Michel Goyer - Academia.edu (original) (raw)
Papers by Michel Goyer
Economic & Industrial Democracy, Jul 28, 2022
This article focuses on workplace discrimination against LGBT employees in Mauritius – a multi-et... more This article focuses on workplace discrimination against LGBT employees in Mauritius – a multi-ethnic society in the Indian Ocean. Drawing from the insights of sociological studies that highlight how the manifestation of practices across settings is shaped by the process by which it is framed, the analysis illustrates the importance of the local context in accounting for the specific forms taken by LGBT workplace discrimination in Mauritius. Reflecting the importance of respect for different ethnic groups in the stability of the Mauritian democracy, the empirical results highlight how instances of workplace discrimination against LGBT employees are pervasive but framed to avoid inter-ethnic conflicts whilst stigmatising LGBT identities as problematic.
Contingent CapitalShort-term Investors and the Evolution of Corporate Governance in France and Germany, 2011
... Whitley. Interviews with Donald Cas-sidy (Fidelity, Boston) and Selina Siak (St. Albans Commo... more ... Whitley. Interviews with Donald Cas-sidy (Fidelity, Boston) and Selina Siak (St. Albans Commodities, Lon-don), and fund managers at State Street (Boston), GLG Partners (London), and Hermes (London) were also insightful. ...
Corporate Governance and Labour Management, 2004
Politics & Society, 2006
This article examines the rise of foreign ownership in France and Germany. I argue that the firm-... more This article examines the rise of foreign ownership in France and Germany. I argue that the firm-level institutional arrangements of workplace organization constitute the most significant variable to account for the greater attractiveness of French firms over their German counterparts to short-term, impatient capital—namely, hedge and mutual funds. I demonstrate how key notions of the Varieties of Capitalism perspective—institutional interaction, institutional latency, and the distinction between institutional framework and the mode of coordination that follows from these institutions—provide important theoretical insights to account for the different structures of foreign ownership in France and Germany.
La France en mutation. 1980-2005, 2006
European Journal of Industrial Relations, 2021
The adjustment to the financial crisis was particularly brutal for Eurozone countries targeted by... more The adjustment to the financial crisis was particularly brutal for Eurozone countries targeted by private bondholders. Financial assistance through the newly created Eurozone governance system was conditional on the implementation of austerity measures and the introduction of structural reforms in industrial relations (decentralization of collective bargaining and liberalization of employment protection). Our analysis focuses on the formation process and the structural features of Eurozone supranational institutions. Building from the insights of actor-centred institutionalism, we illustrate the importance of coalitions among some, but not all, important actors based on the overlapping of their non-monolithic preferences in the process of institutional innovation. The structural features of Eurozone institutions curtailed member states’ ability to effectively resist the imposition of internal devaluation policies. A contested outcome, these institutional features were secured by a s...
The governance of the Eurozone debt crisis has been characterised by the asymmetric distribution ... more The governance of the Eurozone debt crisis has been characterised by the asymmetric distribution of the costs of adjustment, namely the imposition of austerity measures and the liberalisation of institutions of industrial relations in debtor countries that were awarded a bailout package coupled with the protection of banks from creditor countries. By presenting an ideational perspective, this article highlights the role of ideas in explaining these policy outcomes. The importance of ideas is contingent upon the manner in which they are framed. The process of framing enables policy-makers to build support for policies by presenting them in a manner that links an issue with a specific understanding of important economic and political developments. Equally, if not more important in the current context of the Eurozone debt crisis, the importance of ideas is also contingent upon their influence over the maintenance of extant institutional arrangements of Eurozone governance that distribu...
