Carla I. Koen. Comparative International Management

Подождите немного. Документ загружается.

system has been most affected. However, in this case, it could also be argued that the most

radical changes at the institutional level, while showing tendencies to convergence

towards the Anglo-Saxon model, revitalize the existing model far more than producing

path-deviant change. Changes in ﬁnancial regulations and corporate law in Germany and

Japan have not produced any clear movement towards equity-centred systems of cor-

porate ﬁnance and an ‘outsider’ model of corporate governance. Ownership still tends to

be concentrated and stable, and there is not much of a market in corporate control.

Instead, control over companies is held by a majority of stakeholders. The traditional

stakeholder ‘mentality’ and reality (especially since there are still codeter-

mination and comparatively strong labour organizations in Germany and enterprise

unions in Japan) still prevail in both countries.

The stakeholder mentality of the insider model – which requires broad consensus –

helps to explain why the industrial relations and human resource systems of both countries,

while experiencing reform, still rest on the pillars of enduring social partnership and employ-

ment security. Moreover, the correlation between culture and labour market institutions,

which is identiﬁed in the research of Nickel and Layard (1997) and Inglehart and Baker

(2000), underlines that these pillars are not likely to change in the near future.

In addition,

it seems unlikely that major stakeholders, such as the unions, will accept the dilution of

established rights. In both countries, the unions are strengthened in their positions by the

fact that the current features of the systems of corporate governance, industrial relations

and human resources jointly support the production model of internationally competitive

domestic industries. The preservation of these production models depends on the combined

availability of long-term, patient capital; social peace and partnership between capital, man-

agement and labour; highly skilled labour; and a network of long-term and cooperative

relationships. These requirements are irreconcilable with Anglo-Saxon-style capitalism,

which emphasizes short-termism in managerial strategy and relationships, and instant hire-

and-ﬁre practices. Hence, we would argue that far more than leading to the demise of the

existing German and Japanese systems, by injecting a healthy dose of competition at all

levels, reforms, even though they are path deviant, will help to remodel and improve them.

Contrary to Lane (2000), and consistent with Whitley (1999), we would also argue

against hybridization. As indicated, hybridization implies change in a path-deviant

manner. It is argued to result from the process of integration into the global system of indi-

vidual companies. Subsidiaries, which enjoy a high level of resources and a relatively high

degree of autonomy, also become embedded in their host countries. This will lead to

learning processes and to the adoption of new organizational structures, practices and

competencies. Organizational learning from host country experience by afﬁliates will, in

integrated TNCs, initiate organizational learning and hybridization at company level. Such

hybrid companies, it is argued, if they belong to the core companies of a country, may

eventually affect the domestic business system (Lane, 2000). In support of Whitley (1999),

we would regard hybridization as an unlikely development for corporations from cohesive

and highly integrated home economies such as Germany and Japan.

We consider that

GLOBALIZATION, CONVERGENCE AND SOCIETAL SPECIFICITY 541

Inglehart and Baker (2000) and Nickell and Layard (1997) found major differences in labour market institu-

tions between 20 countries, which changed only very slowly over time. This research identiﬁes the correlation

between culture and labour market institutions as the underlying reason for this.

Moreover, evidence on France, Italy and Spain also argues against hybridization. See Deeg and Perez (1998)

for further information.

MG9353 ch12.qxp 10/3/05 8:49 am Page 541

while there is evidence of path-deviant change at the institutional level (i.e. regulatory

change) in both countries, it has not led to hybridization or path-deviant change at the

organization level.

While it is true that some of the large Germany companies, such as Hoechst, Bayer

and BASF, have restructured their organizations, this was less an expression of organiz-

ational hybridization, as Lane claims (2000), than of ‘greater specialization in national

industrial proﬁles’ (Vitols, 2001: 360; Sorge, 2003). Unable to enter new growth ﬁelds

(i.e. biotechnology),

which require more radical innovation, these three companies dis-

posed of their pharmaceuticals subsidiaries. Initially, all three companies relocated their

innovative activities in pharmaceuticals to the USA, either through the establishment of

new research facilities there or through the acquisition of existing ﬁrms (particularly in

the biotechnology area). More recently, however, it seems that German companies are

simply disappearing from the pharmaceutical industry. Hoechst disappeared as a German

pharma company by merging with the French Rhône-Poulenc, with the new company’s

headquarters (Aventis) in France. BASF has sold all of its pharmaceutical operations to a

US company, and Bayer is also argued to have increased its focus on core competencies,

and the current preference is towards maintaining chemicals activities and selling off

pharmaceuticals (Vitols, 2001). It seems, then, that far more than hybridization, what is

happening in this industry points to further specialization.

