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Models of the Company and the Employment Relationship

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  • John Parkinson

Abstract

How the company is conceptualized has important implications for employees. Divergent theoretical approaches towards the company are synthesized below to form three models: the ownership, nexus of contracts, and social institution models. The first two endorse current UK corporate governance practice, in which companies are run for the ultimate benefit of their shareholders, who have the exclusive right to appoint the board. The third model questions this arrangement and, more generally, the characterization of the company as a wholly private association. The conclusion examines the implications of the third model for reform of company law and governance in the UK. Copyright Blackwell Publishing Ltd/London School of Economics 2003.

Suggested Citation

  • John Parkinson, 2003. "Models of the Company and the Employment Relationship," British Journal of Industrial Relations, London School of Economics, vol. 41(3), pages 481-509, September.
  • Handle: RePEc:bla:brjirl:v:41:y:2003:i:3:p:481-509
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    References listed on IDEAS

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    1. Gugler, Klaus (ed.), 2001. "Corporate Governance and Economic Performance," OUP Catalogue, Oxford University Press, number 9780199245703.
    2. Scott, John, 1997. "Corporate Business and Capitalist Classes," OUP Catalogue, Oxford University Press, number 9780198280767.
    3. Marco Becht & Fabrizio Barca, 2001. "The control of corporate Europe," ULB Institutional Repository 2013/13302, ULB -- Universite Libre de Bruxelles.
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    Cited by:

    1. Simon Deakin & Ajit Singh, 2009. "The Stock Market, the Market for Corporate Control and the Theory of the Firm: Legal and Economic Perspectives and Implications for Public Policy," Chapters,in: The Modern Firm, Corporate Governance and Investment, chapter 9 Edward Elgar Publishing.
    2. Masahiko Aoki, 2007. "Understanding an Emergent Diversity of Corporate Governance and Organizational Architecture: An Essentiality-Based Analysis," Discussion Papers 07-019, Stanford Institute for Economic Policy Research.
    3. Jackson, Gregory, 2010. "Understanding corporate governance in the United States: An historical and theoretical reassessment," Arbeitspapiere 223, Hans-Böckler-Stiftung, Düsseldorf.
    4. Giuseppe Marcon & Lorenzo Dorigo, 2012. "Stakeholder theory and care management: An inquiry into social enterprises," Working Papers 21, Department of Management, Università Ca' Foscari Venezia.
    5. Lorenzo Dorigo & Giuseppe Marcon, 2014. "A caring interpretation of stakeholder management for the social enterprise. Evidence from a regional survey of micro social cooperatives in the Italian welfare mix," Working Papers 01, Department of Management, Università Ca' Foscari Venezia.

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