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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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(p.65) Chapter 7 France
Political Determinants of Corporate Governance

Mark J. Joe

Oxford University Press

In France, a socialist elite for decades pressed firms to stabilize employment. Shareholder wealth maximization was denigrated and the family firm persisted with few truly public companies until recently, when French politics moved forward. France had a more conservative nation at the beginning of the 20th century. But the 20th-century wars and economic havoc reset the French corporate agenda. By the time it was reset, French politics had moved to the left and was no longer conducive to separating ownership from control. The French context demonstrates the basics of the social democracy political thesis: more pressure on managers to defect from shareholder loyalty, and greater difficulty in using the tools that would close up the widened gap between managers and shareholders.

Keywords:   France, socialist elite, social democracy thesis, dirigiste traditions, Popular Front

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