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Investor EngagementInvestors and Management Practice under Shareholder Value$
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Roderick Martin, Peter D. Casson, and Tahir M. Nisar

Print publication date: 2007

Print ISBN-13: 9780199202607

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199202607.001.0001

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Corporate Governance Convergence in International Perspective

Corporate Governance Convergence in International Perspective

(p.139) 7 Corporate Governance Convergence in International Perspective
Investor Engagement

Roderick Martin

Peter D. Casson (Contributor Webpage)

Tahir M. Nisar (Contributor Webpage)

Oxford University Press

International convergence has been identified as a recent trend in corporate governance. However, current trends in German corporate governance point to an enhanced stakeholder form of corporate governance, rather than to shareholder value. The continuing strength of employee representation on supervisory boards and other factors colour the interpretation of shareholder value, even in companies regarded as shareholder-oriented. The case of The Bayer Group — one of the exemplars of shareholder value in Germany — illustrates both this continuity and change. The chapter concludes by arguing that the adoption of shareholder value depends upon institutional complementarity between specific corporate governance arrangements and the wider business system of which they are a part.

Keywords:   block holders, co-determination, coordinated market capitalism, Germany, institutional complementarity, liberal market capitalism, national business systems, relationship financing, market relationships, The Bayer Group

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