Ecchia, Giulio; Gelter, Martin; Pasotti, Piero - 2011
It is one of the well-known cornerstones of corporate governance that (minority) share-holders are subject to a risk of …) are the beneficiaries of holding up labor. Ex post, minority shareholders will therefore want the controller to exploit … recognize the role of employees and other "nonshareholder constituencies" during the past years. While potential shareholders …