The Danish Corporate Governance System: From stakeholder orientation towards shareholder value

Corporate Governance: An International Review

Volumn 11, Issue 4, 2003, Pages 335-344

  Rose, Caspar ^a   Mejer, Garsten ^b  

^a Department of International Economics and Management   (Denmark)

^b NONE

Author keywords

Corporate governance; International differences; Stakeholder vs shareholder orientation

Indexed keywords

EID: 0141941758     PISSN: 09648410     EISSN: None     Source Type: Journal    
DOI: 10.1111/1467-8683.00331     Document Type: Article

References (28)

1. Aoki, Masahiko (1984) Aspects of the Japanese Firm, In Masahiko Aoki (ed.), The Economic Analysis of the Japanese Firm. Amsterdam: North-Holland.
2. Bechmann, Ken and Løchte Jørgensen, Peter (2002) Danish firms' Incentive Contracts. Working Paper 2002, Department of Finance, Copenhagen Business School.
3. Blair, Margaret (1995) Ownership and Control. New York: The Brookings Institution.
4. Blair, Margaret and Roe, Mark J. (1999) Employees and Corporate Governance. New York: Brookings Institution Press.
5. Christensen, Jan Schans (1991) Contested Takeovers in Danish Law: A Comparative Analysis Based on a Law and Economics Approach. Copenhagen: G.E.C. Gads Forlag.
6. Easterbrook, Frank D. Fischel (1989) The Corporate Contract, Columbia Law Review, 89, 1416-1448.
7. Franks, Julian and Mayer, Colin (1990) Capital Markets and Corporate Control: A Study of France, Germany and the UK, Economic Policy, April.
8. Freeman, R. E. (1984) Strategic Planning: a Stakeholder Approach. Boston: Pitmann.
9. Gamble, Andrew and Kelly, Gavin (2001) Shareholder Value and the Stakeholder Debate in the UK, Corporate Governance, 9, 110-117.
10. Jensen, Michael C. (1986) Agency Costs of the Free Cash Flow, Corporate Finance and Takeovers, American Economic Review, 76, 323-329.
11. Jensen, Michael (2001) Value Maximization, Stakeholder Theory, and the Corporate Objective Function, Journal of Applied Corporate Finance, 14, 8-21.
12. Krüger Andersen, Paul (2000) Aktie og anpartselskabsret (Corporations). Jurist og Økonomiforbundets Forlag.
13. LaPorta, Rafael, Lopez de-Silanes, Florencio, Schleifer, Andrei and Vishny, Robert W. (1997) Legal Determinants of External Finance, Journal of Finance, 52, 1131-1150.
14. Mejer, Garsten (2003) Corporate Governance - A New Tool Within Management Accounting? Working Paper, Department of Accounting and Auditing, Copenhagen Business School.
15. OECD (1999) OECD Principles of Corporate Governance. Paris: OCED (http://www.oecd.org/ pdf/M00008000/M00008299.pdf).
16. Roe, Mark (1993) Some Differences in the Corporate Structure in Germany, Japan and the United States, The Yale Law Journal, 102, 1926-2000.
17. Romano, Roberta (1996) Corporate Law and Corporate Governance. Oxford: Oxford University Press.
18. Rose, Caspar (2001a) Danske børsnoterede selskabers veern mod overtagelse - i et corporate governance perspektiv (Anti-takeover Defences by Danish Firms - In a Corporate Governance Perspective), Nordisk Tidsskrift for Selskabsret (Scandinavian Journal of Corporate Law), 2, 187-197.
19. Rose, Caspar (2001b) Aktiemarkedets Reaktion på Indfkrelsen af Incitaments-programmer (The Stock Market's Reaction to Announcements of Incentive Contracts), Nationaløkonomisk Tidsskrift, 139, 183-195.
20. Rose, Caspar (2002a) Corporate Financial Performance and the Use of Takeover Defenses, European Journal of Law and Economics, 13, 91-112.
21. Rose, Caspar (2002b) Om anvendelsen af decharge i børsnoterede selskaber - en empirisk analyse (Exemption of Liability in Listed Firms - An Empirical Analysis), Nordisk Tidsskrift for Selskabsret, July 2, 200-209.
22. Rose, Caspar (2002c) The Impact of Takeover Defenses on Managerial Incentives, Working Paper No. 9. Department of Finance, Copenhagen Business School.
23. Stonehill, Arthur and Dullum, Kare B. (1990) Corporate Wealth Maximization, Takeovers, and the Market for Corporate Control, Nationaløkonomisk Tidsskrift, 128(1), 79-96.
24. Thomsen, Steen (1999) Corporate Ownership by Industrial Foundations, European Journal of Law and Economics, 7, 117-136.
25. Thomsen, Steen and Rose, Caspar (2002) Foundation Ownership and Financial Performance - Do Companies Need Owners? Working Paper No. 9. Department of Finance, Copenhagen Business School.
26. Tirole, Jean (2001) Corporate Governance, Econometrica, 69, 1-38.
27. Turnbull, Shann (1997) Stakeholder Governance: A Cybernetic and Property Rights Analysis, Corporate Governance, 5, 11-23.
28. Vinten, Gerald (2001) Shareholder Versus Stakeholder - Is There a Governance Dilemma? Corporate Governance, 9, 36-47.