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Political Determinants of Corporate GovernancePolitical Context, Corporate Impact$
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Mark J. Roe

Print publication date: 2006

Print ISBN-13: 9780199205301

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199205301.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 16 October 2021

United States

United States

(p.104) Chapter 13 United States
Political Determinants of Corporate Governance

Mark J. Joe

Oxford University Press

In the United States, the absence of social democracy made ownership separation easier than it was anywhere else, as pro-shareholder institutions, while not every bit as strong as shareholders would always have wanted, had an easier time forming. Political pressures existed, and manifested themselves via controls on financial institutions' role inside the firm historically, and in recent decades, in dampening the frequency and ease of hostile takeovers that could disrupt employment relationships. Economic-based social conflict has been lower in the United States than elsewhere. A tradition of low government involvement meant that firms were pressed less than they otherwise would have been, even when political pressures simmered.

Keywords:   anti-government bias, United States, diffuse ownership, pro-shareholder institutions, social conflict

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