Kooperativer Bibliotheksverbund

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Format: 1 online resource (xxiv, 290 pages) : , digital, PDF file(s).

ISBN: 1-009-24460-4 , 1-009-24464-7 , 1-009-24459-0

Content: The product of a long-standing collaboration and recent collective research effort by members of the CGEUI network, The European Corporation makes an important contribution to the ongoing debate over convergence to the Anglo-Saxon model of corporate governance and persistence in corporate governance and law in Europe. This book fills the gap in the debate, and literature's lack of country-specific evidence on the evolution of ownership and control which has proven to be a serious impediment to both legal and economic analysis and evidence-based policymaking. It provides systematic and comparable accounts of ownership and control structure change (respectively persistence) in large firms across Europe over the decades following the 'global corporate governance revolution' in the 1990s. Focusing on countries in Europe's four main regions, this volume presents and discusses the net effects of the interplay between the 'global corporate governance revolution' and of its main countervailing forces in Europe.

Note: Title from publisher's bibliographic system (viewed on 05 Jun 2023). , Cover -- Half-title -- Title page -- Copyright information -- Contents -- List of Figures -- List of Tables -- Notes on Contributors -- Preface -- Acknowledgements -- 1 Introduction -- 1.1 The Research Questions -- 1.2 The Global Corporate Governance Revolution -- 1.3 The Determinants of Corporate Ownership -- 1.3.1 Law and Finance -- 1.3.2 Politics -- 1.3.3 Global Competition and Convergence -- 1.3.4 Privatization of State-Owned Enterprises -- 1.3.5 Path Dependence -- 1.3.6 Economic Entrenchment -- 1.3.7 Interest Groups and Financial Development -- 1.3.8 Challenges -- 1.3.9 Summary -- 1.4 The Data -- 1.5 Main Chapter Contents -- 1.6 Conclusion -- Part I Anglo-Saxon Countries -- 2 The United Kingdom -- 2.1 Introduction: Corporate Governance Legal and Institutional Reforms -- 2.1.1 Types of Company -- 2.1.2 Corporate Governance Reforms -- 2.1.3 Listing and Disclosure Rules -- 2.2 The Data -- 2.3 The Ownership Structure -- 2.4 The Determinants of Ownership Changes -- 2.5 Conclusion -- Part II Central European Countries -- 3 Austria -- 3.1 Introduction -- 3.2 Corporate Governance Legal and Institutional Reforms -- 3.2.1 Organizational Forms -- 3.2.1.1 Joint-Stock Company -- 3.2.1.2 Societas Europaea -- 3.2.1.3 Limited Liability Company (GmbH) -- 3.2.2 Legal Rules for Listed Companies -- 3.2.3 Ownership Disclosure of Unlisted Companies -- 3.2.4 Ownership Disclosure of Listed Companies -- 3.2.5 Current Issues and Developments -- 3.3 The Data -- 3.4 The Ownership Structures -- 3.4.1 Ownership Structures in the Mid-1990s -- 3.4.1.1 Ownership Concentration -- 3.4.1.2 Ownership Identities -- 3.4.2 Ownership Change and Persistence -- 3.4.3 Ultimate Ownership -- 3.4.3.1 Ultimate Ownership in the 1990s -- 3.4.3.2 Ultimate Ownership in 2015 -- 3.5 The Determinants of Ownership Change -- 3.5.1 The Persistence of Domestic Pyramidal Ownership Structures. , 3.5.2 The Increase(?) in Widely Held Companies -- 3.5.2.1 The Austrian Stock Exchange -- 3.5.2.2 The Austrian Market for Corporate Control -- 3.5.3 The Decline(?) of State Ownership -- 3.5.4 The Important Role of Foreign Ownership -- 3.6 Conclusion -- 4 Germany -- 4.1 Introduction -- 4.2 Corporate Governance Framework -- 4.2.1 Organizational Forms -- 4.2.2 Legal Foundations -- 4.2.3 Ownership Disclosure Rules -- 4.3 The Data -- 4.4 The Ownership Structures -- 4.4.1 Listed Companies -- 4.4.2 Ownership Structures in 1990 -- 4.4.3 Patterns of Ownership Change or Persistence -- 4.5 The Determinants of Change in Ownership Structure -- 4.5.1 The Decline of Ownership Concentration -- 4.5.2 The Persistence of Traditional German Owners in the Top 20 Firms -- 4.5.3 The Fall of State Ownership -- 4.5.4 The Moderate 'Erosion' of the Traditional German Owners in the Top 100 Firms and Listed Companies -- 4.5.5 The Rise of Foreign Blockholders -- 4.6 Conclusion -- 5 Switzerland -- 5.1 Introduction -- 5.2 Corporate Governance Framework and Recent Legal and Institutional Reforms -- 5.2.1 Corporate Demography of Switzerland -- 5.2.2 Legal Foundations -- 5.2.3 Shareholder Rights -- 5.3 Broad Developments in Corporate Ownership from the 1990s to the Late 2010s -- 5.4 Main Results: Shareholder Structure and Shareholder Behaviour in Swiss-Listed Companies 2008-2018 -- 5.4.1 Observation 1: Signs of Decreasing Concentration of Shareholders in the Full Sample -- 5.4.2 Observation 2: Concentrated Young Companies and Widely Held Old Companies -- 5.4.3 Observation 3: Opposite Trajectories in Shareholder Concentration in Financial and Non-financial Companies -- 5.4.4 Observation 4: Company Size Matters