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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.71) Chapter 8 Germany
Political Determinants of Corporate Governance

Mark J. Joe

Oxford University Press

Germany's codetermination institutionalized social democracy and demeaned strong securities markets. Germany became the world's third largest economy. With labor having half of the boardroom, shareholders do better with a counter-coalition than they would in nations where labor is not as well represented in the boardroom. The historical sequence of first powerful banks and the family founders, then codetermination, and Germany's prior history of repressing labor, obscured the interdependence of the two. Codetermination and block ownership are complementary, and it is hard for one to exit without the other, regardless of which one came first historically.

Keywords:   Germany, codetermination, diffuse ownership, boardroom, taxes, block ownership

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