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Voluntary Co-determination Produces Sustainable Competitive Advantage

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Corporate Social Responsibility and Corporate Governance

Part of the book series: International Economic Association Series ((IEA))

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.

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Authors
  1. Margit Osterloh
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  2. Bruno S. Frey
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  3. Hossam Zeitoun
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Editor information

Editors and Affiliations

  1. University of Trento, Italy

    Lorenzo Sacconi (Professor of Economics and Unicredit Chair in Economic Ethics and Corporate Social Responsibility, director of EconomEtica) (Professor of Economics and Unicredit Chair in Economic Ethics and Corporate Social Responsibility, director of EconomEtica)

  2. Inter-university Research Center, University of Milan-Bicocca, Italy

    Lorenzo Sacconi (Professor of Economics and Unicredit Chair in Economic Ethics and Corporate Social Responsibility, director of EconomEtica) (Professor of Economics and Unicredit Chair in Economic Ethics and Corporate Social Responsibility, director of EconomEtica)

  3. Vanderbilt University Law School, USA

    Margaret Blair (Milton R. Underwood Chair in Free Enterprise) (Milton R. Underwood Chair in Free Enterprise)

  4. Darden School of Business, University of Virginia, USA

    R. Edward Freeman (University Professor and Elis and Signe Olsson Professor of Business Administration, Academic director of Business Roundtable Institute for Corporate Ethics, and a senior fellow of Olsson Center for Applied Ethics) (University Professor and Elis and Signe Olsson Professor of Business Administration, Academic director of Business Roundtable Institute for Corporate Ethics, and a senior fellow of Olsson Center for Applied Ethics)

  5. Department of Economic Policy, Finance and Development, University of Siena, Italy

    Alessandro Vercelli (Professor of Economics) (Professor of Economics)

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© 2011 International Economic Association

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Osterloh, M., Frey, B.S., Zeitoun, H. (2011). Voluntary Co-determination Produces Sustainable Competitive Advantage. In: Sacconi, L., Blair, M., Freeman, R.E., Vercelli, A. (eds) Corporate Social Responsibility and Corporate Governance. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780230302112_12

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