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The liberal market model of finance, ownership, and governance: An evaluation of its effect on labour

University of York, UK, ap516{at}york.ac.uk

This paper examines the theory and evidence of the effect of finance, ownership, and corporate governance on labour and employment, with special reference to the so-called `market-outsider' or liberal market economies. The main finance, ownership, and governance characteristics of these economies are described and briefly compared with those in so-called co-ordinated market economies. A set of predictions of the impact on labour management and employment are outlined. Evidence is presented from comparative studies and from within-country studies, especially of the United Kingdom. It is found that predictions are not clearly borne out, and the paper identifies a set of factors to explain this. These include dispersed ownership, the nature of corporate law, and the public visibility of listed companies.

Key Words: corporate governance • employment relations • ownership

Asia Pacific Journal of Human Resources, Vol. 47, No. 2, 133-149 (2009)
DOI: 10.1177/1038411109105438


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