for Shareholder Concentration -- 5.4.5 Observation 5: Passively Invested Institutional Investors Are, in Fact, Active. , 5.4.6 Observation 6: Rising Participation and Strong Behavioural Differences between Domestic and Non-domestic Investors -- 5.4.7 Observation 7: Corporate Social Responsibility as a Broad Governance Theme -- 5.5 Drivers of Change in Shareholder Structure -- 5.6 Conclusion and Outlook: Active, Not Activist Shareholders -- Part III Scandinavian Countries -- 6 Sweden -- 6.1 Introduction -- 6.2 Corporate Governance Framework and Legal Reforms -- 6.2.1 Corporate Governance -- 6.2.2 Organizational Forms -- 6.2.2.1 Limited Company (Sw. Aktiebolag, AB) -- 6.2.2.2 Trading Partnership (Sw. Handelsbolag, HB) -- 6.2.2.3 Limited Partnership (Sw. Kommanditbolag, KB) -- 6.2.2.4 Societas Europaea (SE) -- 6.2.3 Corporate Governance Legal Reforms -- 6.2.4 Ownership Disclosure of Listed Companies -- 6.3 The Data -- 6.4 The Ownership Structures -- 6.4.1 Ownership Structures in the Mid-1990s -- 6.4.2 Patterns of Ownership Change -- 6.4.3 Continuity of Ownership Structure: A Long-Term View -- 6.5 The Determinants of Ownership Change -- 6.5.1 The Persistence of Corporate Insiders -- 6.5.2 The Rise in Foreign Ownership -- 6.6 Conclusion -- Part IV Mediterranean Countries -- 7 Italy -- 7.1 Introduction: Corporate Governance, Legal and Institutional Framework -- 7.1.1 Organizational Forms -- 7.1.2 Legal and Institutional Framework -- 7.1.2.1 The Stock Exchange and the Financial Markets -- 7.1.2.2 Company Law Reform -- 7.1.2.3 The Corporate Governance Code -- 7.2 The Data -- 7.3 The Ownership Structures: Descriptive Analysis -- 7.3.1 The Largest Firms in Italy in 1990 and in 2018 -- 7.3.2 Ownership Structure of Non-listed Firms (1993-2016) -- 7.3.2.1 Ownership Structure and Identity of the Controlling Shareholder -- 7.3.2.2 Control-Enhancing Mechanisms in Non-listed Companies -- 7.3.3 Ownership Structure of Listed Firms (1993-2017) -- 7.3.3.1 Ownership and Control Structures. , 7.3.3.2 Control Models of Italian Listed Companies -- 7.3.3.3 Identity of the Ultimate Controlling Agent (Ultimate Ownership) -- 7.4 The Determinants of Change in Corporate Ownership and Control -- 7.4.1 Changes in the Institutional Context -- 7.4.2 The Role of Institutional Investors -- 7.4.3 Change in the Use of Control-Enhancing Mechanisms -- 7.4.3.1 Decline of Pyramidal Groups -- 7.4.3.2 Rise and Decline of Shareholders' Agreements (Voting Pacts and Coalitions) -- 7.4.3.3 Changes in the Regulation of Shares' Voting Structure -- 7.5 Family Firms: Evolution of Control Structures and Determinants of Family Ownership -- 7.5.1 The Role of Family Firms in the Public Equity Market -- 7.5.2 The Evolution of Ownership Structures: Controlling Shares and Institutional Investors -- 7.5.3 Control-enhancing Mechanisms in Family Firms vs Non-family Firms -- 7.6 Conclusion -- Part V European Transition Countries -- 8 Bulgaria -- 8.1 Introduction -- 8.2 Privatization, Corporate Governance and Legal Reforms -- 8.2.1 Organizational Forms -- 8.2.1.1 Joint-Stock Company -- 8.2.1.2 Limited Liability Company -- 8.2.1.3 Sole Proprietorship -- 8.2.2 Privatization -- 8.2.3 Corporate Governance and Legal Reforms -- 8.2.3.1 Shareholders' Protection -- 8.2.3.2 The Bulgarian Stock Exchange -- 8.2.3.3 Disclosure of Ownership -- 8.3 The Data -- 8.4 The Ownership Structures -- 8.4.1 Patterns of Ownership Change (mid-1990s to late 2010s) -- 8.4.2 The Declining Number of Listed Companies -- 8.4.3 Ownership Evolution -- 8.4.4 The Destruction of Large Firms and the Entry of Newly Established Private Firms in Bulgarian Big Business -- 8.5 The Determinants of Ownership Change -- 8.5.1 The Political Determinants -- 8.5.2 The Path-Dependence Factors -- 8.5.3 The EU Accession and the Rise of Foreign Ownership. , 8.5.4 The Capital Market and the Insignificant Role of Institutional Investors -- 8.6 Recent Developments and Conclusion -- 9 Slovenia -- 9.1 Introduction -- 9.2 Privatization and Corporate Governance Reforms -- 9.2.1 Privatization and Corporate Governance -- 9.2.2 Corporate Governance Reforms -- 9.3 Legal Framework of Corporate Governance in Slovenia -- 9.3.1 Overall Legal Framework of Corporate Governance -- 9.3.2 Voluntary Corporate Governance Code -- 9.4 Regulation of State-Owned Enterprises -- 9.5 Main Patterns of Ownership Change since 1990 -- 9.5.1 The Data -- 9.5.2 Evolution of Ownership Structure -- 9.5.2.1 Overall Changes -- 9.5.2.2 Changes by Type of Ownership -- 9.6 Political Economy of Corporate Governance and Ownership Changes in Slovenia -- References -- Index.

Additional Edition: Print version: Gugler, Klaus The European Corporation Cambridge : Cambridge University Press,c2023 ISBN 9781009244633

Language: English

Keywords: Aufsatzsammlung

URL: Volltext  (URL des Erstveröffentlichers)

URL: lizenzpflichtig

URL: https://doi.org/10.1017/9781009244640