V. V. Acharya, S. C. Myers, and R. G. Rajan, The Internal Governance of Firms, The Journal of Finance, vol.13, issue.3, 2011.
DOI : 10.1111/j.1540-6261.2011.01649.x

A. A. Alchian and H. Demsetz, Production, information costs, and economic organization, American Economic Review, vol.62, pp.777-795, 1972.
DOI : 10.1109/emr.1975.4306431

F. Allen, E. Carletti, and R. Marquez, Stakeholder capitalism, corporate governance and firm value. Working paper, 2007.
DOI : 10.2139/ssrn.968141
URL : http://publikationen.ub.uni-frankfurt.de/files/3560/07_26.pdf

F. Allen and D. Gale, A comparative theory of corporate governance. Working paper, 2002.

J. Atanassov, H. Kim, and E. , Labor and Corporate Governance: International Evidence from Restructuring Decisions, The Journal of Finance, vol.64, issue.1, pp.341-374, 2009.
DOI : 10.1111/j.1540-6261.2008.01436.x

C. A. Beatty, The cash flow and informational effects of employee stock ownership plans, Journal of Financial Economics, vol.38, issue.2, pp.211-240, 1995.
DOI : 10.1016/0304-405X(94)00812-F

M. Becht and E. Böhmer, Transparency of Ownership and Control in Germany, SSRN Electronic Journal, vol.3, 1997.
DOI : 10.2139/ssrn.149774

J. B. Berk, R. Stanton, and J. Zechner, Human Capital, Bankruptcy, and Capital Structure, The Journal of Finance, vol.86, issue.3, pp.891-926, 2010.
DOI : 10.1111/j.1540-6261.2010.01556.x

M. Bertrand and S. Mullainathan, Enjoying the Quiet Life? Corporate Governance and Managerial Preferences, Journal of Political Economy, vol.111, issue.5, pp.1043-1075, 2003.
DOI : 10.1086/376950

H. J. Chen, M. Kacperczyk, and H. Ortiz-molina, Do Non-Financial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers, SSRN Electronic Journal, 2011.
DOI : 10.2139/ssrn.972046

S. Chang, Employee Stock Ownership Plans and Shareholder Wealth: An Empirical Investigation, Financial Management, vol.19, issue.1, pp.48-58, 1990.
DOI : 10.2307/3666036

S. Chaplinsky and G. Niehaus, The Tax and Distributional Effects of Leveraged ESOPs, Financial Management, vol.19, issue.1, pp.29-38, 1990.
DOI : 10.2307/3666034

S. Claessens and K. Ueda, Banks and labor as stakeholders: Impact on economic performance. Working paper, 2008.

J. L. Coles, N. D. Daniel, and L. Naveen, Boards: Does one size fit all?????, Journal of Financial Economics, vol.87, issue.2, pp.329-356, 2008.
DOI : 10.1016/j.jfineco.2006.08.008
URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.488.2623

H. Cronqvist, F. Heyman, M. Nilsson, H. Svaleryd, and J. Vlachos, Do Entrenched Managers Pay Their Workers More?, The Journal of Finance, vol.7, issue.1, pp.309-339, 2009.
DOI : 10.1111/j.1540-6261.2008.01435.x
URL : http://hdl.handle.net/10419/81234

H. Deangelo and L. Deangelo, Union negotiations and corporate policy A study of labor concessions in the domestic steel industry during the 1980s, Journal of Financial Economics, vol.30, issue.1, pp.3-43, 1991.
DOI : 10.1016/0304-405X(91)90025-F

D. Denis and J. Mcconnell, International Corporate Governance, The Journal of Financial and Quantitative Analysis, vol.38, issue.1, pp.1-36, 2003.
DOI : 10.2307/4126762

B. Ebbinghaus and J. Visser, Trade unions in Western Europe since, 1945.

M. Faccio, L. H. Lang, and L. Young, Dividends and Expropriation, American Economic Review, vol.91, issue.1, pp.54-78, 2001.
DOI : 10.1257/aer.91.1.54

