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• W24237786 abstract "ABSTRACT.In this paper we are particularly interested in exploring changes to market constraining institutions in non-liberal market economies, the specificity of gradual institutional change in the enterprise sector, and the process of economic liberalization. The results of the current study converge with prior research on the importance of business relations in the form of coordination and ties with political structures, the downside of the labor market activation, and capital markets and corporate governance regulations.JEL Codes: G34, R23, E44Keywords: corporate governance; liberal market economy; capital1. IntroductionThe paper generates insights about the evolution of financial market regulation, the strengthening of employment protection for permanent employees, and financial market actors in non-liberal systems. We are specifically interested in how previous research investigated the way that different modes of market regulation shape immigration policy preferences, opportunity structures for gradual changes in the trade regime, and the structuring role of economic and corporate governance. Our paper contributes to the literature by providing evidence on gradual institutional change within the private business sector, the effects of capital market liberalization and the rise of shareholder value on the behavior of large firms, and the corporate governance systems of the liberal market economies.2. Capital Markets and Corporate Governance RegulationsCoordinated market economies are less egalitarian than before, increasingly divergent, whereas their institutions are less encompassing. Sustained economic coordination has facilitated liberalization in some areas for cost containment, more flexible corporate finance and numerical flexibility of the workforce. Since the mid-1990s, advanced political economies have displayed rather strong evidence of institutional change. Capital markets and corporate governance regulations (Hunter, 2013a) have been subjected to intense reform pressure. Globalization as a liberalizing force increases the likelihood of concession bargaining through firms' better exit alternatives. Producer coalitions are particularly well placed to shape policies in coordinated market economies. The structure of the German labor market has dramatically changed in the process. Employment protection for permanent employees has remained strong. Benefit system reforms have not altered the high-tax wedge that burdens low skilled low paid work. Low pay is gradually diffusing into the core of the labor market, being found in full and part-time employment and standard jobs. The dualism of insiders and outsiders on the labor market has deepened. Low paid employment does not usually serve as a path to better paid work. (Hassel, 2014)Since the 1980s, a flourishing private sector has emerged in China. The institutional environment conditions the economic field. Formal legal differentiation between company forms in mainland China is difficult due especially to the peculiar structure of Chinese capitalism. There is a spatiotemporal unevenness (Pera, 2013) between the major subsystems of the world economy. A market-liberal entrepreneurial spirit coexists with widespread state interventionism. The peculiarities of Chinese market-liberal state capitalism include: special forms of competition and private-public corporate organization (Nicolaescu, 2013b), the emergence in urban labor relations of a fragmented type of labor-exclusive corporatism in terms of intermediary institutions, the strategic role of government in regulating financial and monetary relations that prevents simple adaptation of a liberal model, a political system constituted by a notable combination of central and decentralized power, and Chinese integration into global economic relations and power structures that has led to a dynamic balance of power between mainland Chinese, overseas Chinese and foreign economic engagement. …" @default.
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• W24237786 date "2013-12-01" @default.
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• W24237786 title "Corporate Governance in Liberal Market Economies" @default.
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