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Voluntary co-determination produces sustainable competitive advantage


Osterloh, Margit; Frey, Bruno S; Zeitoun, Hossam (2010). Voluntary co-determination produces sustainable competitive advantage. In: Sacconi, Lorenzo; Blair, Margaret M; Freeman, Edward; Vercelli, Alessandro. Corporate Social Responsibility and Corporate Governance: The Contribution of Economic Theory and Related Disciplines. England: Palgrave Macmillan , 332-352.

Abstract

The importance of firm-specific knowledge for a company’s sustainable competitive advantage is well established in the knowledge-based theory of the firm. However, the impact of corporate governance design on firm-specific knowledge investments is underexplored. We assess existing co-determination systems in Europe and their impact on firm performance; then we discuss voluntary co-determination as a new corporate governance design that fosters firm-specific knowledge investments, intrinsic work motivation, efficient monitoring, and board diversity while lowering transaction costs. Our analysis indicates that shareholders can increase their company’s value by adopting customized co-determination rules.

The importance of firm-specific knowledge for a company’s sustainable competitive advantage is well established in the knowledge-based theory of the firm. However, the impact of corporate governance design on firm-specific knowledge investments is underexplored. We assess existing co-determination systems in Europe and their impact on firm performance; then we discuss voluntary co-determination as a new corporate governance design that fosters firm-specific knowledge investments, intrinsic work motivation, efficient monitoring, and board diversity while lowering transaction costs. Our analysis indicates that shareholders can increase their company’s value by adopting customized co-determination rules.

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Additional indexing

Item Type:Book Section, not refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
03 Faculty of Economics > Department of Business Administration
Dewey Decimal Classification:330 Economics
Language:English
Date:2010
Deposited On:11 Feb 2011 09:45
Last Modified:14 Sep 2016 13:45
Publisher:Palgrave Macmillan
Series Name:IEA Series
ISBN:978-0-230-23654-7
Related URLs:http://www.recherche-portal.ch/primo_library/libweb/action/search.do?fn=search&mode=Advanced&vid=ZAD&vl%28186672378UI0%29=isbn&vl%281UI0%29=contains&vl%28freeText0%29=978-0-230-23654-7 (Organisation)
Permanent URL: https://doi.org/10.5167/uzh-44834

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