O. Faleye, V. Mehrotra, and R. Morck, When Labor Has a Voice in Corporate Governance, Journal of Financial and Quantitative Analysis, vol.89, issue.03, pp.489-510, 2006.
DOI : 10.1016/0304-405X(85)90006-6

E. F. Fama, Agency Problems and the Theory of the Firm, Journal of Political Economy, vol.88, issue.2, pp.288-307, 1980.
DOI : 10.1086/260866

E. F. Fama and M. C. Jensen, Separation of Ownership and Control, The Journal of Law and Economics, vol.26, issue.2, pp.301-326, 1983.
DOI : 10.1086/467037

E. F. Fama and M. C. Jensen, Agency Problems and Residual Claims, The Journal of Law and Economics, vol.26, issue.2, pp.327-350, 1983.
DOI : 10.1086/467038

H. J. Faria, E. Trahan, and R. C. Rogers, ESOPs in public companies: Firm characteristics, shareholder wealth and impact on performance, Journal of Employee Ownership Law and Finance, vol.5, pp.75-92, 1993.

L. Fauver and M. E. Fuerst, Does good corporate governance include employee representation? Evidence from German corporate boards, Journal of Financial Economics, vol.82, issue.3, pp.673-710, 2006.
DOI : 10.1016/j.jfineco.2005.10.005
URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.689.9934

J. Franks and C. Mayer, Ownership and Control of German Corporations, Review of Financial Studies, vol.14, issue.4, pp.943-977, 2001.
DOI : 10.1093/rfs/14.4.943

R. B. Freeman and E. P. Lazear, An economic analysis of works councils Works councils: Consultation, representation and cooperation in industrial relations, pp.27-52, 1995.

E. Furubotn and S. Wiggins, Plant closing, worker reallocation costs and efficiency gains to labor representation on boards of directors, Journal of Institutional and Theoretical Economics, vol.140, pp.176-192, 1984.

D. Galai and Z. Wiener, Stakeholders and the composition of the voting rights of the board of directors, Journal of Corporate Finance, vol.14, issue.2, pp.107-117, 2008.
DOI : 10.1016/j.jcorpfin.2008.02.005

A. B. Gillette, T. H. Noe, and M. J. Rebello, Board Structures Around the World: an Experimental Investigation, Review of Finance, vol.12, issue.1, pp.93-140, 2008.
DOI : 10.1093/rof/rfm027

L. A. Gordon and J. Pound, ESOPs and corporate control, Journal of Financial Economics, vol.27, issue.2, pp.525-555, 1990.
DOI : 10.1016/0304-405X(90)90066-9

G. Gorton and F. A. Schmid, Universal banking and the performance of German firms, Journal of Financial Economics, vol.58, issue.1-2, pp.29-80, 2000.
DOI : 10.1016/S0304-405X(00)00066-0

G. Gorton and F. A. Schmid, Capital, Labor, and the Firm: A Study of German Codetermination, Journal of the European Economic Association, vol.2, issue.5, pp.863-905, 2004.
DOI : 10.1162/1542476042782260

W. H. Greene, Econometric analysis, 2003.

B. E. Hermalin and M. S. Weisbach, Endogenously chosen boards of directors and their monitoring of the CEO, American Economic Review, vol.88, pp.96-118, 1998.

C. P. Himmelberg, R. G. Hubbard, and D. Palia, Understanding the determinants of managerial ownership and the link between ownership and performance, Journal of Financial Economics, vol.53, issue.3, pp.353-384, 1999.
DOI : 10.1016/S0304-405X(99)00025-2

M. C. Jensen, Agency costs of free cash flow, corporate finance and takeovers, American Economic Review, vol.76, pp.323-329, 1986.

