Corsi di Studio del Dipartimento di Culture, Politica e Società

What is the ultimate responsibility of the business firm? To act in the best interest of its shareholders? To consider the interests of different stakeholders, assuming a « social responsibility »? What about the relationships between finance on one side, and labour on the other side?
This seminar examines these questions, as part of a broader reflection on the coming ecological and social transition. In the mainstream literature, corporate governance is defined as the set of mechanisms allowing shareholders to get a return on their financial investment. Issues relating to labour and employment are usually not considered. In contrast with this
perspective, we adopt a more inclusive approach, defining corporate governance as the set of rules and practices that shape decision-making within firms.
This broader perspective allows re-integrating labour into the debate. In particular, we examine the role workers and their representatives play in shaping decision-making, through a variety of mechanisms (including codetermination). We also show that corporate governance has a significant impact on productivity, remunerations, working conditions, job security, inequalities, etc. We finally pay attention to gender inequalities in corporate
governance, and their likely effects on business strategies. The content of the seminar will be both theoretical (with an examination of the literature in institutional economics, socio-economy and corporate and labor law) and empirical (with a focus on studies using micro-data on firms and workers).

This course will provide students with knowledge on corporate governance and labour.

Indicative list of lectures:

Seminar 1: Corporate governance and the firm

Seminar 2: Managerial and firm accountability: Shareholder primacy versus CSR

Seminar 3: Worker voice in the firm

Seminar 4: Gender inequalities in top positions

Seminar 5: Labour market segmentation and firm heterogeneity

The classes will be held in English in the form of lecture courses.

Each student will have to write an essay (around 25000 characters, including spaces and bibliography) relating her/his Master’s thesis and the seminar content. If not possible, she/he will critically assess an important academic paper (to be decided with the professor).
Homework to be delivered for end of February 2024

Gelter, M., (2016), “Comparative corporate governance: old and new”, ECGI Law working paper, n°321.
Berle, A. and Means, G. 1932. The Modern Corporation and Private Property, New York, Harcourt, Brace and World, new ed. 1967; Book 4.
Blair, M. and Stout, L. 1999. “A Team Production Theory of Corporate Law”, Virginia Law Review, vol. 85, 247-328
Moore M. and A. Rebérioux, (2011), “Revitalizing‘the institutional roots of Anglo-American corporate governance”, Economy and Society, vol.40(1), pp.84-111.
Conchon, A. (2013), “Workers’ voice in corporate governance. A European perspective”, Economic Report Series, London, TUC. Kraft, K., Stank, J. and Dewenter, R. (2011), “Codetermination and innovation”, Cambridge Journal of Economics, vol. 35(1), pp.145-;172.
Jäger, S., Schoefer, B. and Heining, J. (2019), “Labor in the Boardroom”,
IZA Discussion Paper, n°12700, November.
Seminar 4: Gender inequalities in top positions
Adams R, (2016), 'Women on boards: The superheroes of tomorrow?'
Leadership Quarterly, vol. 27, pp. 371 -; 386.
Rebérioux A. and Roudaut G. (2019), “Rookie female directors in a postquota period: gender inequalities within French boards”, Industrial
relations, vol.58(3), pp.423-483.
Seminar 5: Labour market segmentation and firm heterogeneity
Doeringer P. and Piore M. (1971), Internal Labor Market and Manpower
Analysis, Heath Lexington Books. Chapter I (Introduction) + Chapter 8
(Low income employment and the disadvantaged labor force)
Rubery J. and Piasna A. (2016), “Labour market segmentation and the EU
reform agenda: developing alternatives to the mainstream”, ETUI Working paper 2016.10.
Song J., Price D., Guvenen F., Bloom N. and Wachter T. (2015), “Firming up Inequality”, NBER working paper, 21199