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| Tekijä: | Fauver, L. Fuerst, M.E. |
| Otsikko: | Does good corporate governance include employee representation? Evidence from German corporate boards |
| Lehti: | Journal of Financial Economics
2006 : DEC, VOL. 82:3, p. 673-710 |
| Asiasana: | executives management board of directors corporate governance employees worker participation Germany |
| Kieli: | eng |
| Tiivistelmä: | Within the German corporate (here as: corp.) governance system, employee representation (here as: repr.) on the supervisory board (here as: brd./brds.) is typically legally mandated. This paper proposes that such repr. of labour on corp. brds. confers valuable first-hand operational knowledge to corp. brd. decision making. It is found that labour repr. provides a powerful means of monitoring, reducing agency costs within the firm. In addition, it is shown that the greater the need for coordination within the firm, the greater the potential improvement there is in governance effectiveness through the judicious use of labour repr. For union representatives, these benefits do not appear to hold. |
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