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The Global and the LocalUnderstanding the Dialectics of Business Systems$
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Arndt Sorge

Print publication date: 2005

Print ISBN-13: 9780199278909

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199278909.001.0001

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Enterprise Management and Corporate Governance

Enterprise Management and Corporate Governance

(p.184) 6 Enterprise Management and Corporate Governance
The Global and the Local

Arndt Sorge

Oxford University Press

The dialectical complementarity of liberalism and corporatist governance in provincialized layers has brought forth internationally oriented companies promoting diversified quality production, credit rather than share issue finance, and a stakeholder model of corporate governance rather than shareholder capitalism. Such characteristics have recently been shaken by the impetus of Anglo-American shareholder value orientations in international ‘financialization’. Whereas changes that challenge established practices are indubitable, the pervasive phenomenon of recombination implying reassertion of domestic practices in new forms is also present: credit financing has gone up again; employee representatives have both modified and helped to implement shareholder value orientations; co-determination has, despite shocks, also proved helpful in the fashioning of changes. Financial and strategic-operative internationalization of enterprises are not clearly related to one another. Generally, recombination of opposed tendencies and characteristics again is the rule.

Keywords:   shareholder capitalism, stakeholder model, financialization, coordinated market economies, credit finance, downsizing, value chain organization

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