Change in SMEs: Towards a New European Capitalism? by K. Bluhm, R. Schmidt

By K. Bluhm, R. Schmidt

Such a lot study on institutional positive aspects of specified types of capitalism in Europe has analyzed in simple terms huge companies. This quantity explores the impression of the institutional and structural adjustments on company governance, administration tradition, and social relationships in small and medium sized organizations in several eu nations.

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Frédéric Lordon (2000) demonstrated the extent to which the establishment of such assessment standards relied less on scientific debate than on the campaign-like creation of acceptance in public opinion influenced by the media, by using the case of the establishment of Economic Value Added (EVA) as the state-of-the-art concept. The outcome of being guided by ‘corporate value’ in this way is not simply a technical redefinition or a more precise definition of profitability measures, but a fundamentally new definition of the criterion for profitability in order to popularize a new economic model.

5. Lordon uses the term ‘idée simple’ to cover simple yet diversely interpretable models, which may function in a certain era or society as a standardized and generally accepted reference-point for substantiating and legitimizing economic practice, just as ‘growth’ and ‘competitiveness’ once did. 6. For the significance of the rating agencies as ‘governance without government’, that is, as institutions of corporate regulation founded on a private basis, and on procedures and criteria of the rating process, see Sinclair (1994).

Thus, John Child’s old (1992) dictum still holds that framework conditions may change the preconditions for strategic choice, but they change nothing about the possibility and necessity of strategic choice. At this point it is important to make one observation: what seems to be a result of strategic choice at the level of listed companies often manifests itself in the form of rigid cost and margin pressure on arrival downstream at the level of sub-contractors and service enterprises. The large listed companies’ complex relation to financial markets is passed on via very simple product-market dependence to companies that have nothing to do with the stock market but all the more with the credit-market sector of the financial markets.

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