Does Company Ownership Matter?

Does Company Ownership Matter?

The Cournot Centre series

Edited by Jean-Philippe Touffut

Do modes of management depend on company ownership? Does macroeconomic performance rely on shareholder value? The contributions collected in this book explore these questions from economic, historical and legal perspectives. They examine company ownership through the study of national institutions, with particular focus on North America and Europe. The twelve economic and legal specialists of this volume seek to explain why firms organized along the shareholder model have not outperformed other forms of ownership. Answers lie in the historical and institutional background of each country.

About the series

Robert M. Solow

Subjects: business and management, corporate governance, economics and finance, corporate governance, industrial organisation


Professor Robert M. Solow The Cournot Centre for Economic Studies is an independent, Frenchbased research institute. It takes its name from the pioneering economist, mathematician and philosopher Antoine Augustin Cournot (1801–77). Neither a think-tank nor a research bureau, the Centre enjoys the special independence of a catalyst. My old student dictionary (dated 1936) says that catalysis is the ‘acceleration of a reaction produced by a substance, called the catalyst, which may be recovered practically unchanged at the end of the reaction’. The reaction we have in mind results from bringing together (a) an issue of economic policy that is currently being discussed and debated in Europe and (b) the relevant theoretical and empirical findings of serious economic research in universities, think-tanks and research bureaux. Acceleration is desirable because it is better that reaction occurs before minds are made up and decisions taken, not after. We hope that the Cournot Centre can be recovered practically unchanged and used again and again. Notice that ‘policy debate’ is not exactly what we are trying to promote. To have a policy debate, you need not only knowledge and understanding, but also preferences, desires, values and goals. The trouble is that, in practice, the debaters often have only those things, and they invent or adopt only those ‘findings’ that are convenient. The Cournot Centre hopes to inject the findings of serious research at an early stage. It is important to realize that this is not easy or straightforward. The analytical issues that underlie economic...