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Employee Ownership in the European Company: Reflexive Law, Reincorporation and Escaping Codetermination

Author

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  • Njoya, W.

Abstract

This article assesses the effects of reincorporation on codetermination, focusing on the scope for escaping codetermination by restructuring under the European Company (SE). This is usually associated with the prospect of corporate flight from codetermined jurisdictions. The article presents an alternative possibility, arguing that because the self-regulatory framework of employee participation in the SE encourages diversity and experimentation, it does not inevitably erode the institution of codetermination. Viewed within a framework of reflexive harmonization, the effects on codetermination are better understood as part of an open-ended process of evolution in the ownership and control structures of the firm. This points to the potential for codetermination to become more, rather than less, integrated as part of the ownership landscape of European firms.

Suggested Citation

  • Njoya, W., 2010. "Employee Ownership in the European Company: Reflexive Law, Reincorporation and Escaping Codetermination," Working Papers wp416, Centre for Business Research, University of Cambridge.
  • Handle: RePEc:cbr:cbrwps:wp416
    Note: PRO-2
    as

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    File URL: https://www.cbr.cam.ac.uk/fileadmin/user_upload/centre-for-business-research/downloads/working-papers/wp416.pdf
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    References listed on IDEAS

    as
    1. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-1158, December.
    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. Simon Renaud, 2007. "Dynamic Efficiency of Supervisory Board Codetermination in Germany," LABOUR, CEIS, vol. 21(4-5), pages 689-712, December.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    employee participation; reincorporation; codetermination; European company; reflexive law; evolution; ownership and control;

    JEL classification:

    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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