Corporate Governance and Development
Privatisation, liberalisation and re-regulation have become major forces shaping societies and ec... more Privatisation, liberalisation and re-regulation have become major forces shaping societies and economies the world over. These forces have brought along major changes in the ownership and structure of utility industries. The central question of this paper focuses on the impact of these developments on the transformation of the industrial profile of the electricity sector in Britain and Spain. We analyse the impact associated with the national institutions of corporate governance in the two countries-ownership structure, corporate law and voting rights, and takeover regulation. We demonstrate that differences between England and Spain on these three dimensions largely account for the divergence in the transformation of the profile of the electricity sector in the two countries-reduction in the number of players in England through foreign takeovers; building of national champions in Spain through government-sponsored mergers. However, the importance of national-based institutions in accounting for the transformation of the industrial profile of the electricity sector in England and Spain should not be interpreted as a rejection of sector-specific patterns of regulation. We provide two additional contributions in this paper. First, we show how national-based explanations such as those presented in the Varieties of Capitalism (VoC) literature do not capture the origins and political foundations of institutional frameworks of the two countries. Second, we argue that the impact of the institutions of corporate governance is mediated by their interaction with the wider institutional framework in which they are embedded. In particular, it is within their interaction with national regulatory policies that the institutions of corporate governance matter, not by themselves. The importance of the national institutions of corporate governance is themselves the result of regulatory choices made by policy-makers.
Review of International Political Economy, 2014
We investigate in this article the character of the market for corporate control (i.e. takeovers)... more We investigate in this article the character of the market for corporate control (i.e. takeovers) in French and German banking. Its key feature is the marked ability of French and German banks to resist unsolicited takeover bids especially, although not exclusively, those from foreign competitors. We present an institutional perspective to account for the restrained character of takeovers in French and German banking. Our perspective is composed of two elements. First, institutional arrangements are important since they structure power relations among firm stakeholders by providing opportunities, as well as imposing constraints, to influence the decision-making process in which takeover transactions take place. Second, institutional arrangements provide firm stakeholders with several, not just one, potential opportunities to block unsolicited bids since takeover contests are composed of sequences of decisions for which approval is needed at each stage. French and German banks have used different mixes of institutional arrangements, themselves located at different stages of takeover transactions, to secure restrained markets for corporate control. Our institutional analysis, in turn, also illustrates an important shortcoming of banking sector protectionism, namely the contribution of protection from unsolicited takeover bids to the building of banks carrying systemic risks.
Corporate Governance: An International Review, 2011
This paper examines the transformation of the system of corporate governance of France and German... more This paper examines the transformation of the system of corporate governance of France and Germany from the mid-1990s to early 2007. I focus on the rise of foreign ownership as a key indicator of shifts in corporate governance. The empirical data presented in this paper on the investment portfolios of short-term institutional investors, namely actively managed mutual funds, shows a marked preference for the French market over that of Germany. The case of American and British-based hedge funds serves as a supporting comparative case study. I argue that the firm-level institutional arrangements of workplace organization constitute the most significant variable to account for this difference-the concentration of power in top executives in France fitting better with the preferences and investment strategies of short-term oriented institutional investors. I do not want to suggest that the institutional characteristics of workplace organization constitute the only investment driver of actively managed mutual funds. I also analyze the shortcomings of three alternative co-varying explanations-degree of internationalization, ownership structure of companies, and background of corporate executives. I demonstrate how key notions of the Varieties of Capitalism theoretical perspective-institutional interaction, institutional latency, and the distinction between institutional framework and the mode of coordination that follows from these institutions-provide important theoretical insights to assess the implications of causal complexity phenomenon. In particular, this mid-range level theoretical perspective illuminates how necessary and/or sufficient conditions operate and vary across advanced capitalist economies.
Supplemental material, sj-pdf-1-ejd-10.1177_09596801211011355 for The management of the Eurozone ... more Supplemental material, sj-pdf-1-ejd-10.1177_09596801211011355 for The management of the Eurozone in crisis times: Actors, institutions and the case of bailout packages by Michel Goyer, Miguel Glatzer and Rocio Valdivielso del Real in European Journal of Industrial Relations
The accuracy of the Content should not be relied upon and should be independently verified with p... more The accuracy of the Content should not be relied upon and should be independently verified with primary sources of information. Taylor and Francis shall not be liable for any losses, actions, claims, proceedings, demands, costs, expenses, damages, and other liabilities whatsoever or howsoever caused arising directly or indirectly in connection with, in relation to or arising out of the use of the Content. This article may be used for research, teaching, and private study purposes. Any substantial or systematic reproduction, redistribution, reselling, loan, sub-licensing, systematic supply, or distribution in any form to anyone is expressly forbidden.
