France: a new ‘capitalism of voice’?

Loriaux, Michael

doi:10.1017/cbo9780511491757.006

Cited by 15 publications

(5 citation statements)

References 208 publications

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“…Concentrated ownership remains widespread in French capitalism, in contrast to the dispersed ownership patterns in the UK and US (Barca and Becht, 2001; O'Sullivan, 2003). The erosion of the noyaux durs since the mid‐1990s is considerable but not complete (Loriaux, 2003, p. 116; Morin, 2000, p. 39). Their legacy remains in the capital structure of many firms.…”

Section: Harmonizing European Takeover Regulation? the Impact Of mentioning

confidence: 99%

The Second Time as Farce? The EU Takeover Directive, the Clash of Capitalisms and the Hamstrung Harmonization of European (and French) Corporate Governance*

Clift

2008

J of Common Market Studies

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This article focuses on the EU Takeover Directive and its transposition into French law. French outcomes diverge from European Commission aspirations for greater clarity and uniformity. The clash of European capitalisms as well as heightened uncertainty and differentiation in takeover regulation exacerbate problems of asymmetric vulnerability of EU states (and firms) to the European Commission's liberal reform agenda. This explains the failings of EU-level harmonization of varieties of capitalism and corporate governance.

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Section: Harmonizing European Takeover Regulation? the Impact Of mentioning

confidence: 99%

The Second Time as Farce? The EU Takeover Directive, the Clash of Capitalisms and the Hamstrung Harmonization of European (and French) Corporate Governance*

Clift

2008

J of Common Market Studies

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“…The degree of erosion of noyaux durs is considerable but not complete 1 . Michael Loriaux notes that ‘the hard core now represents less than 30 percent of the capital for half of France's blue chip, CAC 40 enterprises, less than 20 percent for fifteen of the forty, and less than 10 percent for five of the forty’ (Loriaux, 2003, p. 116; see also Morin, 2000, p. 39).…”

Section: The Restructuring Of Financial Markets and Ownership Within mentioning

confidence: 99%

“…Thus Culpepper's assertion does not accurately characterise modes of contemporary state coordination. Moreover, it fails to capture how the French state continues to attempt to pursue a quasi‐dirigiste strategy, by novel means and with less direct intervention (Clift, 2001; Loriaux, 2003; Maclean, 2002; Schmidt, 2003).…”

Section: Mechanism 2: the Nouvelles Régulations Economiquesmentioning

confidence: 99%

French Corporate Governance in the New Global Economy: Mechanisms of Change and Hybridisation within Models of Capitalism

Clift

2007

Political Studies

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This article analyses the implications of the internationalisation of capital markets, and the influx of Anglo-Saxon institutional investors, for the French model of capitalism. Its central contention is that the global convergence thesis misrepresents contemporary evolutions because it pays insufficient attention to mechanisms of change within models of capitalism. Secondly, framing analysis in terms of hybridisation and fragmentation of national models, rather than convergence, offers greater explanatory purchase over the French model, constitutes a more accurate characterisation, and helps avoid the 'convergence or persistence' impasse within models of capitalism analysis. In exploring French corporate governance, it emphasises the importance of specifying the role of institutional mechanisms as transmission belts of change as a precursor to an assessment of how far shifts in international political economic context bring about changes within French capitalism. Focusing on financial market regulation regime, new legislation in corporate governance and company law, and the market for corporate control as three key potential mechanisms of change, it finds that pre-existing norms and structures endure, mediating the nature of a national political economy's articulation with the international

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“…in the course of the past decade (Clift, 2007;Genieys, 2005;Howarth, 2013;Loriaux, 2003). The paper is organized as follows.…”

Section: Introductionmentioning

confidence: 99%

“…This paper examines elite connectivity and concerted action by the ruling elite, investigating the proposition that the cohesive nature of French capitalism has helped to make French business leaders proactive in their determination to fashion the rules of engagement for private enterprise within the framework of European and international economic systems; a situation which, notwithstanding, has arguably changed slightly IJOA 22,4 in the course of the past decade (Clift, 2007;Genieys, 2005;Howarth, 2013;Loriaux, 2003). The paper is organized as follows.…”

Section: Introductionmentioning

confidence: 99%

Elite connectivity and concerted action in French organization

Maclean

Harvey

2014

International Journal of Organizational Analysis

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Purpose -The purpose of this study is to explore some of the distinctive features of organizing and organization in France which set it apart from organization in other nations, and which are fundamental to its modus operandi. In particular, this article is concerned with elite connectivity and concerted action by elite "connectors". Design/methodology/approach -The research underpinning this article stems from a cross-national comparative project on business elites and corporate governance in France and the UK. This has three dimensions, being quantitative, qualitative and case study-based. Concerted action by the ruling elite is explored through two illustrative vignettes: the ousting from office of Jean-Marie Messier and State-sponsored expansion as pursued by EDF. Both examples shed light on the French business elite's response to globalization and the development of international business. Findings -The paper finds elite cohesion to be achieved quite differently in the two countries. In addition, it finds that the ties that bind French connectors tend to be strong and institutionally based. Practical implications -The case of EDF suggests that the most ambitious of State-sponsored strategies can also be the most successful. It implies that elite ideologies in France have deviated relatively little from sentiments expressed by Rousseau and de Gaulle concerning the primacy of the national interest and the conviction that firms can serve as an (expansionist) instrument of the nation. The Messier case illuminates the pattern of close relationships among the French business elite. It demonstrates how a strategy of expansion may come unstuck when it is not grounded in the customary modes of business regulation. Originality/value -This research confirms a slight preference on the part of the French business elite for more homogenous ties. Against this, the paper demonstrates that a significant proportion of the French elite act as boundary spanners, brokering relationships with others from more distant parts of the wider network. The integration of the French elite in the Eurozone has potentially favored bridge-building relationships and weakened national embeddedness. This may contribute to the decline of indigenous interlocks, while promoting the further internationalization of top management teams. The implications of this for organizational strategy, firm survival and economic performance form an agenda for future research.

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France: a new ‘capitalism of voice’?

Cited by 15 publications

References 208 publications

The Second Time as Farce? The EU Takeover Directive, the Clash of Capitalisms and the Hamstrung Harmonization of European (and French) Corporate Governance*

The Second Time as Farce? The EU Takeover Directive, the Clash of Capitalisms and the Hamstrung Harmonization of European (and French) Corporate Governance*

French Corporate Governance in the New Global Economy: Mechanisms of Change and Hybridisation within Models of Capitalism

Elite connectivity and concerted action in French organization

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