How do we explain divergent trajectories of change in wage bargaining institutions? Existing studies maintained that European economic integration and liberalisation, decline in trade union power, changing work organization and new pay systems would push national wage-setting institutions...

Comparative corporate governance has captured the interest of economists and legal scholars during the past two decades. In view of intensified economic globalization, it has become apparent that the public corporation, one of the keystones of the modern market economy, has produced very...

The objective of this chapter is to show that the focus of modern corporate law theory on the concerns of shareholders is historically and geographically contingent. In doing so, it traces shareholder-stakeholder debates through the 20th century. The most obvious example is the simple...

Evidence suggests that managers have an incentive to keep information opaque with the market when negotiating with employees who can extract above-market rents from the firm. We argue that employee ownership should mitigate this incentive to extract above-market rents and, in turn, alleviate the...

In the varieties of capitalism literature, Germany is understood as a monolithic model of a coordinated market economy. This analysis shows how institutions for configuring capital and labour at the national level are implemented at state and regional level. By focussing on the labour side this...

The Spanish 2nd Republic (1931-1936) witnessed one of the fastest and deepest processes of popular mobilization in interwar Europe, generating a decisive reactionary wave that brought the country to the Civil War (1936-1939). We show in the paper that both contemporary comment and part of the...

The consensus around shareholder primacy is crumbling. Investors, long assumed to be uncomplicated profit-maximizers, are looking for ways to express a wider range of values in allocating their funds. Workers are agitating for greater voice at their workplaces. And prominent legislators have...

This Article explores the influence of the pension system on corporate governance, which has so far received little attention in the corporate law literature. While the shareholder-centric view of corporate governance is strong today, this is a relatively recent development. “Managerial...

This paper reconsiders the orthodox Anglo-American understanding of labour as a constituency situated outside of the core corporate governance domain. It challenges the dominant neo-classical theory of the firm, which asserts that shareholders are in general the only group of ‘incomplete’...