The European Parliament's Rejection of the Take-over Directive Proposal

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The European Parliament's Rejection of the Take-over Directive Proposal

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Title: The European Parliament's Rejection of the Take-over Directive Proposal
A Corporate Governance Approach
Author: Knudsen, Jette Steen
Abstract: This article examines why Members of the European Parliament (MEPs) in 2001 turned down a proposal for an EU take-over directive? The first explanation focuses on party ideology. However, MEPs overwhelmingly voted according to national rather than party lines. Two additional explanations emphasise national characteristics: labour market legislation (national schemes to protect employees against dismissals) and corporate governance issues. Labour market legislation can explain the UK and German MEP votes but not the Swedish and French MEPs votes. These votes can be explained by emphasising measures against take-overs such as a high level of market capitalisation and unequal voting rights.
URI: http://hdl.handle.net/10398/6617
Date: 2004-01-21

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