Further specialization does not occur at the level of societal institutions, however, as

was also predicted by the second assumption. Rather, as indicated,we have discussed some

evidence of path-deviant change at that level. In fact, it seems that path-deviant reforms

in Germany and Japan, which allow for Anglo-Saxon-style management practices, con-

tribute to intensiﬁed specialization at the industrial level. For example, the tax reform in

Germany, which was expected to lead to the unwinding of cross-holdings, rather than

doing so, in general stimulated the divestment of non-core activities. Similarly, in Japan,

in order to attract young employees, some companies bypassed the institutionalized

seniority-based wage system and implemented Anglo-Saxon-style remuneration pack-

ages that are performance-based. However, rather than diluting the entire system, these

measures, at the same time, enabled these companies to preserve lifetime employment,

which is one of the cornerstones of the Japanese production model. This model has a com-

parative advantage in the so-called medium-tech sectors characterized by incremental

innovation and large ﬁrm-speciﬁc human capital investments.

In general, it would not be wrong to argue that there is more evidence of path

dependency and resilience than of hybridization or path-deviant change at the organiz-

ation and management level. This ﬁnding can perhaps best be explained by the dynamics

of bargaining processes within the insider or stakeholder model, which strive to obtain an

equilibrium situation between diverging interests and acquired rights, including those of

labour. While it is true that regulatory reform shows tendencies that could be perceived as

path-deviant in both Germany and Japan, its effects point to the wish to preserve and revi-

talize the current model. These ﬁndings lead to the conclusion that the choice of a

particular level of analysis, to a large extent, determines the type of evidence one obtains

and, thus, the argument that one is able to defend. When the research focus is on societal

542 COMPARATIVE INTERNATIONAL MANAGEMENT

See Casper (2000) for an extended explanation of incremental adaptation in a largely path-dependent way in

German biotechnology companies.

MG9353 ch12.qxp 10/3/05 8:49 am Page 542

institutions such as regulations and laws, one can ﬁnd evidence that point to path-deviant

change and hybridization. When looking at the level of the ﬁrm, though, there is evidence

of incremental adaptation and path dependency as well as further specialization of the

industrial proﬁle. There is no evidence, however, in support of the convergence argument

within institutional or societal frameworks.

Similarly, within the cultural framework, there is no evidence in support of the con-

vergence argument. Research that focuses exclusively on cultural analysis – whether from

the etic or emic viewpoints – ﬁnds considerable differences between cultures and these dif-

ferences seem to be path dependent. Perhaps an important proof of this argument is that

the country scores on Hofstede’s national cultural dimensions, which were calculated on

the basis of a dataset from the 1980s, are still valid and used widely in today’s research.

Additional evidence in this direction comes from a study by Inglehart and Baker

(2000). These authors tested the thesis that economic development is linked with system-

atic changes in basic values. Their research was informed by modernization theorists from

Karl Marx (1867) to Daniel Bell (1973, 1976), who argued that economic development

brings pervasive cultural changes. It was also based on research by scholars such as Max

Weber ([1904] 1958) and Samuel Huntington (1993, 1996), who have claimed that cul-

tural values are an enduring and autonomous inﬂuence on society. Using data from the

three waves of the World Values Surveys, which include 65 societies and 75 per cent of

the world’s population, Inglehart and Baker found evidence both of massive cultural

change and the persistence of distinctive cultural traditions. Economic development was

found to be associated with shifts away from absolute norms and values, towards values

that are increasingly rational, tolerant, trusting and participatory. Cultural change,

however, was found to be path dependent. The broad cultural heritage of a society –

Protestant, Roman Catholic, Orthodox, Confucian or communist – was found to leave an

imprint on values that endure despite modernization. Moreover, the differences between

the values held by members of different religions within given societies were found to be

much smaller than are cross-national differences. Once established, such cross-cultural

differences are argued to become part of a national culture transmitted by educational

institutions and mass media. Hence, while there is some talk of global communications

and worldwide cultural standardization, as in McDonaldization and Coca-Colonization,

the basic systems of national values endure in the midst of change.

