IDEAS home Printed from https://ideas.repec.org/a/bla/corgov/v11y2003i4p335-344.html
   My bibliography  Save this article

The Danish Corporate Governance System: from stakeholder orientation towards shareholder value

Author

Listed:
  • Caspar Rose
  • Carsten Mejer

Abstract

This article presents a description of the Danish corporate governance system. It is similar to other continental European corporate governance systems, having concentrated ownership and no well‐functioning market for corporate control. However, contrary to other European corporate governance systems, foundation ownership plays a vital and significant role in Denmark. Traditionally, the Danish corporate governance system has been oriented towards protecting the rights of various stakeholders and not only shareholders. In recent years, more pressure has been put on Danish firms for promoting shareholder value. As a consequence, Danish managers have begun to receive stock‐related incentive contracts, although the Danish institutional framework still facilitates the protection of a broader range of stakeholders.

Suggested Citation

  • Caspar Rose & Carsten Mejer, 2003. "The Danish Corporate Governance System: from stakeholder orientation towards shareholder value," Corporate Governance: An International Review, Wiley Blackwell, vol. 11(4), pages 335-344, October.
    • Handle: RePEc:bla:corgov:v:11:y:2003:i:4:p:335-344
    DOI: 10.1111/1467-8683.00331
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/1467-8683.00331
    Download Restriction: no
    File URL: https://libkey.io/10.1111/1467-8683.00331?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Rose, Caspar, 2002. "Impact of Takeover Defenses on Managerial Incentives," Working Papers 2002-5, Copenhagen Business School, Department of Finance.
    2. Thomsen, Steen & Rose, Caspar, 2002. "Foundation ownership and financial performance. Do companies need owners?," Working Papers 2002-3, Copenhagen Business School, Department of Finance.
    3. Romano, Roberta, 1996. "Corporate Law and Corporate Governance," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 5(2), pages 277-339.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kamini Gupta & Donal Crilly & Thomas Greckhamer, 2020. "Stakeholder engagement strategies, national institutions, and firm performance: A configurational perspective," Strategic Management Journal, Wiley Blackwell, vol. 41(10), pages 1869-1900, October.
    2. Teemu Malmi & David S. Bedford & Rolf Brühl & Johan Dergård & Sophie Hoozée & Otto Janschek & Jeanette Willert, 2022. "The use of management controls in different cultural regions: an empirical study of Anglo-Saxon, Germanic and Nordic practices," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 33(3), pages 273-334, September.
    3. Charles T. Crespy & Van V. Miller, 2011. "Sustainability reporting: A comparative study of NGOs and MNCs," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 18(5), pages 275-284, September.
    4. McSweeney, Brendan, 2009. "The roles of financial asset market failure denial and the economic crisis: Reflections on accounting and financial theories and practices," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 835-848, August.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Romano, Roberta, 2002. "Does Confidential Proxy Voting Matter?," Berkeley Olin Program in Law & Economics, Working Paper Series qt9z88z4th, Berkeley Olin Program in Law & Economics.
    2. Daines, Robert, 2001. "Does Delaware law improve firm value?," Journal of Financial Economics, Elsevier, vol. 62(3), pages 525-558, December.
    3. Antoine Rebérioux, 2005. "Les fondements microéconomiques de la valeur actionnariale. Une revue critique de la littérature," Revue économique, Presses de Sciences-Po, vol. 56(1), pages 51-75.
    4. Roberta Romano, 2002. "Does Confidential Proxy Voting Matter?," Yale School of Management Working Papers ysm300, Yale School of Management, revised 01 Feb 2003.
    5. Roberta Romano, 2002. "Does Confidential Proxy Voting Matter?," Yale School of Management Working Papers ysm300, Yale School of Management, revised 01 Feb 2003.
    6. Helland, Eric & Sykuta, Michael, 2004. "Regulation and the Evolution of Corporate Boards: Monitoring, Advising, or Window Dressing?," Journal of Law and Economics, University of Chicago Press, vol. 47(1), pages 167-193, April.
    7. Christine Jolls & Cass R. Sunstein, 2006. "Debiasing through Law," The Journal of Legal Studies, University of Chicago Press, vol. 35(1), pages 199-242, January.
    8. Niamh Brennan, 2006. "Boards of Directors and Firm Performance: is there an expectations gap?," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(6), pages 577-593, November.
    9. Martin Jes Iversen & Mats Larsson, 2011. "Strategic transformations in Danish and Swedish big business in an era of globalisation, 1973-2008," Business History, Taylor & Francis Journals, vol. 53(1), pages 119-143.
    10. Zhiyan Cao & Fei Leng & Ehsan Feroz & Sergio Davalos, 2015. "Corporate governance and default risk of firms cited in the SEC’s Accounting and Auditing Enforcement Releases," Review of Quantitative Finance and Accounting, Springer, vol. 44(1), pages 113-138, January.
    11. Yoshiro Miwa & J. Mark Ramseyer, 2005. "Who Appoints Them, What Do They Do? Evidence on Outside Directors from Japan," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 14(2), pages 299-337, June.
    12. Veronica Binda & Martin Jes Iversen, 2007. "Towards a 'Managerial Revolution' in European Business? The transformation of Danish and Spanish Big Business, 1973-2003," Business History, Taylor & Francis Journals, vol. 49(4), pages 506-530.
    13. Caspar Rose, 2004. "Stakeholder Orientation vs. Shareholder Value—A Matter of Contractual Failures," European Journal of Law and Economics, Springer, vol. 18(1), pages 77-97, July.
    14. Ranko Jelic & Brahim Saadouni & Mike Wright, 2005. "Performance of Private to Public MBOs: The Role of Venture Capital," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(3‐4), pages 643-682, April.
    15. Roberta Romano, 2002. "Does Confidential Proxy Voting Matter?," NBER Working Papers 9126, National Bureau of Economic Research, Inc.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:corgov:v:11:y:2003:i:4:p:335-344. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.