The Oxford Handbook of Employment Relations
Economic & Industrial Democracy, Jul 28, 2022
This article focuses on workplace discrimination against LGBT employees in Mauritius – a multi-et... more This article focuses on workplace discrimination against LGBT employees in Mauritius – a multi-ethnic society in the Indian Ocean. Drawing from the insights of sociological studies that highlight how the manifestation of practices across settings is shaped by the process by which it is framed, the analysis illustrates the importance of the local context in accounting for the specific forms taken by LGBT workplace discrimination in Mauritius. Reflecting the importance of respect for different ethnic groups in the stability of the Mauritian democracy, the empirical results highlight how instances of workplace discrimination against LGBT employees are pervasive but framed to avoid inter-ethnic conflicts whilst stigmatising LGBT identities as problematic.
Contingent CapitalShort-term Investors and the Evolution of Corporate Governance in France and Germany, 2011
... Whitley. Interviews with Donald Cas-sidy (Fidelity, Boston) and Selina Siak (St. Albans Commo... more ... Whitley. Interviews with Donald Cas-sidy (Fidelity, Boston) and Selina Siak (St. Albans Commodities, Lon-don), and fund managers at State Street (Boston), GLG Partners (London), and Hermes (London) were also insightful. ...
Corporate Governance and Labour Management, 2004
Politics & Society, 2006
This article examines the rise of foreign ownership in France and Germany. I argue that the firm-... more This article examines the rise of foreign ownership in France and Germany. I argue that the firm-level institutional arrangements of workplace organization constitute the most significant variable to account for the greater attractiveness of French firms over their German counterparts to short-term, impatient capital—namely, hedge and mutual funds. I demonstrate how key notions of the Varieties of Capitalism perspective—institutional interaction, institutional latency, and the distinction between institutional framework and the mode of coordination that follows from these institutions—provide important theoretical insights to account for the different structures of foreign ownership in France and Germany.
La France en mutation. 1980-2005, 2006
European Journal of Industrial Relations, 2021
The adjustment to the financial crisis was particularly brutal for Eurozone countries targeted by... more The adjustment to the financial crisis was particularly brutal for Eurozone countries targeted by private bondholders. Financial assistance through the newly created Eurozone governance system was conditional on the implementation of austerity measures and the introduction of structural reforms in industrial relations (decentralization of collective bargaining and liberalization of employment protection). Our analysis focuses on the formation process and the structural features of Eurozone supranational institutions. Building from the insights of actor-centred institutionalism, we illustrate the importance of coalitions among some, but not all, important actors based on the overlapping of their non-monolithic preferences in the process of institutional innovation. The structural features of Eurozone institutions curtailed member states’ ability to effectively resist the imposition of internal devaluation policies. A contested outcome, these institutional features were secured by a s...
The governance of the Eurozone debt crisis has been characterised by the asymmetric distribution ... more The governance of the Eurozone debt crisis has been characterised by the asymmetric distribution of the costs of adjustment, namely the imposition of austerity measures and the liberalisation of institutions of industrial relations in debtor countries that were awarded a bailout package coupled with the protection of banks from creditor countries. By presenting an ideational perspective, this article highlights the role of ideas in explaining these policy outcomes. The importance of ideas is contingent upon the manner in which they are framed. The process of framing enables policy-makers to build support for policies by presenting them in a manner that links an issue with a specific understanding of important economic and political developments. Equally, if not more important in the current context of the Eurozone debt crisis, the importance of ideas is also contingent upon their influence over the maintenance of extant institutional arrangements of Eurozone governance that distribu...
