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691. Corporate Governance in Transition: Ten Empirical Findings on Shareholder Value and Industrial Relations in Germany

Author:
Martin Hopner
Publication Date:
05-2001
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
Within the context of debates over national “varieties” of capitalism, this paper discusses the shareholder value orientation of the 40 largest listed German companies. Three dimensions of shareholder value are distinguished: the communicative dimension, the operative dimension and the dimension of managerial compensation. A shareholder value index compiling data on accounting, investor relations, variable top-management compensation and the implementation of profitability goals makes it possible to compare the shareholder orientations of the companies. The shareholder value phenomenon is explained first by the exposure to markets – the international product market, capital market pressures and the market for corporate control – and, secondly, by internal developments – changing management careers, increasing management compensation and reduced monitoring by banks and corporate networks – which cause external impulses to increase shareholder value to fall on fertile ground. Conflicts over shareholder orientation result in changing coalitions between shareholders, management, and employees. Shareholder value does not make companies opt out of central collective agreements or endanger the existence of employees' codetermination, but it does lead to more market-driven industrial relations.
Topic:
Economics, Industrial Policy, and International Trade and Finance
Political Geography:
Germany

692. 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

693. Consumer Credit in the European Union

Author:
Nuria Diez Guardia
Publication Date:
02-2000
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This report analyses the European consumer credit markets and their regulation at European level. Its findings are as follows: European consumer credit markets are characterised by deep national differences and strong market segmentation. The report finds no generalised model of consumer credit from the analysis of statistical data. An Anglo-Saxon consumer credit model cannot be identified. The weight of consumer credit is far higher in the US economy than in the EU countries, including the UK. In the US, the share of consumer loans made by banks is much lower, securitisation of consumer credit assets is very developed and the share of revolving credit is much greater than in the EU countries. Nor is it possible, on account of the large differences in the use of consumer credit observed across EU countries, to identify a European model of consumer credit. Consumer credit is very widely used in Sweden, whereas it is underdeveloped in Greece and Italy. The use of consumer credit reaches comparatively high levels in Germany and the UK and an intermediate level in France and Spain. Lending to consumers is carried out through bank intermediation, crossborder provision is non-existent.
Topic:
Economics and Political Economy
Political Geography:
United States, United Kingdom, Europe, Greece, France, Germany, Spain, and Italy

694. A friend in need or a friend indeed: Finnish perceptions of Germany's role in the EU and Europe

Author:
Tuomas Forsberg
Publication Date:
01-2000
Content Type:
Working Paper
Institution:
Finnish Institute of International Affairs
Abstract:
Finland is often seen as a country whose view of Germany has traditionally been more positive than that of the average of the European countries. According to an opinion poll that was conducted in 1996, 42 % of the Finns have a positive view, 47 % a neutral and only 6 % a negative view of Germany and Germans. This positive attitude is not only a result of the large amount of cultural and trade contacts or societal similarities, shared Lutheran religion and German roots of Finnish political thinking but derives also from the historical experience that Germany has been willing to help Finland in bad times. Although this view is not necessarily correct when judged against the historical record and although it is not unanimously shared by all Finns, it provides the necessary starting point when assessing Finland's view of Germany in today's Europe.
Topic:
Foreign Policy and Regional Cooperation
Political Geography:
Europe, Finland, and Germany

695. NATO's Past, NATO's Future

Author:
John Lewis Gaddis
Publication Date:
08-2000
Content Type:
Working Paper
Institution:
The Geneva Centre for Security Policy
Abstract:
The North Atlantic Treaty Organization stands at a crossroads. Critical choices lie ahead that will determine its future. I begin my paper this way because it is customary to begin pronouncements on NATO with this kind of statement. Indeed papers and speeches on NATO have been beginning this way through the half-century of the alliance's existence - and yet NATO never quite reaches whatever crisis the speaker or writer has in mind. NATO seems to have a life of its own, which is remarkably detached from the shocks and surprises that dominate most of history, certainly Cold War history. And NATO's members, both actual and aspiring, seem bent on keeping it that way. So what is a crossroad anyway in historical terms? Most of my colleagues, I think, would say that it's a turning point: a moment at which it becomes clear that the status quo can no longer sustain itself, at which decisions have to be made about new courses of action, at which the results of those decisions shape what happens for years to come. The Cold War was full of such moments: the Korean War, Khrushchev's de-Stalinization speech, the Hungarian and Suez crises, the Berlin Wall, the Cuban Missile Crisis, the Six Day War, the Tet offensive, Nixon's trip to China, the invasion of Afghanistan, the reunification of Germany, the collapse of the Soviet Union, the end of the Cold War itself. What strikes me as a historian, though, is how little impact these turning points had on NATO's history - even General deGaulle, who tried to turn himself personally into a turning point. The structure and purposes of the alliance today are not greatly different from what they were when NATO was founded. Which is to say that NATO's history, compared to that of most other Cold War institutions, is uneventful, bland, and even (let us be frank) a little dull. That very uneventfulness, though, is turning out to be one of the more significant aspects of Cold War history. It surprised the historians, who have been able to cite no other example of a multi-national alliance that has had the robustness, the durability, the continuity, some might say the apparent immortality, of this one. It has also surprised the international relations theorists, for it is a fundamental principle of their discipline that alliances form when nations balance against threats. It follows, then, that as threats dissipate, alliances should also - and yet this one shows no signs of doing so. An instrument of statecraft, which is what an alliance normally is, has in this instance come to be regarded as a fundamental interest of statecraft. That requires explanation, which is what I should like to attempt here.
Topic:
Security, Defense Policy, and NATO
Political Geography:
Afghanistan, Russia, United States, China, Europe, Asia, Soviet Union, Germany, and Berlin

