Panel "Does Corporate Governance Intermediate between Finance and Labor?"
Sprache des Titels:
Englisch
Original Kurzfassung:
Financialization is a new conceptual approach
to analyzing the growing role and influence of
financial markets on a wide variety of economic
and social phenomena. Researchers have
made considerable process in identifying macroeconomic
and financial system changes associated
with financialization, including the
increasing size of the financial system relative
to the ?real? economy, the creation and
growth of financial markets for an increasing
number of products. These researchers have
shown that an increasing risk orientation on
financial markets and the securitization and
sale of a range of financial products including
high-risk mortgages, consumer loans, and private
equity finance directly contributed to the
financial crisis. So far, relatively little work has
been done linking these trends with changes in
labor relations and the employment relations
at the firm level. There is also need for crossnational
comparative analysis. Researchers
working on human resources and industrial
relations have recognized the significance of a
greater orientation of firms to financial markets
(e.g. ?shareholder value?) for employment
relations, but this work has not yet been systematically
analyzed from the perspective of
financialization. the dynamics
of financialization and their impact on the
employment relations and industrial relations
at the company level. A special focus of the panel in question was on corporate governance and if or how CG initiatives on a firm level are able to mediate between finance and labor. The congess was organized by Sigurt Vitols and the project group Modes of Economic Governance (WZB Berlin Social Science Center).