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Rethinking Corporate Governance: From Shareholder Value To Stakeholder Value

Edited by Roger Blanpain†, William Bromwich, Olga Rymkevich, Iacopo Senatori


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Now that the economic orthodoxy of ‘light-touch’ regulation has been widely discredited by recent events in the financial markets, and shareholder-oriented management has come under intense scrutiny, it is time to seriously consider the merits of stakeholder-oriented economies.

In this far-reaching symposium on this aspect of comparative labour relations, 35 scholars examine case studies and evolving scenarios in a wide variety of countries, from leading economic powers such as the United States, the United Kingdom, and Germany to post-socialist states such as Poland, Hungary, and Bulgaria to the formidable global economic presences of Brazil, Russia, and India. With contributions from leading experts from all around the world in the fields of labour law, industrial relations, labour economics, labour statistics, human resources management, organization theory and other related subjects, the papers focus on the impact of the global economic crisis and its implications for the future of employment. Specific contexts covered include:

  • adversarial versus strategic collective bargaining;
  • transnational collective bargaining;
  • long-term employees as the most valuable corporate stakeholders;
  • workers’ voice and participation in the restructuring of undertakings;
  • privatization of state-owned companies;
  • executive pay;
  • investment in vocational training in times of economic crisis;
  • the impact of the EU’s Cross-Border Merger Directive;
  • inherent dangers in the EMU one-size-fits-all monetary policy; and
  • cases of large-scale corporate fraud.

Of particular interest is the treatment of important developments in Singapore and Nigeria, as well as lessons to be learned from pitfalls encountered in South Africa and other countries. With its theoretical arguments and empirical data, this volume is certainly a major contribution to the debate over whether shareholder or stakeholder approaches to management yield the best results in terms of employment outcomes. As the world economic crisis continues to take its toll on employment, pension funds, public services, and living standards, the book is sure to find a wide audience among policymakers and lawyers worldwide concerned with the future of employment relations and their effect on both productivity and social stability. This volume includes a selection of papers from the Eighth International Conference in commemoration of Marco Biagi held at the Marco Biagi Foundation in Modena, Italy in March 2010.

Last Updated 03/14/2011
Update Frequency As Needed
Product Line Kluwer Law International
ISBN 9789041134509
SKU 10059451-0001
Table of Contents

Notes on Contributors


Part I Collective Bargaining

Chapter 1 The Employer's Perspective on Collective Bargaining Coverage: An Analytical Framework

Chapter 2 The Efficacy of Transnational Collective Bargaining: The Spanish Case

Chapter 3 The Emergence of Collective Bargaining Structures in a Transformation Economy: The Example of Nigeria

Chapter 4 From Adversarial to Strategic Collective Bargaining: The Case of a Small Open Economy

Part II Participation

Chapter 5 Employee Share Ownership and Workers' Participation: A Tool for Cooperation?

Chapter 6 Employee Participation: A Lever of Corporate Governance to Increase the Effectiveness of Human Resource Practices

Chapter 7 Workers' Voice and Involvement in the Restructuring of Undertakings

Chapter 8 The Statute for a European Company and the Polish Model of Employee Involvement

Chapter 9 Employee-Elected Directors on Company Boards: Stakeholder Representatives or the Voice of Labor?

Chapter 10 Employee Participation and Governance: A South African Perspective

Part III Corporate Social Responsibility

Chapter 11 Corporate Social Responsibility: An Integral Element Rather than a Bolt-On Option

Chapter 12 Conceptualization of Corporate Social Responsibility in the Context of Labor Law

Chapter 13 Corporate Social Responsibility, the Labor Market and Industrial Relations in Bulgaria

Chapter 14 Labor Regulation in Shareholder and Stakeholder Economies

Part IV Corporate Governance and Regulatory Models

Chapter 15 Labor Economics, Corporate Governance, and Corporate Social Responsibility: Interfaces and Boundaries

Chapter 16 A Social Dimension for Transatlantic Economic Relations

Chapter 17 Investment in Human Capital in Times of Economic Crisis

Chapter 18 Employee Board-Level Representation in the European Union: The Cross-Border Merger Directive and Its Impact in the Netherlands

Chapter 19 Shareholder versus Stakeholder Capitalism

Chapter 20 Top-Down Meets Bottom-Up Meets Mutuality: Governance in the NHS in Scotland

Chapter 21 Balancing the Interests of Shareholders and Stakeholders through Corporate Governance

Chapter 22 The Employment of Executive Staff under Russian Labor Law