This argument provides us with further conﬁrmation for our claim that societal insti-

tutions, while surely experiencing change, are not converging and will not converge in the

future. Since national culture is embedded in the societal institutions, full convergence at

the institutional level would imply convergence of cultural traditions. Following Inglehart

and Baker’s study, we can argue here that since the latter is not happening, full insti-

tutional convergence will not take place.

A ﬁnal important question to answer in this last chapter is ‘What does all of this

imply for the management of multinational companies (MNCs)?’ If the world political

economy becomes globalized, as some argue, then multinationals should gradually be

losing their national characters, and converging in their fundamental strategies and oper-

ations. This assumption ﬁts with Theodore Levitt’s 1983 paper, which is in favour of the

global company. He argues that the global company will outperform the multinational

company by concentrating ‘on what everyone wants rather than worrying about the

details of what everyone thinks they might like’ (1983: 2). Nowadays, however, an

GLOBALIZATION, CONVERGENCE AND SOCIETAL SPECIFICITY 543

MG9353 ch12.qxp 10/3/05 8:49 am Page 543

increasing amount of research talks about the ‘myth of globalization’ and the fact that

most of the largest companies operate in only one of the three dominant clusters – the EU,

Japan and North America (Rugman, 2001) – and not on a global scale. It is argued that

globalization is misunderstood – it does not and has never, existed in terms of a single

world market with free trade (Rugman, 2001: 11).

Moreover, in a study on retail companies, Rugman and Girod (2003) argue that the

likelihood that a (retail) ﬁrm will act globally is determined to a great extent by the size of

its primary market. A total of 83 per cent of their study’s domestic-only ﬁrms come from

the USA, a fact that the authors attribute to the size of the US market. They explain that

most US ﬁrms do not have to go abroad to generate sufﬁcient growth. The bi-regional

MNCs, by contrast, come mainly from small European nations and have larger sales in

North America than in Europe. Rugman and Girod argue that this was a strategic choice

carried out through acquisitions since the 1960s. They write that these companies acted

as locals as much as possible, not using European names in North America. The conclu-

sion drawn from this study is that, while the retail industry is becoming more

international and there is an overall need for ﬁrms to expand abroad in order to generate

new growth, this is not global activity. Most of the international activity is within the local

home region of the retail MNC. Hence, Rugman advises managers not to buy in to the

globalization myth but rather to concentrate on building strategies that create advantage

in their major regional markets (Rugman, 2001).

Additional conﬁrmation of the absence of global companies, and the absence of

global pressures leading to convergence, can be found in a study of German, Japanese and

US multinationals (Pauly and Reich, 1997). This study shows that German, Japanese and

US MNCs continue to diverge fairly systematically in their internal governance and long-

term ﬁnancing structures, in their approaches to research and development (R&D), as

well as in the location of core R&D facilities, and in their overseas investment and intra-

ﬁrm trading strategies. Consistent with the line of thinking in this book and, especially,

with Chapter 10, on MNCs, the study shows that durable national institutions and dis-

tinctive ideological traditions still seem to shape and channel crucial corporate decisions.

Indeed, the evidence of this study suggests ‘a logical chain that begins deep in the idiosyn-

cratic national histories that lie behind durable domestic institutions and ideologies and

extends directly to the structures of corporate governance and long-term corporate

ﬁnancing’ (Pauly and Reich, 1997: 23). Those structures, it is argued, in turn appear

plausibly linked to continuing diversity in the corporate foundations of national inno-

vation systems. The latter is precisely what we concluded from Chapter 9, on national

innovation systems, and what we have repeated at the beginning of this chapter.

It would not be wrong to argue, then, that sufﬁcient evidence exists to legitimize the

ending of this chapter and, at the same time, of this book, by disagreeing with those who,

despite all evidence to the contrary, maintain expectations regarding the emergence of a

truly global political economy with truly global corporations acting as the sinews of con-

vergence in the world economy. It is clear that the globalization template upon which

much current theoretical and policy debate rests remains weak. Convergence may be

apparent at the level of popular culture, and perhaps not coincidentally in the sales report

and marketing campaigns of MNCs; but below the surface, where the roots of leading

MNCs remain lodged, this book suggests durable sources of resistance.

