The purpose of the article is to analyse the consequences of the constraint of shareholder value on the wage level and equilibrium unemployment rate. We will relate the new program of maximization of the firm, as well as the one of the trade union. We obtain an increase of the unemployment rate...

The current economic crisis of Japan may be attributed largely to the dysfunction of the corporate goverance system. The post-war break-up of Zaibatsu family trusts resulted in management control. The President has shielded himself from the discipline of the capital market through...

Traditionally, the impacts of the rights of financial institutions and workers on corporate performance have been analyzed independently. Yet, theory clearly indicates that the combination of relative powers of different stakeholders affects a firm overall performance. Using U.S. state level and...

Unter Value-Based M&A-Management wird in dieser Arbeit die inhaltliche und strukturelle Gestaltung der Ma�nahmen des M&A-Prozesses mit dem Ziel der Steigerung des Unternehmenswertes im Sinne der Aktion�re verstanden. Dazu werden in den Teilprozessen des M&A-Gesamtprozesses...

Society’s demands for individual and corporate social responsibility as an alternative response to market and distributive failures are becoming increasingly prominent. We first draw on recent developments in the “psychology and economics” of prosocial behavior to shed light on this trend,...

The transformations of the finance sector linked to the emergence of new actors (pension funds, mutual funds, hedge funds…) and its globalization have changed the rules of corporate governance and the competitive context of industrial companies. The theme of the influence between finance and...

During the 1980s and 1990s the argument that “maximizing share-holder value” results in superior economic performance came to dominate the corporate governance debates. In this paper, I outline the rationale for the shareholder-value perspectives, and show that, rooted in agency theory,it...

La lecture des rapports annuels 1998 et 1999 des sociétés du CAC 40, guidée par un dictionnaire des thèmes en rapport avec le gouvernement d’entreprise et la création de valeur, montre l’évolution considérable de la communication financière. Cinq catégories de sociétés supportant...

We analyze the evolution of the innovation process in the US defence industry. We show that, in spite of the fall of the Berlin Wall in 1989, its economical and social characteristics are in the continuity with those of the Cold War period. Plus, the shareholder value creation confirms and...