Germany's New Top Managers? The Corporate Elite in Flux, 1960-2005

Against the background of an observed strategic realignment of corporations in Germany towards the financial markets and the interests of shareholders, attention is also increasingly drawn to the top managers. Yet recent studies on the recruitment and career patterns of the German corporate elite present ambiguous results. While some studies suggest that career paths remain stable, others find evidence that patterns are changing. Drawing on these different results, scholars either highlight or reject a linkage between the career patterns of top managers and the realignment of corporate strategies. Against the background of these contradictory findings, this paper investigates the changing composition of the German corporate elite. It is based upon a unique dataset capturing the career paths of the CEOs of the fifty largest industrial companies in Germany for every five years between 1960 and 2005. For the first time the development of the career paths of German top managers can be analyzed over a period of 45 years. The analysis focuses on four career patterns which are commonly associated with German managers. Although these patterns appear stable at first sight, closer examination reveals substantial changes. Building on insights from the sociological management literature and economic sociology, the results of this study indicate a link between career patterns and the observed change in corporate strategies. Therefore it is argued that the changing composition of the German corporate elite may be relevant to the discussion on the unwinding of Deutschland AG, the specific corporate governance system of postwar Germany.Im Zusammenhang mit einer stärkeren strategischen Ausrichtung deutscher Unternehmen an den Finanzmärkten sowie den Interessen der Anteilseigner geraten Topmanager zunehmend ins Zentrum des Interesses. Bei der Analyse der Rekrutierungsmuster und Zusammensetzung der deutschen Wirtschaftselite kommen jüngste Studien zu keinem eindeutigen Ergebnis. Es ist zum einen umstritten, ob sich die Rekrutierungsmuster des Topmanagements verändert haben. Zum anderen gibt es widersprüchliche Analysen zum Zusammenhang zwischen den Rekrutierungsmustern und der strategischen Neuausrichtung von Unternehmen. Vor dem Hintergrund dieser unterschiedlichen Beurteilungen untersucht das Papier Veränderungen in der Zusammensetzung und den Rekrutierungsmustern der deutschen Wirtschaftselite. Die Grundlage dafür bildet eine Datenbank, in der die Karriereverläufe von Vorstandsvorsitzenden der deutschen Industrie zu zehn Zeitpunkten zwischen 1960 und 2005 erfasst sind. Erstmals können die Karrieremuster der Topmanager in Deutschland über einen Zeitraum von 45 Jahren analysiert werden. Untersucht werden einige Karrieremerkmale, die im internationalen Vergleich als typisch für deutsche Manager gelten. Auf den ersten Blick scheinen sich die Karriereverläufe der Manager durch hohe Kontinuität auszuzeichnen. In einer differenzierteren Analyse werden hingegen substanzielle Veränderungen sichtbar. Auf Erkenntnisse der soziologischen Managementliteratur und der Wirtschaftssoziologie aufbauend deuten die Ergebnisse der Studie auf eine Verbindung zwischen den Karrieremerkmalen der Manager und dem beobachteten Strategiewandel in der Wirtschaft hin. Vor diesem Hintergrund sollte die veränderte Zusammensetzung der deutschen Wirtschaftselite auch für die Literatur zur Auflösung der Deutschland AG von Interesse sein.Introduction 2 German managers in German capitalism Theoretical and empirical precursors The managers of Deutschland AG: The reference point Recent studies, ambiguous results 3 Germany’s new top managers? Data and method Professional qualification In-house career Age on appointment, tenure 4 Conclusion Reference

A new transmucosal drug delivery system for patients with breakthrough cancer pain: the fentanyl effervescent buccal tablet