544 COMPARATIVE INTERNATIONAL MANAGEMENT

MG9353 ch12.qxp 10/3/05 8:49 am Page 544

Study Questions

1. Explain the complementarity of three core societal institutions – that is, the

systems of corporate governance, personnel and industrial relations.

2. Why is it essential to distinguish between different levels of analysis when

analysing the impact of globalization forces?

3. Analyse the effect of the so-called globalization forces on the following societal

systems in Germany and Japan: the systems of corporate governance, personnel

and industrial relations.

4. Would path-deviant change in organization and management generally be feas-

ible in German and Japanese corporations?

5. Evaluate whether institutional theory is sufficiently powerful to analyse the

impact of globalization pressures and to arrive at credible conclusions.

6. Evaluate the role of cultural characteristics in explaining change at the societal,

organization and management levels.

7. Explain whether the MNC drives globalization and whether it needs to be pre-

pared for globalization.

Further Reading

Govindarajan, V. and Gupta, A. (2000) Analysis of the emerging global arena.

European Management Journal 18(3), 274–84.

In contrast to mainstream opinion nowadays, and despite all evidence to the con-

trary, both authors maintain the claim that globalization is one of the main issues

facing companies today. They claim that twin forces – that is, ideological change and

technology revolution – underline the existence of globalization.

Pauly, L.W. and Reich, S. (1997) National structures and multinational corporate

behavior: enduring differences in the age of globalization. International Organization

51(1), 1–30.

This article focuses on German, Japanese and American MNCs, and examines

whether they are losing their national characters, and are converging in their funda-

mental strategies and operations as a result of globalization. The article shows that

MNCs continue to diverge fairly systematically and that durable national institutions

and distinctive ideological traditions still seem to shape and channel crucial cor-

porate decisions.

Ruigrok, W. and Van Tulder, R. ( 1995) The Logic of International Restructuring.

London: Routledge.

This book offers an integrated and interdisciplinary framework to analyse the

dynamics of the international economy. The authors explain in a very clear way that

GLOBALIZATION, CONVERGENCE AND SOCIETAL SPECIFICITY 545

MG9353 ch12.qxp 10/3/05 8:49 am Page 545

546 COMPARATIVE INTERNATIONAL MANAGEMENT

the nationality of companies continues to be a decisive factor in today’s supposedly

‘borderless’ economy.

Case: Global Outsourcing: Divergence or

Convergence?

hey also resent an insinuation underlying the debate over ‘outsourcing’: that

all countries such as India have to offer is cheap labour and a telecommu-

nications link. Just look, they say, at the extent of the high-end research and

development (R & D) work being undertaken in India.

Yet by the crude measure of patents earned by the Indian subsidiaries of

multinational firms, a significant amount of innovation now stems from India. Last

year, Intel’s Indian subsidiary filed 63 patents. Its president, Ketan Sampat, says

that the 1,500 IT professionals employed by the firm in R & D in Bangalore are

engaged in ‘engineering challenges as complex as any other project on the

planet.’ They use the fastest supercomputer in India (ranked as the 109th most

powerful computer in the world) and are divided into four product-design div-

isions covering ultra-wideband radio, enterprise processors, mobile and wireless

chip-sets, and communications.

For Intel, which has a similar-sized R & D operation in Israel, and smaller

facilities in Russia and China, the attractions of Bangalore are simple: the best

climate in India and ‘very smart people’, who are technically well-educated and

speak good English. D. B. Inamdar, the senior civil servant in the provincial gov-

ernment’s IT Department, says that some 140,000 IT professionals now work in

Bangalore – about 20,000 more than in Silicon Valley. Some 50 colleges produce

40,000 more each year. Intel’s approach is to hire and train college graduates,

supplementing them with about 100 senior engineers, mostly (like Mr Sampat)

returning expatriates.

Intel and others also point to the congenial ‘ecosystem’ developed as tech-

nology companies have clustered in Bangalore.

For SAP, a German software firm, the appeal of the Bangalore ecosystem

includes the presence of its customers, its global partners and, crucially, some

3,000 engineers trained in SAP software on the books of Indian IT services such

as Wipor, Infosys and Tata Consultancy Services. SAP has 850 staff in Bangalore,

a number likely to grow by 500 this year, but can, with a local phone call, quickly

add qualified engineers for particular projects.

