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Évolution institutionnelle, schémas mentaux et gouvernement des entreprises:le cas Krupp-Thyssen

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Peter Wirtz () (Université de Bourgogne)

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Abstract

A system of corporate governance consists of the set of mechanisms which constrain managerial discretion. A rapid comparison of the institutional contexts of different countries indicates that corporate governance depends on the national environment of the firm. At the same time, national governance systems are not static, but change in time. The aim of this article is to propose a conceptual framework for an explanation of the modifications of the constraints imposed on managerial discretion. The clinical study of the Thyssen-Krupp merger in Germany is an example of the plausibility of our theoretical hypotheses.

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File URL: http://www.u-bourgogne.fr/LEG/rev/021143.pdf
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Article provided by Editions Economica in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 2 (1999)
Issue (Month): 1 (March)
Pages: 117-143
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Handle: RePEc:dij:revfcs:v:2:y:1999:i:q1:p:117-143

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Related research
Keywords: managerial discretion; corporate governance; mental patterns; financial policy.;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Harvard Institute of Economic Research Working Papers 1788, Harvard - Institute of Economic Research.
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  2. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May. [Downloadable!] (restricted)
  3. Moerland, Pieter W., 1995. "Alternative disciplinary mechanisms in different corporate systems," Journal of Economic Behavior & Organization, Elsevier, vol. 26(1), pages 17-34, January. [Downloadable!] (restricted)
  4. Williamson, Oliver E, 1988. " Corporate Finance and Corporate Governance," Journal of Finance, American Finance Association, vol. 43(3), pages 567-91, July. [Downloadable!] (restricted)
  5. Denzau, Arthur T & North, Douglass C, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Blackwell Publishing, vol. 47(1), pages 3-31.
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  6. Shleifer, Andrei & Vishny, Robert W., 1989. "Management entrenchment : The case of manager-specific investments," Journal of Financial Economics, Elsevier, vol. 25(1), pages 123-139, November. [Downloadable!] (restricted)
  7. Castanias, Richard P. & Helfat, Constance E., 1992. "Managerial and windfall rents in the market for corporate control," Journal of Economic Behavior & Organization, Elsevier, vol. 18(2), pages 153-184, July. [Downloadable!] (restricted)
  8. Julian Franks & Colin Mayer, 1997. "Corporate Ownership And Control In The U.K., Germany, And France," Journal of Applied Corporate Finance, Morgan Stanley, vol. 9(4), pages 30-45. [Downloadable!] (restricted)
  9. Douglass C. North, 1993. "Five Propositions about Institutional Change," Economic History 9309001, EconWPA. [Downloadable!]
  10. North, Douglass C, 1991. "Institutions," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 97-112, Winter. [Downloadable!] (restricted)
  11. Gérard Charreaux, 1996. "Vers une théorie du gouvernement des entreprises," Working Papers FARGO 0960501, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance). [Downloadable!]
  12. Erik Berglof, 1997. "Reforming corporate governance: redirecting the European agenda," Economic Policy, CEPR, CES, MSH, vol. 12(24), pages 91-123, 04. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Pierre-Yves Gomez, 2003. "Jalons pour une histoire des théories du gouvernement des entreprises," Revue Finance Contrôle Stratégie, Editions Economica, vol. 6(4), pages 183-208, December. [Downloadable!]
  2. Peter Wirtz, 2002. "Opportunism, Stewardship, and the Dynamics of Conflict in a Theory of Corporate Governance," Working Papers FARGO 1020101, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance). [Downloadable!]
  3. Gérard Charreaux, 2001. "Quelle théorie pour la gouvernance?De la gouvernance actionnariale à la gouvernance cognitive..," Working Papers FARGO 010401, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance), revised Feb 2002. [Downloadable!]
  4. Gérard Charreaux, 2001. "Variation sur le thème 'A la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise'," Working Papers FARGO 011201, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance), revised Jul 2002. [Downloadable!]
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