696. Learning from each other in North and South: Local Agenda 21 in Germany and the Republic of Korea

Author:
Petra Stephan
Publication Date:
09-2000
Content Type:
Working Paper
Institution:
Institute for Development and Peace
Abstract:
This report is based on an international workshop which took place at the Institute of Development and Peace (INEF) in Duisburg/Germany in June 2000. A delegation of the Republic of Korea - including members of local communities and local governments, as well as NGO representatives – on a study trip to Germany - had been invited to exchange experiences and information about Local Agenda 21 processes in Germany and the Republic of Korea. The following papers reflect important issues which have been raised and discussed during the workshop.
Topic:
Economics and Globalization
Political Geography:
Europe, Israel, Germany, and Korea

697. Behind the Myth of the Mittelstand Economy. The Institutional Environment Supporting Small and Medium-Sized Enterprises in Germany

Author:
Jorg Meyer-Stamer and Frank Waltring
Publication Date:
08-2000
Content Type:
Working Paper
Institution:
Institute for Development and Peace
Abstract:
The existence of highly dynamic and successful small and medium-sized enterprises (SME) is one of the characteristic features of the German economy. They have been, and continue to be, a growth and a job machine. Their strong performance has raised interest in other countries, with less dynamic SME, which are keen to strengthen their SME sector. Learning from the German experience appears as a promising exercise.
Topic:
Economics and Industrial Policy
Political Geography:
Europe and Germany

698. Redefining Sovereignty . The Use of Force After the End of the Cold War. New Options, Lawful and Legitimate?

Publication Date:
11-2000
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The conference was organised by the Institute for International Affairs (IAI) with the support of the Centre for High Defence Studies (CASD), the German Marshall Fund of the United States, the NATO Office for Information and Press and the Thyssen Foundation. It was held in Rome, at the Centre for High Defence Studies, on 24 and 25 November 2000.
Topic:
International Relations, Security, NATO, Cold War, Human Rights, and Peace Studies
Political Geography:
United States, Germany, and Rome

699. State Strength and the European Union: Examining the Impact of Unification on Europe's Major Powers

Author:
Timothy Ponce
Publication Date:
03-2000
Content Type:
Working Paper
Institution:
International Studies Association
Abstract:
The continued drive to unify Europe holds numerous implications for the measurement of state strength. The emergence of the European Union as a powerful player in the post-Cold War international system still remains to be seen. This article examines the complications for state strength brought about by European unification. Particularly, I examine the impact of unification on state strength for the United Kingdom, France, Germany and Italy from 1960 to the current period. Although potentially construed as part of the pains and process of unification, this paper argues that European unification does not seriously erode the strength of these states. My results indicate that these more powerful states are influenced negatively by the processes of globalization but not regional integration.
Political Geography:
United Kingdom, Europe, France, Germany, and Italy

700. East-West Integration and the Changing German Production Regime: A Firm-Centered Approach

Author:
Katharina Bluhm
Publication Date:
12-2000
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
With the opening of Central Eastern Europe German firms have gained access to low labor costs in close geographical proximity. Intense debate about the impact this has had on the “German model” of capitalism has ensued. This paper argues that, in fact, production shifts are taking place in which cost-cutting motives are an important guideline. German firms, however, hesitate to aggressively utilize this new option in their internal domestic labor policy. Rather, firms tend to avoid confrontations with their employees on “job exports”. The necessity of collaboration on both sides of the border, the relative strength of workers in the domestic high-quality production system, and the constraints of industrial relations provide explanations for the moderate behavior. So far, the outcome of the bargained reorganization is that firms gain more labor flexibility, performance-related differentiation, and labor-cost rationalization without challenging the institutionalized long-term employment commitments for their core workforce.
Topic:
Economics and Government
Political Geography:
Europe, Eastern Europe, and Germany