Breakthrough pain, a transitory severe pain with the background of otherwise controlled persistent pain has a prevalence between 52% and 67% in outpatients with cancer. Medications for such sudden-onset pain require non-invasive delivery of a potent and short-acting opioid for rapid pain relief. Although oral transmucosal delivery of fentanyl citrate (OTFC) has been shown to provide better pain relief than a typical oral opioid administration such as morphine sulfate immediate release (MSIR) in the management of breakthrough pain in patients with cancer-related pain, newer delivery systems offer a potential for further enhancement of pain relief. The fentanyl effervescent buccal tablet (FBT) formulation employs a novel drug delivery system that relies on an effervescence reaction to improve buccal fentanyl absorption. Using the effervescence reaction results in the production and dissipation of carbon dioxide with a dynamic shift in pH as the tablet dissolves. The induced low pH favors dissolution of fentanyl citrate in saliva (higher water solubility). The subsequent increase in pH thereafter favors the buccal absorption of non-ionized fentanyl across the buccal mucosa. Such a pH “pumping” mechanism increases the permeation of fentanyl into and through the buccal to the vascular system from where the agent is transported to the specific opioid receptor sites in the CNS. Compared with OTFC, data in healthy volunteers show that the effervescence reaction employed in FBT increases the total amount and the speed of absorption of fentanyl being absorbed. Compared with OTFC there is an increase in peak fentanyl blood concentrations, and an enhancement of the amount of buccal delivery of fentanyl. Such favorable data are underlined by the results of clinical studies where the FBT technology was studied in patients with breakthrough pain in chronic malignant pathologies

Firing Employees for Refusing to Submit to Urinalysis: The Case for a Uniform Standard of Reasonable Individualized Suspicion

Submitting to an employer\u27s demand for a urinalysis test to detect ingestion of drugs means laying your privacy, reputation, career, livelihood and possibly your freedom1 on the line. The chances of being asked to submit to a urinalysis or a polygraph test pursuant to employment are well within the realm of possibility. Virginia Electrical Power Company ( Virginia Power ), the fifth largest employer in Virginia, utilizes both urinalysis and polygraphs as investigative tools. Thus, it is foreseeable that a situation may develop where an employee is fired for refusing to submit to a urinalysis test. This Note focuses on issues that arise when an employee, whether in the public or private sector, is discharged for refusing to submit to a urinalysis. In particular, this Note will analyze the constitutional issues raised by mandatory drug testing, especially as this practice affects public sector employees, and possible causes of action available to private sector employees who have been discharged for failure to submit to mandatory testing

Zur Entwicklung der Verschuldung in den Neuen Ländern seit der Deutschen Einheit

During the 1990s, public indebtedness rose remarkably in all German political subdivisions. This development was particularly strong in the New Länder. At the beginning of the 1990s, they had low indebtedness rates. Today, 20 years later, the debt level of some New Länder lies over the average value of all Federal states. The background of this development is complex and depends also on the individual situation of each state. Generally, the rise of the debt level of the New Länder can be attributed to the 1990s’ estimation of a fast adjustment of the New Länder’s economic and financial power to that of the old Federal states. From today's point of view, this estimation was too optimistic. Furthermore, the New Länder have been affected differently by the transformation-conditioned structural change and the therefore arising difficulties with the necessary adjustment to the market. In Saxony-Anhalt, which is characterised by the highest debt level of the New Länder, the collapse of the basic industry has led to high regional unemployment and to a substantial migration of the population. Still Saxony-Anhalt has countrywide the largest negative migration balance. Regardless of these state-specific characteristics of the transformation process, there is a gradual change in the attitude towards existing debts and their handling, starting around the year 2000. So, the interest in budget consolidation increases constantly. This development was supported by the economic boom of the years 2006 and 2007. At present, the economic crisis puts the consolidation efforts of the states to the test.

Auslaufen der Solidarpaktmittel: Sind die Neuen Länder ausreichend vorbereitet?

Up to 2019, the “Neue Länder” in Germany are benefitting from financial transfer within the framework of the solidarity pact. From 2005 to 2007, the “Neue Länder” were able to improve they financial situation and used the solidarity pact payments efficiently. However, these payments are decreasing annually. This implies a significant financial reduction to the “Neue Länder’s” overall budgets and a considerable challenge for their future investments. This article analyses publications by the governments of the “Neue Länder” about their medium term budget planning and related progress reports from the year 2006. The consolidation of their budgets seems to be an essential aspect in the policy strategy of “Neue Länder” due to limited tax autonomy and legal restrictions on their expenditures. However, we identified several consolidation strategies with regard to infrastructural priorities, restructuring of administration, and creation of reserves. The public revenues of the “Neue Länder” are expected to decline in 2009 due to the current recession. In case that there are no fundamental changes in the underlying economic structures, the financial scope of the “Neue Länder” is going to be increasingly constrained, in particular with regard to future investments.

