The geography of finance: corporate governance in the global marketplace * Gordon L. Clark and Dariusz Wojcik
基于德国经济中公司治理结构变化的详细分析，以曼内斯曼和宝马为例，对比了开放型与封闭型公司治理模式对股价表现和公司长期存续的影响，适合关注公司治理与金融地理的学者。
During this significant contribution to the literature on the geography of money and finance, which is based upon a detailed analysis of the changing structure of corporate governance within the German economy, Clark and Wòjcik identify Mannesman and BMW as examples of firms with radically different models of corporate governance. Mannesman is held up as representative of an open corporate governance style, with highly distributed share ownership and a high proportion of its shares in the hands of overseas investors. BMW, meanwhile, is an example of a more traditional German firm with a less open model of corporate governance. It had shares listed on major international financial centres but the majority of shares were owned by just one family and not openly traded. Thus, Mannesman's corporate governance style was typical of Anglo-American shareholder capitalism while BMW was more typical of Continental European stakeholder capitalism. Clark and Wòjcik analyse the performance of the shares of both firms to illustrate that the share price of Mannesman showed less temporal variation and was seen to be a more 'accurate' reflection of the value of the firm than was the share price of BMW, where information about the firm was more patchy, less transparent. The market in its shares was less liquid, affecting the ability of investors to price the stock. What Clark and Wojcik also mention, but chose not to elaborate, is the fact that in 2000 Mannesman was taken over by the British firm Vodafone, and therefore ceased to be a German-owned company. BMW, which because of its closed corporate governance structure, is more or less immune to the threat of hostile takeover; it remains resolutely German and with its brand intact, albeit that increasing amounts of its productive capacity takes place beyond its borders. However, to conclude from this vignette that BMW's likely long-term survival as an independent German company testifies to the enduring strength of the German model would be a hasty and possibly mistaken conclusion. As Clark and Wojcik make clear, the complexities of global competition and the essential need to access capital and finance to fund economic activity casts some doubt over the long-term reproducibility of the stakeholder model of capitalism.