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A Third Way: Regional Restructuring and the Societas Europaea

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  • Jodie A. Kirshner

Abstract

The Societas Europaea (SE) harmonized minimal amounts of company law and assigned employee representation to a supplementary negotiation process. Commentators predicted that it would introduce cross-border regulatory competition within the EU. Others suggested that companies would choose the SE over other national corporate structures, in order to mitigate the requirements of mandatory codetermination. This paper reports case-study evidence to argue that companies are utilizing the SE in a third, more significant way: to facilitate within-group restructurings that enable them to submit to a simplified, integrated regulation at the level of the parent company. This generates pressure for the unification of additional areas of law and more national-level regulation. Empowering the SE therefore represents a first step towards streamlining the regulation of European companies.

Suggested Citation

  • Jodie A. Kirshner, 2009. "A Third Way: Regional Restructuring and the Societas Europaea," Working Papers wp385, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp385
    Note: PRO-2
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    File URL: https://www.jbs.cam.ac.uk/cbrwp385/
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    References listed on IDEAS

    as
    1. Klaus Heine & Wolfgang Kerber, 2002. "European Corporate Laws, Regulatory Competition and Path Dependence," European Journal of Law and Economics, Springer, vol. 13(1), pages 47-71, January.
    2. Becht, Marco & Mayer, Colin & Wagner, Hannes F., 2008. "Where do firms incorporate? Deregulation and the cost of entry," Journal of Corporate Finance, Elsevier, vol. 14(3), pages 241-256, June.
    3. Cheffins, Brian R., 1997. "Company Law: Theory, Structure and Operation," OUP Catalogue, Oxford University Press, number 9780198764694, Decembrie.
    4. Simon Deakin, 2000. "Regulatory Competition Versus Harmonisation in European Company Law," Working Papers wp163, Centre for Business Research, University of Cambridge.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    economic integration; regionalization/federalism; regulatory competition; migration; regulatory institutions; interjurisdictional arbitrage; multinational firms; corporate restructuring; codetermination; labor organization.;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H73 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Interjurisdictional Differentials and Their Effects

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