'The first requirement for an understanding of contemporary economic and social life is a clear view of the relation between events and the ideas which interpret them. … Ideas are inherently conservative.They yield not to the attack of other ideas but … to the massive onslaught of circumstances with which they cannot contend'.
Prevailing patterns of dispersed share ownership and rules of corporate governance for UK listed companies appear to constrain the ability of managers to make credible, long-term commitments to employees of the kind needed to foster effective labourmanagement partnerships. We present case study evidence which suggests that such partnerships can nevertheless emerge where product market conditions and the regulatory environment favour a stakeholder orientation. Proactive and mature partnerships may also be sustained where the board takes a strategic approach to mediating between the claims of different stakeholder groups, institutional investors are prepared to take a long-term view of their holdings, and strong and independent trade unions are in a position to facilitate organisational change.
This paper investigates the effect of different forms of corporate governance on the structure and nature of stakeholder relationships within organizations and the consequent impact on human resource management (HRM) policy and outcomes. The analysis shows that while performance advantages can be derived from commitment-based HRM systems, a corporate governance regime that privileges remote stakeholders may operate as a constraint on such systems. The empirical analysis is based on the UK Workplace Employee Relations Survey (WERS98). Copyright Blackwell Publishing Ltd/London School of Economics 2006.
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