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Labor Participation in Corporate Policy-Making Decisions: West Germany's Experience with Codetermination

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  • Benelli, Giuseppe
  • Loderer, Claudio
  • Lys, Thomas
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    Abstract

    If workers are wealth maximizers, codetermination should lead to less risky investments, smaller dividends, reduced firm leverage, higher and more stable salaries, and more capital- intensive production processes. Unless codetermination also increases productivity by raising workers' morale and satisfaction or reduces information asymmetries within the firm, shareholder wealth and firm value will decline. An analysis of West Germany's case, however, indi cates that codetermination has little, if any, effect on corporate op erations and performance. Copyright 1987 by the University of Chicago.

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    Bibliographic Info

    Article provided by University of Chicago Press in its journal Journal of Business.

    Volume (Year): 60 (1987)
    Issue (Month): 4 (October)
    Pages: 553-75

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    Handle: RePEc:ucp:jnlbus:v:60:y:1987:i:4:p:553-75

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    Web page: http://www.journals.uchicago.edu/JB/

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    Cited by:
    1. Gary Gorton & Frank Schmid, 2002. "Class struggle inside the firm: a study of German codetermination," Working Papers 2000-025, Federal Reserve Bank of St. Louis.
    2. Franziska Boneberg, 2010. "The Economic Consequences of one-third Codetermination in German Supervisory Boards: First Evidence for the Service Sector from a New Source of Enterprise Data," Working Paper Series in Economics 177, University of Lüneburg, Institute of Economics.
    3. Franziska Boneberg, 2011. "The Economic Consequences of One-third Co-determination in German Supervisory Boards, First Evidence for the Service Sector from a New Source of Enterprise Data," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 231(3), pages 440-457, June.
    4. Becht, Marco & Bolton, Patrick & Roell, Ailsa, 2003. "Corporate governance and control," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 1, pages 1-109 Elsevier.

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