Sigurt Vitols

Wissenschaftszentrum Berlin für Sozialforschung - WZB, Modes of Economic Governance, Department Member

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Papers by Sigurt Vitols

FROM BANKS TO MARKETS: THE POLITICAL ECONOMY OF LIBERALIZATION OF THE GERMAN AND JAPANESE FINANCIAL SYSTEMS

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The German Model in the 1990s: Problems and prospects

Industry and Innovation, 1997

... STEVEN CASPER AND SIGURT VITOLS ... based industries such as pharmaceuticals, chemicals, and ... more

Corporate Governance Versus Economic Governance: Banks and Industrial Restructuring in the U.S. and

Das vorliegende Dokument ist die pdf-Version zu einem Discussion Paper des WZB. Obwohl es inhaltl... more Das vorliegende Dokument ist die pdf-Version zu einem Discussion Paper des WZB. Obwohl es inhaltlich identisch zu Druckversion ist, können unter Umstände Verschiebungen/Abweichungen im Bereich des Layouts auftreten (z.B. bei Zeilenumbrüchen, Schriftformaten und -größen u.ä.). Diese Effekte sind softwarebedingt und entstehen bei der Erzeugung der pdf-Datei. Sie sollen daher, um allen Missverständnissen vorzubeugen, aus diesem Dokument in der folgenden Weise zitieren:

format_quoteIn the German steel industry, successful restructuring was due to state intervention in labor market regulation, not solely bank relationships.format_quote

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Negotiated shareholder value: the German variant of an Anglo-American practice

SSRN Electronic Journal, 2003

In comparative political economy it has become commonplace to distinguish between two types of co... more In comparative political economy it has become commonplace to distinguish between two types of corporate governance systems. In shareholder systems, influence over company management is concentrated with institutional investors holding small percentages of companies' shares. In stakeholder systems, influence is shared between large shareholders, employees, the community and suppliers and customers. This paper contributes to the literature addressing recent changes in the German variant of the stakeholder system by proposing a few new concepts. On the level of institutions, it is argued that the stakeholder system is not being replaced by a shareholder system in Germany. Rather, an augmented stakeholder system is emerging through the inclusion of institutional investors in the old stakeholder coalition of interests. On the level of practice, it is argued that negotiated shareholder value is being adopted in Germany. This German variant of shareholder value is distinct from Anglo-American practice because major changes implementing shareholder value must be negotiated within the augmented stakeholder coalition. As a result, performance incentives for employees tend to be less strong than is the case in the USA and UK.