permanent struggle between the stakeholders about the ultimate goal of the company. In many cases, the vague Rhineland … employs them but from the value of their own human capital. In such a world, global trade in corporate control, global … interests of all stakeholders) towards the shareholder model is fraught with difficulties. While society reaps long-run gains in …

reforms in spite of the absence of an effective ownership structure. We find both the government and, importantly, commercial … banks, exercised strong governance: the government through its refusal to give open-ended subsidies and a tax-based wage …