Community Research and Development Information Service - CORDIS


It was the promise of the "new economy" that it would generate innovation and growth that in the last half of the 1990s brought the debates on corporate governance from the United States to the EU. Central to this promise was a more enhanced role of the stock market in the operation of the economy, and specifically in the influencing the investment strategies and organisational structures of industrial corporations. In the midst of the Internet boom, even many supporters of the European "social market" models found it difficult to resist the notion that "innovation" and "creating shareholder value" were inextricably tied to one another. Yet there existed neither a coherent theoretical framework not a robust body of empirical evidence to show that such was the case.

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