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Corporate Governance, Competition, and Political PartiesExplaining Corporate Governance Change in Europe$
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Roger M. Barker

Print publication date: 2010

Print ISBN-13: 9780199576814

Published to Oxford Scholarship Online: May 2010

DOI: 10.1093/acprof:oso/9780199576814.001.0001

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The Case of Germany: From Blockholding to Hybrid Corporate Governance Regime

The Case of Germany: From Blockholding to Hybrid Corporate Governance Regime

Chapter:
(p.223) 9 The Case of Germany: From Blockholding to Hybrid Corporate Governance Regime
Source:
Corporate Governance, Competition, and Political Parties
Author(s):

Roger M. Barker

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199576814.003.0009

A declining level of support for the status quo blockholder model of corporate governance emerged among German insider labor and Left party actors during the late 1990s. At the same time, the private universal banks withdrew from their postwar role as guardians of the German corporate network. The reduced willingness of blockholders to compromise with insider labor in the operation of firms – due to the reduced availability of economic rents – made it possible for SPD party modernizers to win support for pro‐shareholder reform that redistributed power from blockholders to outsider capital.

Keywords:   Germany, case study, SPD, insider labor, German universal banks

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