Changing national business systems:Corporate governance and financing in the Netherlands, 1945-2005

Business History Review

Volumn 84, Issue 4, 2010, Pages 773-798

  Jong, Abe De ^a   Röell, Ailsa ^b   Westerhuis, Gerarda ^c  

^a ERASMUS UNIVERSITY   (Netherlands)

^b Och Spine at New York Presbyterian Hospitals   (United States)

^c UTRECHT UNIVERSITY   (Netherlands)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 79951860695     PISSN: 00076805     EISSN: 2044768X     Source Type: Journal    
DOI: 10.1017/s0007680500002026     Document Type: Article

References (80)

1. Peter A. Hall and David Soskice eds. Varieties of Capitalism: The Institutional Foundations of Comparative Advantage (Oxford 2001).
2. Abe de Jong et al "Investor Relations Reputational Bonding and Corporate Governance: The Case of Royal Ahold" Journal of Accounting and Public Policy 26 (2007: 329).
3. Hall and Soskice eds. Varieties of Capitalism.
4. Neil Fligstein The Transformation of Corporate Control (Cambridge U.K. 1990.
5. Rafael La Porta et al. "Legal Determinants of External Finance" Journal of Finance 52 (1997: 1131-50.
6. Hall and Soskice eds. Varieties of Capitalism 5; Port R.L. et al., Journal of Finance.
7. Peter A. Hall and Daniel W. Gingerich "Varieties of Capitalism and Institutional Complementarities in the Macroeconomy: An Em pirical Analysis" unpublished paper (no date).
8. See Joseph P. H. Fan Sheridan Titman and Garry J. Twite "An International Comparison of Capital Structure and Debt Maturity Choices" working paper on SSRN (2008. This paper demonstrates that debt ratios are much lower in typical LME countries such as the U.S. and the U.K. in comparison to CME countries.
9. Caroline Fohlin "Does Civil Law Tradition and Universal Banking Crowd Out Securities Markets? Pre-World War I Germany as Counter Example" Enterprise & Society 8 (Sept. 2007): 602-41.
10. William Lazonick and Mary O'Sullivan "Maximizing Shareholder Value: A New Ideol ogy for Corporate Governance" in Corporate Governance and Sustainable Prosperity ed. William Lazonick and Mary O'Sullivan (New York 2002 12.
11. Lazonick and O'Sullivan "Maximizing Shareholder Value" 15-17.
12. Bengt Holmstrom and Steven N. Kaplan "Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s" Journal of Economic Perspectives 15 (2001: 121-44. (Pubitemid 33594765)
13. Jeffrey N. Gordon "The Rise of Independent Directors in the United States 1950-2005.
14. Of Shareholder Value and Stock Market Prices" Standard Law Review 59 (2007): 1465-568.
15. Lazonick and O'Sullivan "Maximizing Shareholder Value" 14.
16. Bengt Holmstrom and Steven N. Kaplan "Corporate Governance and Merger Activity" 121-44.
17. Gordon "The Rise of Independent Directors in the United States" 1465-568.
18. Gary Herrigel "Guest Editor's Introduction: A New Wave in the History of Corporate Governance" Enterprise & Society 8 (Sept. 2007: 482-83.
19. William Lazonick and Mary O'Sullivan "Corporate Resource Allocation and Employment Opportunities in the United States" in Corporate Governance and Sustainable Prosperity ed. William Lazonick and Mary O'Sullivan (New York 2002) 2.
20. Keetie E. Sluyterman Dutch Enterprise in the Twentieth Century: Business Strategies in a Small Open Economy (London 2005 133.
21. Keetie E. Sluyterman Dutch Enterprise in the Twentieth Century: Business Strategies in a Small Open Economy, Ibid. 133.
22. Keetie E. Sluyterman Dutch Enterprise in the Twentieth Century: Business Strategies in a Small Open Economy, Ibid. 134.
23. Keetie E. Sluyterman Dutch Enterprise in the Twentieth Century: Business Strategies in a Small Open Economy, Ibid. 136.
24. Paul Frentrop Corporate Governance 1602-2002: Ondernemingen en hunAandeel- houders sinds de VOC (Amsterdam 2002 285.
25. Respectively HR1 Apr. 1949 and HR 21 Jan. 1955.
26. Frentrop Corporate Governance 1602-2002 287.
27. Sluyterman Dutch Enterprise in the Twentieth Century 141.
28. Jaap Barendregt and Hans Visser "Towards a New Maturity 1940-1990".
29. in A Financial History of the Netherlands ed. Marjolein 't Hart Joost Jonker and Jan Luiten van Zan-den (Cambridge U.K. 1997 169.
30. H. M. Helmers et al. Graven naarMacht: OpZoek naar de Kern van deNederlandse Economie (Amsterdam 1975 256.
31. Jonker J, Waterdragers van Het Kapitalisme: Nevenfuncties van Nederlandse Bankiers en De Verhouding Tussen Bankwezen en Bedrijfsleven 1910-1940
32. See also Jaar-boek Voor De Geschiedenis Van Bedrijfen Techniek 6(1989):158-190.
33. Huibert Schijf Netwerken van een Financieel-economische Elite: Personele Verbind-ingen in het Nederlandse Bedrijfsleven aan het Eind van de Negentiende Eeuw (Amsterdam 1993).
34. Abe de Jong and Ailsa Roell "Financing and Control in the Netherlands: A Historical Perspective" in A History of Corporate Ownership around the World: Family Business Groups to Professional Managers ed. Randall Morck (NBER 2005 495-96.
35. Helmers et al. Graven naarMacht 257.
