{"insight":{"id":"121539935","lede":"In particular, the study looks at the period from 1974 - 1995, and subsequently zooms in on the introduction of the Codetermination Act of 1976. In both cases, the authors find that stock market prices did not have any significant reaction to codetermination.","slug":"codetermination-had-no-significant-influence-on-stock-prices-of-effected-firms-in","title":"Codetermination had no significant influence on stock prices of effected firms in Germany.","showTitleAsQuote":false,"epistemicStatus":"empirical","reports":[{"id":"69359365","title":"Codetermination","slug":"codetermination"}],"tags":[{"slug":"stock-prices","name":"Stock Prices","id":"121539931","lede":"","ledeExcerpt":"","featured":null},{"slug":"growth","name":"Growth","id":"23932836","lede":"

We define growth as the expansion of wealth in society; growth is about generating a "a bigger pie".

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Amidst debates over the merits of continued growth, we begin with the idea that all else equal, a society with growth, with more wealth, is preferable to one with less. Without growth, society becomes a zero-sum distributional game: anyone's gain is another's loss. Growth (all else equal) enables shared prosperity.

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But there is broad agreement that current measures of growth, such as GDP, are inadequate to the task of providing a suitable proxy to guide further growth. Whether devising improved measures that account for missing elements such as sustainability, equity, leisure time, or digital value, or constructing altogether new proxies (OECD's Better Life Index, for example), the conversation about how best to measure, and thus drive, equitable, regenerative, socially desirable growth is a rich field of debate.

\n","ledeExcerpt":"We define growth as the expansion of wealth in society; growth is about generating a \"a bigger pie\".\n\nAmidst debates over the merits of continued growth, we begin with the idea that *all else equal*, a society with growth, with more wealth, is preferable to one with less. Without growth, society becomes a zero-sum distributional game: anyone's gain is another's loss. Growth (all else equal) enables shared prosperity.\n\nBut there is broad agreement that current measures of growth, such as GDP, are inadequate to the task of providing a suitable proxy to guide further growth. Whether devising revised measures, such as Tyler Cowen's notion of wealth plus\" (GDP, plus measures of leisure time, household production, and environmental considerations), or constructing altogether new proxies (OECD's 'Better Life Index), the conversation about how best to measure, and thus drive, equitable, regenerative, socially desirable growth is a rich field of debate.","featured":true},{"slug":"corporate-governance","name":"Corporate Governance","id":"69359562","lede":"

Corporate governance describes "the processes, structures, and mechanisms that influence the control and direction of corporations" (Greg Shailer, 2018).

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"Control" refers to how stakeholders and other external groups influence those who are responsible for decision-making, while "direction" refers to the guidance and management of the corporation.

\n","ledeExcerpt":"Corporate governance describes \"the processes, structures, and mechanisms that influence the control and direction of corporations\" (Greg Shailer, 2018).\n\n\"Control\" refers to how stakeholders and other external groups influence those who are responsible for decision-making, while \"direction\" refers to the guidance and management of the corporation.","featured":null}],"sources":[{"id":"121539892","lede":"\"The event study examines the impact of decisions of German courts during the period 1974-1995 on co-determination issues on the stock price developments of the firms concerned. The authors find that the stock market did not react in a significant way. In a second step the authors ask whether the introduction of the Co-determination Act of 1976 and the ruling of the Federal Constitutional Court of March 1, 1979 on the constitutionality of that Act had any influence on stock prices in those sectors that were most heavily affected by these events. Here also the results are negative. The authors discuss possible explanations.\"","link":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=10275","slug":"co-determination-in-germany-the-impact-of-court-decisions-on-stock-price","kind":"Academic Paper","title":"Co-Determination in Germany: The Impact of Court Decisions on Stock Price","year":"1997-01-01","researchers":[{"id":"121539888","location":"J.W. Goethe University, Frankfurt/Main; European Corporate Governance Institute (ECGI)","name":"Theodor Baums","seoDescription":"","slug":"theodor-baums"},{"id":"121539889","location":"University of Witten/Herdecke - Institute of Economics and Business Administration","name":"Bernd Frick","seoDescription":"","slug":"bernd-frick"}]}]}}