Wipro’s boss, Vivek Paul, says that R & D is becoming ‘like the movies’. Firms,

like film studios, are increasingly unwilling to keep expensive teams together

between projects. For Wipro, providing firms with an alternative to doing R & D

with permanent in-house teams has become a big business, accounting for one

third of its $1 billion in annual revenues, and employing 6,500 people. It is prob-

ably the world’s biggest R & D services firm.

Its customers include all the big telecoms-equipment vendors (except

MG9353 ch12.qxp 10/3/05 8:49 am Page 546

References

Amable, B. (2000) Institutional complementarity and diversity of social systems of

innovation and production. Review of Political Economy 7(4), 645–87.

Baba, Naohiko and Hisada, Takamasa (2002) Japan’s Financial System: its Perspective

and the Authorities’ Role in Redesigning and Administrating the System. Tokyo: Bank

of Japan, Institute for Monetary and Economic Studies. Discussion Paper No. 02-

E-1.

Begin, J.P. (1997) Dynamic Human Resource Systems: Cross-National Comparisons.

Berlin: Walter de Gruyter.

Bell, D. (1973) The Coming of Post-industrial Society. New York: Basic Books.

Bell, D. (1976) The Cultural Contradictions of Capitalism. New York: Basic Books.

Casper, S. (2000) Institutional adaptiveness, technology policy, and the diffusion of

GLOBALIZATION, CONVERGENCE AND SOCIETAL SPECIFICITY 547

Extracts from ‘Innovative India’ © The Economist Newspaper Limited, London (3 April 2004).

Germany’s Siemens). Its smallest commitment to any of these clients is 300

people. Elaborate procedures protect the customer’s intellectual property,

including mandatory ‘cooling-off’ periods for engineers between clients, and

sometimes a right of veto on their redeployment. The corollary is that the breadth

of industry knowledge is part of the sales pitch.

The approach, says Mr Paul, varies from micro-management by the cus-

tomer, who takes on Wipro engineers virtually as members of his own staff, to

‘total product ownership’ – the handing over to Wipro of a mature product and all

its global development and maintenance requirements, such as adaptation for a

particular market. This allows customers to redeploy their own engineers to the

next big thing.

Sarnoff’s Mr Cherukuri calls this the ‘globalisation of innovation’ – continuing

the erosion in the past 20 years of the old model of corporate R & D, dominated

by the big firms with big budgets able to erect big barriers to entry to their

markets.

This is part of a broader trend, prompted partly by a rising number of entre-

preneurial innovators and growing amounts of venture capital to finance them,

towards a more ‘dispersed” model of R & D. Now, the internet has removed geo-

graphic barriers to using far-flung talent, and the popping of the dot-com bubble

‘has spread innovation off-shore”. The dispersal is becoming global.

Question

1. Explain why ‘outsourcing’ in the area of innovation demands divergence com-

bined with some degree of convergence.

MG9353 ch12.qxp 10/3/05 8:49 am Page 547

new business models: the case of German biotechnology. Organization Studies

21(5), 887–914.

Coffee, J.C. (2001) The rise of dispersed ownership. Columbia Law School Working

Paper, No. 182.

Deeg, R. and Perez, S. (1998) International capital mobility and domestic institutions:

corporate finance and governance in four European cases. Paper presented at the

1998 Annual Meeting of the American Political Science Association, Boston, 3–6

September.

Deutsche Bank Research (2001) Japan’s investors becoming less risk-averse?

Frankfurter Voice, 29 October.

Deutsche Bank Research (2002) Corporate takeovers in Germany and their regu-

lation. Frankfurt Voice, 7 February.

Dore, R. (1994) Financial Structures, Motivation and Efficiency. Unpublished manu-

script. London: London School of Economics.

Dore, R. (1996) Convergence in whose interest?, in Berger, S. and Dore, R. (eds)

National Diversity and Global Capitalism New York: Cornell University Press.

Easterbrook, F. (1997) International corporate differences: markets or law? Journal

of Applied Corporate Finance 9(4).

