search query: @indexterm POLITICAL ECONOMY / total: 438
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| Author: | Beyer, J. Hassel, A. |
| Title: | The effects of convergence: internationalization and the changing distribution of net value added in large German firms |
| Journal: | Economy and Society
2002 : AUG, VOL. 31:3, p. 309-332 |
| Index terms: | INTERNATIONALIZATION COMPANIES POLITICAL ECONOMY INDUSTRIAL RELATIONS |
| Language: | eng |
| Abstract: | The paper examines whether and how the increasing internationalization of firms impacts on the operation of a coordinated market economy. Following the tenets of agency theory, it assumes that an emerging market for corporate control changes the monitoring mechanisms that oversee management. Since Anglo-American forms of monitoring are usually associated with a higher return for investors compared with Continental European firms, a change in the distribution of the net value added of firms is expected. Using financial data on fifty-nine large German companies, the paper shows that the emerging convergence of German corporate governance practices to Anglo-American standards has had a weak, but significant, impact on the distribution of net value added. |
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