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The evolving European system of corporate governance: implications for worker participation

Author

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  • Sigurt Vitols

    (Senior Research Fellow at the Wissenschaftszentrum Berlin für Sozialforschung (WZB))

Abstract

This article contributes to the current battle over the character of the evolving European system of corporate governance. The claims of proponents of the shareholder value model, which has been hegemonic in European policy-making circles over the past decade, are subject to a critical examination. In particular, the claims of the governance superiority of private equity, one of the extreme expressions of the shareholder model, are shown not to hold empirically. The concept of the sustainable company is proposed as an alternative to the shareholder value model, both because of its explicit commitment to a multidimensional understanding of welfare, and because of its extension of worker participation beyond traditional trade union concerns.

Suggested Citation

  • Sigurt Vitols, 2008. "The evolving European system of corporate governance: implications for worker participation," Transfer: European Review of Labour and Research, , vol. 14(1), pages 27-43, February.
    • Handle: RePEc:sae:treure:v:14:y:2008:i:1:p:27-43
    DOI: 10.1177/102425890801400105
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    References listed on IDEAS

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    1. Loizos Heracleous, 2001. "What is the Impact of Corporate Governance on Organisational Performance?," Corporate Governance: An International Review, Wiley Blackwell, vol. 9(3), pages 165-173, July.
    2. Kevin Amess & Mike Wright, 2007. "The Wage and Employment Effects of Leveraged Buyouts in the UK," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 14(2), pages 179-195.
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    Cited by:

    1. Nick Bacon & Mike Wright & Miguel Meuleman & Louise Scholes, 2012. "The Impact of Private Equity on Management Practices in European Buy-outs: Short-termism, Anglo-Saxon, or Host Country Effects?," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 51, pages 605-626, April.
    2. Andrew Watt & Béla Galgóczi, 2009. "Financial capitalism and private equity – a new regime?," Transfer: European Review of Labour and Research, , vol. 15(2), pages 189-208, May.

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