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Political Determinants of Corporate GovernancePolitical Context, Corporate Impact$
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Mark J. Roe

Print publication date: 2006

Print ISBN-13: 9780199205301

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199205301.001.0001

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United States

United States

Chapter:
(p.104) Chapter 13 United States
Source:
Political Determinants of Corporate Governance
Author(s):

Mark J. Joe

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199205301.003.0014

In the United States, the absence of social democracy made ownership separation easier than it was anywhere else, as pro-shareholder institutions, while not every bit as strong as shareholders would always have wanted, had an easier time forming. Political pressures existed, and manifested themselves via controls on financial institutions' role inside the firm historically, and in recent decades, in dampening the frequency and ease of hostile takeovers that could disrupt employment relationships. Economic-based social conflict has been lower in the United States than elsewhere. A tradition of low government involvement meant that firms were pressed less than they otherwise would have been, even when political pressures simmered.

Keywords:   anti-government bias, United States, diffuse ownership, pro-shareholder institutions, social conflict

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