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Corporate Governance in ContextCorporations, States, and Markets in Europe, Japan, and the US$
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Klaus J. Hopt, Eddy Wymeersch, Hideki Kanda, and Harald Baum

Print publication date: 2005

Print ISBN-13: 9780199290703

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199290703.001.0001

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Change of Governance in Historic Perspective: The German Experience

Change of Governance in Historic Perspective: The German Experience

(p.2) (p.3) Change of Governance in Historic Perspective: The German Experience
Corporate Governance in Context

Harald Baum

Oxford University Press

This chapter is composed of four parts. To frame the discussion, it begins with a historical overview of the changing perceptions about the role of the state and the proper scope of government in Germany (Part II). From a bird's eye view, it then tries to point out essential structures of the corporatist German governance model and discusses a possible shift toward a more market-based regime (Part III). The following section shows how the formation of an independent capital markets (securities) regulation, the new takeover law, and the development of company law mirror these developments; in these areas a ‘reform in permanence’ is taking place, as one legislator has aptly put it (Part IV). Part V summarises the findings.

Keywords:   Germany, regulation, governance model, capital markets, takeover law, company law, corporate governance

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