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Corporate governance and employee power in the boardroom: An applied game theoretical analysis

Author

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  • Balsmeier, Benjamin
  • Bermig, Andreas
  • Dilger, Alexander
  • Geyer, Hannah
Abstract
The discussion about employee representation on supervisory boards has received much attention from scholars and politicians around the world. We provide new insights to this ongoing debate by employing power indices from game theory to examine the real power of employees on boards and its effect on firm performance. Based on unique panel data of the largest listed companies in Germany, we find an inversely U-shaped relationship between labour power and Tobin's Q with a value-maximising labour power of approximately 43 %. Our results are robust to different game theoretical calculations of labour power, as well as various econometric models.

Suggested Citation

  • Balsmeier, Benjamin & Bermig, Andreas & Dilger, Alexander & Geyer, Hannah, 2011. "Corporate governance and employee power in the boardroom: An applied game theoretical analysis," Discussion Papers of the Institute for Organisational Economics 9/2011, University of Münster, Institute for Organisational Economics.
    • Handle: RePEc:zbw:umiodp:92011
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    Cited by:

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    5. Kunze, Astrid & Katrin Scharfenkamp, Katrin, 2022. "Gender diversity, labour in the boardroom and gender quotas," Discussion Paper Series in Economics 16/2022, Norwegian School of Economics, Department of Economics.
    6. Chyz, James A. & Eulerich, Marc & Fligge, Benjamin & Romney, Miles A., 2023. "Codetermination and aggressive reporting: Audit committee employee representation, tax aggressiveness, and earnings management," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 51(C).
    7. Joe Christopher & Philomena Leung & Shane Leong, 2017. "Can Employees Be Used to Overcome Independent Audit Limitations?," Australian Accounting Review, CPA Australia, vol. 27(4), pages 442-456, December.
    8. Astrid Kunze & Katrin Scharfenkamp, 2022. "Gender Diversity, Gender in the Boardroom and Gender Quotas," CESifo Working Paper Series 10077, CESifo.
    9. Adhikari, Hari P. & Choi, Wonseok & Sah, Nilesh B., 2017. "That is what friends do: employee friendliness and innovation," Journal of Economics and Business, Elsevier, vol. 90(C), pages 65-76.
    10. Gregorič, Aleksandra, 2022. "Board-level worker representation," GLO Discussion Paper Series 1136, Global Labor Organization (GLO).
    11. Kunze, Astrid & Scharfenkamp, Katrin, 2022. "Gender Diversity, Labour in the Boardroom and Gender Quotas," IZA Discussion Papers 15691, Institute of Labor Economics (IZA).
    12. Cristi A. Gleason & Sascha Kieback & Martin Thomsen & Christoph Watrin, 2021. "Monitoring or payroll maximization? What happens when workers enter the boardroom?," Review of Accounting Studies, Springer, vol. 26(3), pages 1046-1087, September.
    13. Xavier Hollandts & Nicolas Aubert & Abdelmehdi Ben Abdelhamid & Victor Prieur, 2018. "Beyond Dichotomy: The Curvilinear Impact of Employee Ownership on CEO entrenchment," Post-Print halshs-01495427, HAL.
    14. Vitols, Sigurt, 2021. "Board Level Employee Representation and Tax Avoidance in Europe," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Ahead-of-, pages 1-1.
    15. Xavier Hollandts & Nicolas Aubert & Abdelmehdi Abdelhamid & Victor Prieur, 2017. "Beyond Dichotomy: The Curvilinear Impact of Employee Ownership on CEO entrenchment," Working Papers halshs-01495427, HAL.
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    More about this item

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • J53 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Labor-Management Relations; Industrial Jurisprudence
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • M54 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Labor Management

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