Schuldenbremse: Bisherige Beschlüsse stellen Gelingen auf Länderebene infrage

Starting in 2011, Germany will have a new fiscal rule to limit indebtedness - the debt brake. To encourage the functioning of this regulation on federal and Länder level, an advice board (Stabilitätsrat) was founded in April 2010. In a first step he selected four key numbers and defined thresholds. This article focuses on the chosen indicators and thresholds on Länder level by evaluating the effectiveness of both, the key figures themselves and their thresholds. We are analyzing time series from 1995 to 2009. The findings show that in general, the chosen figures are able to indicate a possible debt risk. However, the threshold values of the advice board endanger the effectiveness of the debt brake. This danger is especially caused by the mode of calculation: The thresholds are based on an average of German Länder. For this reason, only extremely negative household developments are pointed out. Furthermore, the new German debt brake is fundamentally based on the structural budget balance. Nevertheless, this key figure has not directly been chosen by the board. The approach of the board can be explained by the fact that there is - so far - no agreement between the federal level and the Länder how to calculate the structural balance on the Länder level. This circumstance is precarious, because the debt brake cannot step really into force without the calculation of the structural budget balance for the Länder. For this reason, we try to close this vacancy by proposing a possible calculating mode for the structural part of the budget. The results of this calculation are indicating that on average the fiscal policy of the Länder was not sustainable. Key numbers as defined by the board indicated this only for a few of the Länder. From our point of view policy urgently has to act – otherwise the debt brake might not be successful.

Annual Survey of Virginia Law: Property Law

This article reviews selected judicial decisions and legislation affecting property law in Virginia during the past year. Part I of this article examines decisions of the Supreme Court of Virginia and the United States District Court for the Western District of Virginia. Also included are several decisions from the United States Bankruptcy Courts for the Eastern and Western Districts of Virginia that examine the relationship between lenders and owners of commercial properties producing rental income

Entsteht ein Markt für Unternehmensleiter? Karriereverläufe deutscher Manager im Wandel

Die Agency-Literatur sieht funktionierende Kapital- und Finanzmärkte als effiziente Möglichkeit zur Kontrolle von Unternehmen und ihres Managements. Seit zwei Jahrzehnten gewinnen die Finanzmärkte auch in Deutschland an Bedeutung und lösen die Unternehmenskontrolle durch die traditionellen Netzwerke ab. Der Beitrag untersucht, inwieweit sich im Zuge dieser Entwicklungen ein Markt für Unternehmensleiter herausgebildet hat. Grundlage des Papiers ist eine Datenbank, in der die Karriereverläufe der Vorstandsvorsitzenden der 50 umsatzstärksten Unternehmen zwischen 1960 und 2005 erfasst sind. Es wird argumentiert, dass die veränderten Karrieremuster auf eine Stärkung des Konkurrenzprinzips bei der Besetzung und Beurteilung von Unternehmensleitern hindeuten. Die Märkte für Manager entstehen aber nicht extern sondern innerhalb der Unternehmen.Agency literature stresses the importance of capital and financial markets for an efficient control of corporations and their management personnel. In Germany financial markets have for the past two decades gained influence, thereby challenging the traditional network-based system of corporate governance. Analyzing the career patterns of German managers, this article investigates if a market for managers has emerged along these developments. The analysis is based upon a unique dataset capturing the career paths of the CEOs of the fifty largest industrial companies in Germany for every five years between 1960 and 2005. It is argued that the recruitment and evaluation of top managers has become more competitive over the course of time. However, markets for managers have not emerged externally but within the company groups