By Henk Overbeek, Bastiaan van Apeldoorn, Andreas Nölke
This bold quantity explores the politics of modern alterations in company governance rules and the transnational forces riding the method.
Corporate governance has within the Nineteen Nineties develop into a catchphrase of the worldwide enterprise group. The Enron cave in and different fresh company scandals, in addition to growing to be concerns in Europe concerning the upward push of Anglo-Saxon finance, have made problems with company governance the topic of political controversies and of public debate.
The participants argue that the law of company governance is an inherently political affair. Given the context of the deepening globalization of the company global, it's also more and more a transnational phenomenon. by way of the content material of law the ebook exhibits an expanding reliance at the software of marketplace mechanisms and a bent for firms themselves to develop into commodities. The rising new mode of legislation is characterised through expanding informalization and by means of types of deepest legislation. those alterations in content material and mode are pushed by way of transnational actors, to start with the vendors of the world over cellular monetary capital and their functionaries akin to coordination carrier companies, in addition to by means of key public overseas enterprises reminiscent of the ecu Commission.
The Transnational Politics of company Governance Regulation could be of curiosity to scholars and researchers of overseas political economic climate, politics, economics and company governance.
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Extra info for The Transnational Politics of Corporate Governance Regulation
As Aglietta and Rebérioux argue, regulatory change in the domain of financial market law (in particular the liberalization of financial markets accompanied by ‘[i]nstitutional reforms undertaken with the aim of favouring the tradability of securities and risks’ (Aglietta and Rebérioux 2005: 3)) have radically changed the power relations within the firm (Aglietta and Rebérioux 2005: 1, and passim). While this is an important argument, to which we will return below in the context of discussing different ways of understanding the content of current changes in corporate governance regulation, research of this type tells us more about the implications of regulatory change than about its (political) origins.
C: Explaining changes in mode and content of corporate governance regulation For answers to our third and most important question, namely the explanatory one, we cannot easily rely on established conceptualizations and approaches. As we concluded from our critical review of the literature, those studies seeking to explain corporate governance regulation are mostly focused on explaining existing (national) diversity and less apt in accounting for regulatory changes taking place in shifting modes (and at different levels) of governance.
In continental Europe, for example, traditionally, the dominance of large blockholders ensured, and to some extent still does, that owner control can be exercised much more directly (see Gourevitch’s contribution to this book). In sum, agency theory simply does not offer any explanation of (the given variety of) corporate governance regulation, or of how and why that regulation may be changing – rather it simply posits the superiority of one particular governance model. Social science research pertaining to corporate governance Going beyond the normative concern of much of the law-and-economics literature (which may to some extent theoretically explain the effects of corporate governance regulation on corporate governance practice, but cannot explain the (political) origins of that regulation) there is a gradually developing second body of literature, partly originating in the law-and-economics tradition, but now expanding into political science, sociology and political economy, that adopts a more explanatory approach.