Fujiki, H., Kuroda Nakada, S. and Tachibanaki, T. (2001) Structural issues in the

Japanese labour market: an era of variety, equity, and efficiency or an era of bipo-

larization? Monetary and Economic Studies (Special Edition), February.

Genda, Y. (2003) Dangers facing businessmen in their 20s and 30s who work for large

companies. Japan Labour Bulletin, February, 7.

Hassel, A. and Schulten, T. (1998) Globalization and the future of central collective

bargaining: the example of the German metal industry. Economy and Society 27(4),

486–522.

Hideaki Miyajima (1998) The impact of deregulation on corporate governance and

finance, in Carlile, L.E. and Tilton, M.C. (eds) Is Japan Really Changing its Ways?

Washington, DC: Brookings Institution Press.

Huntington, S.P. (1993) The clash of civilization? Foreign Affairs 72(3), 22–49.

Huntington, S.P. (1996) The Clash of Civilizations and the Remaking of World Order. New

York: Simon & Schuster.

Inglehart, R. and Baker, W.E. (2000) Modernization, cultural change, and the persist-

ence of traditional values. American Sociological Review 65, 19–51.

Jackson, G. (1997) Corporate governance in Germany and Japan: developments

within national and international contexts. Draft paper. Cologne: Max-Planck-

Institut für Gesellschaftsforschung.

Jacoby, S.M. (1995) Recent organizational developments in Japan. British Journal of

Industrial Relations 23(4), 645–50.

Koen, C. (2000) The Japanese main ban model: evidence of the pressures for change.

Unpublished paper. Tilburg: Tilburg University.

Kono, T. and S. Clegg (2001) Trends in Japanese Management. Houndsmills,

Basingstoke: Palgrave.

Lane, C. (2000) Globalization and the German model of capitalism – erosion or sur-

vival? British Journal of Sociology 51(2), 207–34.

548 COMPARATIVE INTERNATIONAL MANAGEMENT

MG9353 ch12.qxp 10/3/05 8:49 am Page 548

La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (1997) Legal determi-

nants of external finance. Journal of Finance 52, 1131–50.

Lazonick, W. and O’Sullivan, M. (2000) Maximizing shareholder value: a new ideology

for corporate governance. Economy and Society 29 (February), 13–35.

Levitt, T. (1983) The globalization of markets. Harvard Business Review 61 (May/June),

92–102.

Lincoln, J.R. (1993) Work Organization in Japan and the United States. Oxford: Oxford

University Press, 54–74.

Marx, K. (1867) Das Kapital: Kritik der politischen Ökonomie. Vol. 1. Hamburg: O. Meissner.

Morishima, M. (1995) Embedding HRM in a social context. British Journal of Industrial

Relations 33(4), 617–37.

Mroczkowski, T. and Hanaoka, M. (1997) Effective rightsizing strategies in Japan and

America: is there a convergence of employment practices? Academy of

Management Executive 11(2), 57–67.

Nickel, S. and Layard, R. (1997) Labour market institutions and economic perform-

ance. Discussion paper series 23. Oxford: Centre for Economic Performance.

Nishida, J.M. and Redding, S.G. (1992) Firm development and diversification strat-

egies as products of economic cultures: the Japanese and Hong Kong textile

industries, in Whitley, R. (ed.) European Business Systems, Firms and Markets in

their National Contexts, 241–67.

Nohara, H. (1999) Human resource management in Japanese firms undergoing tran-

sition, in Dirks, D., Huchet, J.-F. and Ribault, T. (eds) Japanese Management in the

Low Growth Era, Berlin: Springer, 243–62.

Nowak, E. (2001) Recent developments in German capital markets and corporate

governance. Journal of Applied Corporate Finance 14(3), 35–48.

OECD (2001) Recent Trends: Institutional Investors Statistical Yearbook. OECD.

Ornatowski, G.K. (1998) The end of Japanese-style human resource management?

Sloan Management Review, Cambridge 39(3), 73–84.

Osawa, M. and Kingston, J. (1996) Flexibility and inspiration: restructuring and the

Japanese labour market. Japan Labour Bulletin 35(1).

Ozawa, T. (2003) Japan in an institutional quagmire: international business to the

rescue? Journal of International Management 9, 219–35.