Corporate Governance and Development
Privatisation, liberalisation and re-regulation have become major forces shaping societies and ec... more Privatisation, liberalisation and re-regulation have become major forces shaping societies and economies the world over. These forces have brought along major changes in the ownership and structure of utility industries. The central question of this paper focuses on the impact of these developments on the transformation of the industrial profile of the electricity sector in Britain and Spain. We analyse the impact associated with the national institutions of corporate governance in the two countries-ownership structure, corporate law and voting rights, and takeover regulation. We demonstrate that differences between England and Spain on these three dimensions largely account for the divergence in the transformation of the profile of the electricity sector in the two countries-reduction in the number of players in England through foreign takeovers; building of national champions in Spain through government-sponsored mergers. However, the importance of national-based institutions in accounting for the transformation of the industrial profile of the electricity sector in England and Spain should not be interpreted as a rejection of sector-specific patterns of regulation. We provide two additional contributions in this paper. First, we show how national-based explanations such as those presented in the Varieties of Capitalism (VoC) literature do not capture the origins and political foundations of institutional frameworks of the two countries. Second, we argue that the impact of the institutions of corporate governance is mediated by their interaction with the wider institutional framework in which they are embedded. In particular, it is within their interaction with national regulatory policies that the institutions of corporate governance matter, not by themselves. The importance of the national institutions of corporate governance is themselves the result of regulatory choices made by policy-makers.
Review of International Political Economy, 2014
We investigate in this article the character of the market for corporate control (i.e. takeovers)... more We investigate in this article the character of the market for corporate control (i.e. takeovers) in French and German banking. Its key feature is the marked ability of French and German banks to resist unsolicited takeover bids especially, although not exclusively, those from foreign competitors. We present an institutional perspective to account for the restrained character of takeovers in French and German banking. Our perspective is composed of two elements. First, institutional arrangements are important since they structure power relations among firm stakeholders by providing opportunities, as well as imposing constraints, to influence the decision-making process in which takeover transactions take place. Second, institutional arrangements provide firm stakeholders with several, not just one, potential opportunities to block unsolicited bids since takeover contests are composed of sequences of decisions for which approval is needed at each stage. French and German banks have used different mixes of institutional arrangements, themselves located at different stages of takeover transactions, to secure restrained markets for corporate control. Our institutional analysis, in turn, also illustrates an important shortcoming of banking sector protectionism, namely the contribution of protection from unsolicited takeover bids to the building of banks carrying systemic risks.
Corporate Governance: An International Review, 2011
This paper examines the transformation of the system of corporate governance of France and German... more This paper examines the transformation of the system of corporate governance of France and Germany from the mid-1990s to early 2007. I focus on the rise of foreign ownership as a key indicator of shifts in corporate governance. The empirical data presented in this paper on the investment portfolios of short-term institutional investors, namely actively managed mutual funds, shows a marked preference for the French market over that of Germany. The case of American and British-based hedge funds serves as a supporting comparative case study. I argue that the firm-level institutional arrangements of workplace organization constitute the most significant variable to account for this difference-the concentration of power in top executives in France fitting better with the preferences and investment strategies of short-term oriented institutional investors. I do not want to suggest that the institutional characteristics of workplace organization constitute the only investment driver of actively managed mutual funds. I also analyze the shortcomings of three alternative co-varying explanations-degree of internationalization, ownership structure of companies, and background of corporate executives. I demonstrate how key notions of the Varieties of Capitalism theoretical perspective-institutional interaction, institutional latency, and the distinction between institutional framework and the mode of coordination that follows from these institutions-provide important theoretical insights to assess the implications of causal complexity phenomenon. In particular, this mid-range level theoretical perspective illuminates how necessary and/or sufficient conditions operate and vary across advanced capitalist economies.
Supplemental material, sj-pdf-1-ejd-10.1177_09596801211011355 for The management of the Eurozone ... more Supplemental material, sj-pdf-1-ejd-10.1177_09596801211011355 for The management of the Eurozone in crisis times: Actors, institutions and the case of bailout packages by Michel Goyer, Miguel Glatzer and Rocio Valdivielso del Real in European Journal of Industrial Relations
The accuracy of the Content should not be relied upon and should be independently verified with p... more The accuracy of the Content should not be relied upon and should be independently verified with primary sources of information. Taylor and Francis shall not be liable for any losses, actions, claims, proceedings, demands, costs, expenses, damages, and other liabilities whatsoever or howsoever caused arising directly or indirectly in connection with, in relation to or arising out of the use of the Content. This article may be used for research, teaching, and private study purposes. Any substantial or systematic reproduction, redistribution, reselling, loan, sub-licensing, systematic supply, or distribution in any form to anyone is expressly forbidden.
The Oxford Handbook of Employment Relations