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German chemical giants' business and social models in transition – financialisation as a management strategy

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  • Jürgen Kädtler

    (Director at the Sociological Research Institute Göttingen (SOFI))

Abstract

This article is concerned with the financialisation of the German chemical and pharmaceutical industry since the 1990s and its impact on industrial relations in these domains. Those relations are analysed as a particularly cooperative variant of the German ‘social partnership’ that developed out of Verbundchemie' s production and social model and proved highly stable up until the 1990s. Drawing on the restructuring of Germany's traditional ‘Big Three’ chemical and pharmaceutical companies - Hoechst, Bayer und BASF - oriented towards the financial markets, it is demonstrated that gearing tactics to the financial market leads individual companies from very similar starting points to highly contrastive lines of development. This fact serves to underline that corporate strategies geared to the financial markets are determined by the companies' management, rather than by institutional investors. Furthermore, it is demonstrated that workforce representatives capable of managing conflicts can exert considerable influence on this development.

Suggested Citation

  • Jürgen Kädtler, 2009. "German chemical giants' business and social models in transition – financialisation as a management strategy," Transfer: European Review of Labour and Research, , vol. 15(2), pages 229-249, May.
    • Handle: RePEc:sae:treure:v:15:y:2009:i:2:p:229-249
    DOI: 10.1177/102425890901500206
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    References listed on IDEAS

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    1. Jürgen Kädtler & Michael Faust, 2008. "The Power of Financial Markets — What Does that Mean and How Does it Work for Different Categories of Companies?," Palgrave Macmillan Books, in: Katharina Bluhm & Rudi Schmidt (ed.), Change in SMEs, chapter 2, pages 17-38, Palgrave Macmillan.
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