Has European corporatism delivered? A survey with preliminary evidence
研究了欧洲大企业在利益相关者福利上的投资是否损害股东价值，发现欧洲大陆企业相比美国企业存在估值折价，且与治理较差相关。
Abstract I ask whether European firms' investments in stakeholder welfare come at the cost of lower shareholder value. Focusing on the largest 50 public firms in four European countries, I find a valuation discount in the Tobin's Q of continental European firms relative to matched US firms. The valuation discount is correlated with presence of large block holders in European firms but not with the poorer disclosure record of US firms on the environmental (E) and social (S) dimensions. In sum, poorer governance (G) in continental Europe appears to destroy more shareholder value than better E and S disclosure can add.