Location of Repository

French corporate governance in the new global economy: mechanisms of change and hybridisation within models of capitalism

By Ben Clift

Abstract

This article analyses the implications of the internationalisation of capital markets, and the influx of Anglo-Saxon institutional investors, for the French model of capitalism. Its central contention is that the global convergence thesis misrepresents contemporary evolutions because it pays insufficient attention to mechanisms of change within models of capitalism. Secondly, framing analysis in terms of hybridisation and fragmentation of national models, rather than convergence, offers greater explanatory purchase over the French model, constitutes a more accurate characterisation, and helps avoid the 'convergence or persistence' impasse within models of capitalism analysis. In exploring French corporate governance, it emphasises the importance of specifying the role of institutional mechanisms as transmission belts of change as a precursor to an assessment of how far shifts in international political economic context bring about changes within French capitalism. Focusing on financial market regulation regime, new legislation in corporate governance and company law, and the market for corporate control as three key potential mechanisms of change, it finds that pre-existing norms and structures endure, mediating the nature of a national political economy's articulation with the international context. Hybridisation and recombination of capitalist institutions drawn from different models provide a far more persuasive account than convergence

Topics: HC, DC
Publisher: Wiley-Blackwell Publishing Ltd.
Year: 2007
OAI identifier: oai:wrap.warwick.ac.uk:961

Suggested articles

Preview

Citations

  1. (1999). (preside par) ‘Rapport sur le conseil d’administration des sociétés cotées’ AFEP and MEDEF. doi
  2. 2001[1944]) The Great Transformation Boston: doi
  3. (2001). 4French Corporate Governance in the New Global Economy Journal Officiel
  4. (2004). 7French Corporate Governance in the New Global Economy Tiberghien, Y.
  5. (2004). Capitalism, Coordination, and Economic Change: the French Political Economy since 1985’ viewed at http://ksghome.harvard.edu/~.pculpepper.academic.ksg/changes%20in%20French%20po litical%20economy,%20v2.pdf
  6. (2004). Common Trajectories, variable paces, divergent outcomes? Models of European Capitalism under conditions of complex economic interdependence’, doi
  7. (2002). Conclusion: Quel scenario pour le gouvernement d’entreprise? Un hypothèse de double convergence’ doi
  8. (2004). Convergence Within National Diversity: The Regulatory State in Finance’, doi
  9. (2005). Corporate Governance Adrift? Cheltenham: Elgar Boutillier doi
  10. (2005). Corporate Governance and Employees in Germany: Changing Linkages, Complementarities, and Tensions’ doi
  11. (2002). Corporate Governance and Labour Management Oxford: doi
  12. (2002). Corporate governance systems and the nature of industrial restructuring: France’ European Industrial Relations Observatory Online,
  13. (2004). Debating the Restructuring of French Capitalism and Anglo-Saxon Institutional Investors: Trojan Horses of Sleeping Partners?’, doi
  14. (2005). Defensive Institutional Engineering and Global Convergence: Corporate Governance Reforms
  15. (1995). France doi
  16. (1991). France After Hegemony Ithaca: doi
  17. (2003). France: a new ‘capitalism of voice’?’ doi
  18. (1997). France’ doi
  19. (1996). Freer Markets, More Rules? doi
  20. (2003). French capitalism transformed, yet still a third variety of capitalism’ doi
  21. (1996). From State to Market? The Transformation of French Business and Government. Cambridge: doi
  22. (2004). Globalizing Corporate governance: convergence of form or function’ doi
  23. (2000). Governing Globalization? The State, Law, and Structural Change in Corporate Governance’, doi
  24. (2000). Judges and CEOs: French Aspects of Corporate Governance’
  25. (2005). Keeping Better Company Oxford: doi
  26. (2002). L’évolution du gouvernement d’entreprise en France’ doi
  27. (2002). L’impact des FIE sur le pilotage de l’entreprise’ 6French Corporate Governance in the New Global Economy
  28. (2003). La France, championne du capitalisme familial’
  29. (2005). Labour in French Corporate Governance: The Missing Link’ doi
  30. (2002). Large Firms and Institutional Change Oxford: doi
  31. (2002). Le droit français des socétés entre corporate governance et culture de marché’
  32. (2003). Les mutations du capitalisme en France: le role de la finance’ Les notes de l’ifri, 50 Paris: Ifri,
  33. (2002). Malgré la mondialisation, le capitalisme familial se porte bien’
  34. (2005). Models of Capitalism’, doi
  35. (2004). Mondialisation et recomposition du capital des enterprises européennes: rapport du groupe preside par Michel Dietsch (Paris: La documentation française). doi
  36. (1999). Principes relatifs au gouvernement d’entreprise. Paris: OECD OECD doi
  37. (2004). So Where are National capitalisms Now?’, doi
  38. (1999). speech to the Journée parlementaire du groupe socialiste,
  39. (1989). The ‘Little Big Bang’ in Paris: financial deregulation in a dirigiste system’, doi
  40. (2001). The Industrial Relations Consequences of Mergers: France’, European Industrial Relations Observatory Online,
  41. (2001). The Jospin Way’, doi
  42. (2005). The logics of globalization’
  43. (2003). The political economy of comparative corporate governance’ doi
  44. (2006). The State After Statism Boston:
  45. (1995). World Investment Report 2003: Country Fact Sheet: France Viénot,

To submit an update or takedown request for this paper, please submit an Update/Correction/Removal Request.