36. J. L. de Jager Arm en Rijk kunnen bij mij hun Inkopen doen: De Geschiedenis van Albert Heijn en Koninklijke Ahold (Baarn 1995 56.
37. J. L. de Jager Arm en Rijk kunnen bij mij hun Inkopen doen: De Geschiedenis van Albert Heijn en Koninklijke Ahold (Baarn 1995, Ibid. 100.
38. J. L. de Jager Albert Heijn de Memoires van een Optimist (Baarn 1997 45.
39. J. L. de Jager Albert Heijn de Memoires van een Optimist (Baarn 1997 45., Ibid. 45-46.
40. Jager De Geschiedenis van Albert Heijn en Koninklijke Ahold 108.
41. Frentrop Corporate Governance 1602-2002 334.
42. Frentrop Corporate Governance 1602-2002, Ibid. 339.
43. Het Financieele Dagblad 26, 27 and 29 Oct. 1970.
44. To qualify as a large company three requirements must be met. The company's issued capital plus reserves including its retained earnings must equal at least 13 million (2005 criterion. The company or any of its dependent companies must have established a works council as required by law. The company together with its dependent companies must normally employ 100 or more employees in the Netherlands.
45. See: Edo Groenewald "Corporate Governance in the Netherlands: From the Verdam Report of 1964 to the Tabaksblat Code of 2003" European Business Organization Law Review 6 (2005: 294.
46. Sluyterman Dutch Enterprise in the Twentieth Century 145.
47. Sluyterman Dutch Enterprise in the Twentieth Century 145, Ibid.
48. Sluyterman Dutch Enterprise in the Twentieth Century, Ibid. 195.
49. Abe de Jong et al. "The Role of Self-Regulation in Corporate Governance: Evidence and Implications from the Netherlands" Journal of Corporate Finance 11 (2005: 473-503.
50. Frans N. Stokman Jelle van der Knoop and Frans W. Wasseur Theoretische Herin-terpretatie van Dubbelfuncties tussen Grote Bedrijven: Stabiliteit en Carriere-opbouw in de Periode 1960-1980" in Nederlandse elites in beeld: Rekrutering samenhang en verande-ring ed. Jaap Dronkers and Frans N. Stokman (Deventer 1984) 46.
51. Frans N. Stokman Jelle van der Knoop and Frans W. Wasseur Theoretische Herin-terpretatie van Dubbelfuncties tussen Grote Bedrijven: Stabiliteit en Carriere-opbouw in de Periode 1960-1980" in Nederlandse elites in beeld: Rekrutering samenhang en verande-ring ed. Jaap Dronkers and Frans N. Stokman (Deventer 1984) 46., Ibid. 46.
52. Jos van Hezewijk De Top-elite van Nederland: Leefivijze en Familierelaties Onder-nemingen en Dubbelfuncties van de meest Invloedrijke Mensen van ons Land (Amsterdam 1986) 62.
53. Jeroen Smit Het Drama Ahold (Amsterdam 2004) 60.
54. Jeroen Smit Het Drama Ahold (Amsterdam 2004), Ibi 61.
55. De Jong "Investor Relations" 354.
56. Jager De Geschiedenis van Albert Heijn en Koninklijke Ahold 322-23.
57. Jager Albert Heijn Memoires 166.
58. Jager De Geschiedenis van Albert Heijn en Koninklijke Ahold 241.
59. Jager Albert Heijn Memoires 153.
60. Jager Albert Heijn Memoires, Ibid. 175.
61. Christoph van der Elst Abe de Jong and Theo Raaijmakers "Een Overzicht van Juri-dische en Economische Dimensies van de Kwetsbaarheid van Nederlandse Beursvennoot-schappen" Onderzoeksrapport ten behoeve van de SER Commissie Evenwichtig Onderne-mingsbestuur (24 Oct. 2007) 56.
62. De Jong et al "The Role of Self-Regulation in Corporate Governance" 502.
63. Van der Elst De Jong and Raaijmakers "Overzicht van Juridische en Economische Di mensies" 53.
64. DNB Annual Report various years.
65. ABP, Annual Report (1999) 25.
66. ABP, Annual Report (1998) 38.
67. See also for example Philips pension fund in Elise van Neederveen Meerkerk and Jan Peet Een Peertje voor de Dorst: Geschiedenis van het Philips Pensioenfonds (Amsterdam 2002).
68. ABP Annual Report (1998) 33.
69. ABP Annual Report various years.
70. Van der Elst De Jong and Raaijmakers "Overzicht van Juridische en Economische Di- mensies" 51.
71. Van der Elst De Jong and Raaijmakers "Overzicht van Juridische en Economische Di- mensies", Ibid. 50. Only shareholders with stakes of 5 percent or more were counted.
72. A. C. C. Herst and E. H. Rebers "Inkoop van Eigen Aandelen in Nederland Theorie versus Praktijk" Tijdschrift voor Bedrijfsadministratie 100 (1996: 174-80).
73. C. F. A. Baltus and M. B. J. Schauten "Inkoop Eigen Aandelen op de Amsterdamse Ef-fectenbeurs" Financieel Management (Jan./Feb. 2000: 35-43.
74. Henk von Eije and William L. Megginson "Dividends and Share Repurchases in the European Union" Journal of Financial Economics 89 (2008: 347-74.
75. Eelke M. Heemskerk Decline of the Corporate Community: Network Dynamics of the Dutch Business Elite (Amsterdam 2007.
76. Heemskerk Decline of the Corporate Community 156.
77. The following paragraph was based on Abe de Jong et al. "The Case of Royal Ahold.".
78. The following paragraph was based on Abe de Jong et al. "The Case of Royal Ahold.", Ibid. 359.
79. Smit Het Drama Ahold 175.
80. John C. Coffee "A Theory of Corporate Scandals: Why the U.S. and Europe Differ" Oxford Review of Economic Policy 21 (2005: 198-211).