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| Author: | Schmid, F. A. Seger, F. |
| Title: | Replik auf "Arbeitnehmermitbestimmung und moderne Theorie der Unternehmung" |
| Journal: | Zeitschrift für Betriebswirtschaft
1999 : VOL. 69:7, p. 765-776 |
| Index terms: | SHAREHOLDER VALUE CO-DETERMINATION INDUSTRIAL DEMOCRACY WORKER PARTICIPATION |
| Language: | ger |
| Abstract: | In a study of a sample of listed German stock corporations Schmid und Seger (1998) provided empirical evidence that codetermination depress shareholder value. Frick, Speckba- cher and Wentges argued against this paper, questioning the relevance of the applied theoretical framework and the vali- dity of the provided empirical results. In this reply we show that it is the theory of incomplete contracts that forms the basis for both the arguments of Frick, Speckbacher and Wentges and the study of Schmid and Seger. We also provide additional empirical evidence on the influence of codetermination on shareholder value. These results confirm the findings Schmid and Seger obtained originally. |
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