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Financialisation, shareholder value orientation, and the decline of trade union membership in the EU

Author

Listed:
  • Giorgos Gouzoulis

    (Queen Mary, University of London, UK)

  • Giorgos Galanis

    (Queen Mary, University of London, UK)

  • Panagiotis (Takis) Iliopoulos

    (Katholieke Universiteit Leuven, Belgium)

Abstract

This article shows that an orientation towards shareholder value and corporate indebtedness at non-financial firms have been negatively associated with union density in the EU over the past 21 years. We argue that the financialisation of non-financial firms makes them prioritise their ‘external (economic) balance’ at the expense of a cooperative ‘internal equilibrium’ model. In other words, corporate financialisation pushes non-financial firms to shift to non-participatory, market-based HR systems that directly undermine the role of trade unions. This study examines this corporate financialisation-induced shift within the EU in the wake of deeper economic integration since 1999 and provides panel data econometric evidence that it has significantly undermined union membership.

Suggested Citation

  • Giorgos Gouzoulis & Giorgos Galanis & Panagiotis (Takis) Iliopoulos, 2024. "Financialisation, shareholder value orientation, and the decline of trade union membership in the EU," Transfer: European Review of Labour and Research, , vol. 30(2), pages 161-179, May.
    • Handle: RePEc:sae:treure:v:30:y:2024:i:2:p:161-179
    DOI: 10.1177/10242589241245063
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