Yousef al-Qaradawi, head of the Sunni studies department at Qatar University and a well-known Islamic scholar, was the first in the Arab Sunni world to Islamically legitimate the suicide operations of Hamas (1995). But he was also among the first Islamic scholars to condemn the September 11 attack on the United States. In mid-October, he joined four other scholars in sanctioning the participation of American Muslim military personnel in the attack on Afghanistan, as long as they were not involved in fighting and only in administrative and logistics activities. This report was viewed by American Muslims as a ruling, but the statement has not appeared on his official website (www.qaradawi.net) alongside his other rulings, articles, and interviews. Do his post-September 11 statements indicate a change in view?
Topic:
Security, NATO, Arms Control and Proliferation, Islam, Religion, and Terrorism
Political Geography:
United States, America, Middle East, and Arab Countries

1705. September 11 and the Saudi Arabian Connection

Author:
Joshua Teitelbaum
Publication Date:
10-2001
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
Secretary of Defense Donald Rumsfeld's visit to the Middle East and Central Asia last week — in an attempt to shore up the coalition against anti-American terrorism — brought him to Saudi Arabia as well. The Saudi government has neither openly acknowledged how they will allow the United States to use the space-age technology Combined Air Operations Center (CAOC) that opened in June at Prince Sultan Air Base, near al-Kharj, southeast of Riyadh; nor has it said what landing or refueling rights will be granted. Amid conflicting statements by anonymous officials, the Saudi paper al-'Ukaz quoted Minister of Defense Sultan bin 'Abd al-'Aziz: "We do not accept the presence in our country of a single soldier at war with Muslims or Arabs." History is not encouraging here — the Saudi royal family did not allow the United States to use its air bases during 1998's Operation Desert Fox against Iraq.
Topic:
Security, NATO, Arms Control and Proliferation, Religion, and Terrorism
Political Geography:
Iraq, America, Middle East, and Arab Countries

1706. Yemen and the Fight Against Terror

Author:
Amy Hawthorne
Publication Date:
10-2001
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
October 12 marks the first anniversary of the terrorist attack on the American warship USS Cole, an attack that killed seventeen sailors while the ship was refueling in Aden harbor, Yemen. A year later, although United States and many Yemeni officials are certain that Osama bin Laden was behind the incident, the file remains open. Reflecting the continuing evolution of policy in the wake of September 11, the United States now describes Yemen as a "partner" in the fight against terror, whereas the State Department's 2000 "Patterns of Global Terrorism" report stated that the Yemeni government "did little to discourage the terrorist presence in Yemen."
Topic:
Security, NATO, Arms Control and Proliferation, Government, Religion, and Terrorism
Political Geography:
United States, America, Middle East, and Arab Countries

1707. Special Policy Forum Report: Terror Against America: Assessment and Implications

Author:
Dennis Ross
Publication Date:
09-2001
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
On September 13, 2001, Dennis Ross, counselor and distinguished fellow at The Washington Institute, delivered a presentation at a special briefing on the September 11 terrorist attacks. The following is an adaptation of Ambassador Ross's remarks.
Topic:
Security, NATO, Arms Control and Proliferation, Religion, and Terrorism
Political Geography:
America, Washington, Middle East, and Arab Countries

1708. Special Policy Forum Report: Terror Against America: Assessment and Implications

Author:
Robert Satloff
Publication Date:
09-2001
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
On September 13, 2001, Robert Satloff, executive director of The Washington Institute, and Dennis Ross, counselor and distinguished fellow at the Institute, held a special briefing on the September 11 terrorist attacks. The following is a rapporteur's summary of Dr. Satloff's remarks; the report of Ambassador Ross's remarks will be distributed tomorrow.
Topic:
Security, NATO, Arms Control and Proliferation, Religion, and Terrorism
Political Geography:
America, Washington, Middle East, and Arab Countries

1709. Preparing for Nuclear Breakout in the Middle East (Part II)

Author:
Michael Eisenstadt
Publication Date:
08-2001
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
A nuclear breakout by Iraq or Iran could have a number of direct and indirect effects on the region: First, a nuclear breakout by either will cause the United States to be much more careful in its dealings with that state, particularly when it comes to considering military action. America's military freedom-of-action will be greatly constrained. Second, an Iraqi breakout would almost certainly cause Iran to further accelerate its own nuclear efforts and might spur Tehran to withdraw from the Nuclear Nonproliferation Treaty, which it increasingly sees as a liability. Third, the emergence of a nuclear Iraq and/or Iran could cause the members of the Gulf Cooperation Council (GCC) to seek an independent deterrent capability — including chemical weapons. (The large petrochemical industries of the Gulf could provide many of the precursor chemicals needed for such an effort.) Saudi Arabia might even seek to buy nuclear weapons from Pakistan.
Topic:
Security, NATO, Arms Control and Proliferation, Religion, and Terrorism
Political Geography:
Pakistan, United States, Iraq, America, Iran, Middle East, Arab Countries, and Saudi Arabia

1710. The United States, Iraq, and Iran: Proliferating Risks, Dwindling Opportunities

Author:
Michael Eisenstadt
Publication Date:
05-2001
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
American policymakers face a number of decision points concerning U.S. policy toward Iraq and Iran in the coming weeks. The UN Security Council has to act by June 4 to renew the oil-for-food program, providing the United States with an opportunity to secure approval for the "re-energized" sanctions regime that Secretary of State Colin Powell floated in March. Iran's policy direction will become clearer after its June 8 presidential elections, and that could influence the U.S. decision whether to renew the Iran-Libya Sanctions Act that expires August 5. Meanwhile, U.S. officials are reportedly considering whether to indict senior Iranians for the 1996 Khobar Towers bombing.
Topic:
Security, NATO, Arms Control and Proliferation, Religion, and Terrorism
Political Geography:
United States, Iraq, America, Iran, and Arab Countries