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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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A General Theory

A General Theory

Chapter:
(p.21) Chapter 3 A General Theory
Source:
Political Determinants of Corporate Governance
Author(s):

Mark J. Joe

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199205301.003.0004

This chapter presents a general theory regarding social peace. It holds that one way to achieve social peace is for labor to get a strong voice inside the firm. When labor influence is high, the pressure increases on managers to be less loyal to shareholders. This amplified labor voice can come through codetermination, lifetime employment, or state action that favours employees when conflict arises. The first section abstracts the firm into three parts: ownership, management, and employment. The second section describes codetermination and lifetime employment. The third section describes the positive and normative theory about social peace. The fourth section considers the efficiency implications of this theory. The last section expounds on social democracy.

Keywords:   codetermination, lifetime employment, social democracy, social peace, efficiency implications

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