| |
United States |
United Kingdom |
Germany |
France |
Italy |
Japan |
| Employees |
Flexible labour
Low unionization
Employment at will
|
Flexible labour market
|
Work councils
Codetermination
High skills
Non-flexible labour market
|
Work councils
Low unionization
Short-term contracts
|
Long-term contracts
Rigid labour market
Medium skills
|
Enterprise union
Life-time employment
Medium Skill
|
| Shareholders |
Institutional investors and individuals
Dispersed
|
Institutional investors
Dispersed
|
Other non-financial companies
Banks
|
Foreign investors
State
|
State
Families
|
Other non-financial firms
Banks
|
| Government |
Liberal policies
Arms-length
Weak takeover barriers
|
Liberal policies
Arms-length
Weak takeover
|
Protectionist policies
Medium takeover barriers
|
Protectionist policies
Interventionist
Medium takeover barriers
|
Protectionist policies
Interventionist
Strong takeover barriers
|
Protectionist policies
Strong takeover barriers
|
| Board of Directors |
High activism
High % of outsiders due to investor pressure
|
High activism
High % of outsiders determined by law
|
Moderate activism
Stakeholders as a significant minority
Medium size
|
Moderate activism
Minority outsiders
Medium size
|
Low activism
Large % of insiders
Medium size
|
Low activism
Large % of insiders
Large size
|
| Top Management Team |
Professional (Finance/MBA) background
Some foreign-born management
Open labour markets
|
Semi-professional background
Some foreign-born management
Open labour markets
|
Technical background
Few foreign-born managers
Closed labour markets (long term)
|
Common education background
State links
Few foreign-born managers
Closed labour markets (long term)
|
Non-professional
No foreign-born management
Closed labour markets (long term)
|
Common education background
No foreign-born management
Closed labour markets (long term)
|
