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Voluntary Co-determination Produces Sustainable Competitive Advantage

In: Corporate Social Responsibility and Corporate Governance

Author

Listed:
  • Margit Osterloh
  • Bruno S. Frey
  • Hossam Zeitoun

Abstract

The importance of firm-specific knowledge for a company’s sustainable competitive advantage is well established in the knowledge-based theory of the firm. However, the impact of corporate governance design on firm-specific knowledge investments is underexplored. We assess existing co-determination systems in Europe and their impact on firm performance; then we discuss voluntary co-determination as a new corporate governance design that fosters firm-specific knowledge investments, intrinsic work motivation, efficient monitoring, and board diversity while lowering transaction costs. Our analysis indicates that shareholders can increase their company’s value by adopting customized co-determination rules.

Suggested Citation

  • Margit Osterloh & Bruno S. Frey & Hossam Zeitoun, 2011. "Voluntary Co-determination Produces Sustainable Competitive Advantage," International Economic Association Series, in: Lorenzo Sacconi & Margaret Blair & R. Edward Freeman & Alessandro Vercelli (ed.), Corporate Social Responsibility and Corporate Governance, chapter 12, pages 332-352, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-0-230-30211-2_12
    DOI: 10.1057/9780230302112_12
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    Cited by:

    1. Renée B. Adams & Tom Kirchmaier, "undated". "From Female Labor Force Participation to Boardroom Gender Diversity," FMG Discussion Papers dp715, Financial Markets Group.
    2. Kevin Levillain & Blanche Segrestin, 2018. "From Primacy to Commitment: Revising corporate governance theories to account for recent legal innovations in the US," Post-Print hal-01777788, HAL.
    3. Gregorič, Aleksandra, 2022. "Board-level worker representation," GLO Discussion Paper Series 1136, Global Labor Organization (GLO).
    4. Kevin Levillain & Blanche Segrestin, 2018. "From Primacy to Commitment: Revising corporate governance theories to account for recent legal innovations in the US," Working Papers hal-01777788, HAL.

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