Pauly, L.W. and Reich, S. (1997) National structures and multinational corporate

behavior: enduring differences in the age of globalization. International Organization

51(1), 1–30.

Pedersen, T. and Thomson, S. (1999) Business systems and corporate governance.

International Studies of Management and Organization 29(2), 43–59.

Porter, M. (1990) The Competitive Advantage of Nations. New York: Free Press.

Rebérioux, A. (2002) European style of corporate governance at the crossroads: the

role of worker involvement. Journal of Common Market Studies 40(1), 111–34.

Roe, M. (1997) The political roots of American corporate finance. Journal of Applied

Corporate Finance 9(4).

Rugman, A. (2001) The Myth of Global Strategy. AIB Newsletter, second quarter, 11–14.

Rugman, A. and Girod, S. (2003) Retail multinationals and globalizations: the evi-

dence is regional. European Management Journal 21(1), 24–37.

GLOBALIZATION, CONVERGENCE AND SOCIETAL SPECIFICITY 549

MG9353 ch12.qxp 10/3/05 8:49 am Page 549

Sato, A. (1999) Employment and treatment of middle-aged and older white-collar

employees after the bubble. Japan Labour Bulletin 38(6), June.

Schaede, U. (1999) The Japanese Financial System: from Postwar to the New Millenium.

Harvard Business School Case Study 9-700-049. Boston: Harvard Business

School Publishing.

Schaede, U. (2000) The German Financial System in 2000. Harvard Business School

Case Study 9-700-135. Boston: Harvard Business School Publishing.

Sorge, A. (2003) Cross-national differences in human resources and organization, in

Harzing, A.-W. and Van Ruisseveldt, J. (eds) Human Resource Management (2nd

edn). London: Sage.

Streeck, W. (1991) On the institutional conditions of diversified quality production, in

Matzner, E. and Streeck, W. (eds) Beyond Keynesianism Aldershot: Edward Elgar,

21–61.

Streeck, W. (1995) Industrial democracy beyond co-determination? Paper presented

at the Conference on Worker’s Participation in Europe: Institutions, Industrial

Relations and Technology, Centro di Studio Economici Sociali e Sindacali

(CESOS), Rome, 9–10 November.

Streeck, W. (1997) German capitalism: does it exist? Can it survive?, in Crouch, C.

and Streeck, W. (eds) Political Economy of Modern Capitalism. London: Sage.

Streeten, P. (1996) Free and managed trade, in Berger, S. and Dore, R. (eds) National

Diversity and Global Capitalism. New York: Cornell University Press.

Sunday I. Owualah (1999) Banking crisis, reforms, and the availability of credit to

Japanese small and medium enterprises. Asian Survey XXXIX(4), July/August.

Tanisaka, N. and Ohtake, F. (2003) Impact of labour shedding on stock prices. Japan

Labour Bulletin, January, 6.

Thelen, K. and Kume, I. (1999) The effects of globalization on labour revisited:

lessons from Germany and Japan. Politics and Society 27(4), 477–505.

Vitols, S. (2001) Varieties of corporate governance: comparing Germany and the UK,

in Hall, P.A. and Soskice, D. (eds) Varieties of Capitalism: The Institutional Found-

ations of Comparative Advantage. Oxford: Oxford University Press.

Vitols, S. and Woolcock, S. (1997) Developments in the German and British Corporate

Governance Systems. Discussion paper. Workshop on Corporate Governance in

Britain and Germany, Berlin, WZB.

Weber, M. [1904] (1958) The Protestant Ethic and the Spirit of Capitalism. Translated by

T. Parsons. Reprint, New York: Charles Scribner’s Sons.

Whitley, R. (1994) Dominant forms of organization in market economies. Organization

Studies 15(2), 153–82.

Whitley, R. (1999) How and why are international firms different? The consequences

of cross-border managerial coordination for firm characteristics and behavior.

University of Manchester. Paper presented at the 15th EGOS colloquium,

University of Warwick, 4–6 July.

Yoshikawa, T. and Phan, P.H. (2001) Alternative corporate governance systems in

Japanese firms: implications for a shift to stockholder-centered corporate gover-

nance. Asia Paciﬁc Journal of Management 18, 183–205.

550 COMPARATIVE INTERNATIONAL MANAGEMENT

MG9353 ch12.qxp 10/3/05 8:49 am Page 550