M. C. Jensen and W. H. Meckling, Editorial data, Journal of Financial Economics, vol.3, issue.4, pp.303-360, 1976.
DOI : 10.1016/0304-405X(76)90025-8

M. C. Jensen and W. H. Meckling, Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination, The Journal of Business, vol.52, issue.4, pp.469-506, 1979.
DOI : 10.1086/296060

M. C. Jensen and R. S. Ruback, The Market for Corporate Control: The Scientific Evidence, SSRN Electronic Journal, vol.11, pp.5-50, 1983.
DOI : 10.2139/ssrn.244158

E. H. Kim and P. Ouimet, Employee capitalism or corporate socialism? Broad-based employee stock ownership. Working paper, Center for Economic Studies, 2009.
DOI : 10.2139/ssrn.1107974

L. Porta, R. Lopez-de-silanes, F. Shleifer, A. Vishny, and R. W. , Agency problems and dividend policies around the world, Journal of Finance, vol.55, pp.1-33, 2000.
DOI : 10.3386/w6594

Y. Lee, Y. Liu, and N. Zhu, The Costs of Owning Employer Stocks: Lessons from Taiwan, Journal of Financial and Quantitative Analysis, vol.XL, issue.03, pp.717-740, 2008.
DOI : 10.1111/1540-6261.00472

D. I. Levine and L. D. Tyson, Participation, productivity and the firm's environment Paying for productivity: A look at the evidence, pp.183-237, 1990.

J. S. Linck, J. M. Netter, and T. Yang, The determinants of board structure???, Journal of Financial Economics, vol.87, issue.2, pp.308-328, 2008.
DOI : 10.1016/j.jfineco.2007.03.004

M. Pagano and P. Volpin, Managers, Workers, and Corporate Control, The Journal of Finance, vol.27, issue.2, pp.841-868, 2005.
DOI : 10.1016/0304-405X(90)90029-Y

C. G. Raheja, Determinants of Board Size and Composition: A Theory of Corporate Boards, Journal of Financial and Quantitative Analysis, vol.88, issue.02, pp.283-306, 2005.
DOI : 10.2307/2329018

M. J. Roe, K. J. Hopt, H. Kanda, M. J. Roe, and E. Wymeersch, German co-determination and German securities markets, Comparative corporate governance, state of the art and emerging research, pp.369-372, 1998.
DOI : 10.2139/ssrn.10578

M. S. Scholes and M. A. Wolfson, The Effects of Changes in Tax Laws on Corporate Reorganization Activity, The Journal of Business, vol.63, issue.S1, pp.141-164, 1990.
DOI : 10.1086/296498

A. Shleifer and R. W. Vishny, A Survey of Corporate Governance, The Journal of Finance, vol.110, issue.2, pp.737-783, 1997.
DOI : 10.1111/j.1540-6261.1997.tb04820.x

D. Skinner, The evolving relation between earnings, dividends, and stock repurchases, Journal of Financial Economics, vol.87, issue.3, pp.582-609, 2008.
DOI : 10.1016/j.jfineco.2007.05.003

R. M. Stulz, Managerial control of voting rights, Journal of Financial Economics, vol.20, pp.25-54, 1988.
DOI : 10.1016/0304-405X(88)90039-6

J. Tirole, Corporate Governance, Econometrica, vol.69, issue.1, pp.1-35, 2001.
DOI : 10.1111/1468-0262.00177

N. Vafeas, Board meeting frequency and firm performance, Journal of Financial Economics, vol.53, issue.1, pp.113-142, 1999.
DOI : 10.1016/S0304-405X(99)00018-5

V. Eije, H. Megginson, and W. L. , Dividends and share repurchases in the European Union, Journal of Financial Economics, vol.89, issue.2, pp.347-374, 2008.
DOI : 10.1016/j.jfineco.2007.11.002

H. White, A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity, Econometrica, vol.48, issue.4, pp.817-838, 1980.
DOI : 10.2307/1912934
URL : http://1cj3301.ucsd.edu/hwcv-007.pdf