Transformation des deutschen Unternehmenskontroll-Systems?

Heinze, Thomas

doi:10.1007/s11577-001-0104-4

Cited by 14 publications

(10 citation statements)

References 24 publications

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“…It has often been described as being diametrically opposed to the system of outsider control, prevalent in Britain (Lane, 1992;1995;Heinze, 2001) and in the US (O'Sullivan, 2000). Among the sources of capital for German firms, retained earnings has been the most significant, leaving firms highly autonomous (Deutsche Bundesbank, 1997: 37, quoted by Becker, p.31).…”

Section: Review Of Empirical Evidence Historical Sketch Of the Germanmentioning

confidence: 99%

“…They additionally now have slightly less control over proxy votes (Deeg, 2001). The giant insurance company Allianz, although not withdrawing from boards to the same degree, has changed its strategy towards its holdings in the direction 88 C. LANE of more active asset management, in the same way as Deutsche Bank (Heinze, 2001;Hoepner, 2003b: 22). Together, these developments indicate their reduced willingness and capacity for insider monitoring.…”

Section: Changes In Capital Marketsmentioning

confidence: 99%

“…This has been evident in politicians' reluctance to intervene to save Mannesmann from takeover (Heinze, 2001). However, the introduction of the so-called Eichel law, which encourages the unravelling of the system of cross shareholding by non-financial companies, has been a more important occurrence, and it has been passed without much debate.…”

Section: Pressures For System Convergencementioning

confidence: 99%

“…Throughout the post-war period, until the mid-1990s, the German financial system and mode of corporate governance showed a high degree of stability, distinguishing it, for example, from the French system (Morin, 2000). It has often been described as being diametrically opposed to the system of outsider control, prevalent in Britain (Lane, 1992;1995;Heinze, 2001) and in the US (O'Sullivan, 2000).…”

Section: Review Of Empirical Evidence Historical Sketch Of the Germanmentioning

confidence: 99%

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Changes in Corporate Governance of German Corporations: Convergence to the Anglo-American Model?

Lane

2003

Competition & Change

105

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This paper examines the many changes which have transformed the German system of corporate governance during the last seven odd years. It concludes that it is in the process of converging towards the Anglo-American model and that this has fundamentally affected the way strategic decisions are made in firms. Convergence is not seen as a functional necessity, nor is it viewed as inevitable. The paper offers both a theoretical exploration of institutional and system transformation and an empirical study which substantiates the theoretical position taken with evidence about recent trends in capital markets, banks, government and firms. Empirical evidence from the pharmaceutical=chemical industry is supplemented by data on firms in other sectors, including the financial sector.The theoretical examination of institutional change focuses on the notions of system logic, institutional complementarity, functional conversion and hybridisation. It examines both external sources of change and internal powerful actors who promote the process of transformation. The notions of hybridisation of the German business system, as well as claims about functional conversion and the evolution of a new complementarity between institutions, are rejected in favour of a trend towards convergence. The transformation in capital markets and the rise to dominance of the notion of shareholder value is particularly affecting large international and quoted firms, but is gradually spreading also to other parts of the economy. This transformation is affecting labour and industrial relations in negative ways, as well as posing a threat to the German production model of diversified quality production.

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Section: Review Of Empirical Evidence Historical Sketch Of the Germanmentioning

confidence: 99%

Section: Changes In Capital Marketsmentioning

confidence: 99%

Section: Pressures For System Convergencementioning

confidence: 99%

Section: Review Of Empirical Evidence Historical Sketch Of the Germanmentioning

confidence: 99%

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Changes in Corporate Governance of German Corporations: Convergence to the Anglo-American Model?

Lane

2003

Competition & Change

105

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“…that the German network is rapidly changing and converging on the Anglo-Saxon model. (See the debate between Heinze, 2001, andHopner andJackson, 2002.) Our simulation results, bootstrapping from the empirical data, indicated that the German network would be very resistant to the inroads of globalization.…”

Section: Figurementioning

confidence: 65%