Shareholder value in an adverse environment: the German case

The German political economy has often been cited as a classical case of non-shareholder value orientation. Its productionist, long-term, consensus orientation has often been contrasted with the 'Anglo-Saxon approach'. The influence of shareholders who press for shareholder value and the importance of the equity market have traditionally been low. But there are signs of change. In this article we describe some of these changes and try to assess the dynamics of this change process. First we show that the limited role of the equity market for company financing and for private household savings still provides a very narrow base for a shareholder value economy in Germany. The central pillars of the German system of corporate governance - the dominating role of banks, the system of co-determination and the company centred management system - are not crumbling. Change in the direction of shareholder value is therefore limited.     

Satisfaction with democracy and collective action problems: the case of the environment

Whether a country is able effectively to address collective action problems is a critical test of its ability to fulfill the demands of its citizens to their satisfaction. We study one particularly important collective action problem: the environment. Using a large panel dataset covering 25 years for some countries, we find that, overall, citizens of European countries are more satisfied with the way democracy works in their country if (a) more environmental policies are in place and if (b) expenditures on the environment are higher, but environmental taxes are lower. The relation between environmental policy and life satisfaction is not as pronounced. The evidence for the effect of environmental quality on both satisfaction with democracy and life satisfaction is not very clear, although we find evidence that citizens value personal mobility (in terms of having a car) highly, but view the presence of trucks as unpleasant. We also document that parents, younger citizens, and those with high levels of educational attainment tend to care more about environmental issues than do non-parents, older citizens, and those with fewer years of schooling.     

Post-mortem forensic neuroimaging: correlation of MSCT and MRI findings with autopsy results

Multislice-computed tomography (MSCT) and magnetic resonance imaging (MRI) are increasingly used for forensic purposes. Based on broad experience in clinical neuroimaging, post-mortem MSCT and MRI were performed in 57 forensic cases with the goal to evaluate the radiological methods concerning their usability for forensic head and brain examination. An experienced clinical radiologist evaluated the imaging data. The results were compared to the autopsy findings that served as the gold standard with regard to common forensic neurotrauma findings such as skull fractures, soft tissue lesions of the scalp, various forms of intracranial hemorrhage or signs of increased brain pressure. The sensitivity of the imaging methods ranged from 100% (e.g., heat-induced alterations, intracranial gas) to zero (e.g., mediobasal impression marks as a sign of increased brain pressure, plaques jaunes). The agreement between MRI and CT was 69%. The radiological methods prevalently failed in the detection of lesions smaller than 3mm of size, whereas they were generally satisfactory concerning the evaluation of intracranial hemorrhage. Due to its advanced 2D and 3D post-processing possibilities, CT in particular possessed certain advantages in comparison with autopsy with regard to forensic reconstruction. MRI showed forensically relevant findings not seen during autopsy in several cases. The partly limited sensitivity of imaging that was observed in this retrospective study was based on several factors: besides general technical limitations it became apparent that clinical radiologists require a sound basic forensic background in order to detect specific signs. Focused teaching sessions will be essential to improve the outcome in future examinations. On the other hand, the autopsy protocols should be further standardized to allow an exact comparison of imaging and autopsy data. In consideration of these facts, MRI and CT have the power to play an important role in future forensic neuropathological examination.     

Accounting for Voter Heterogeneity within and across Districts with a Factor-Analytic Voter-Choice Model

José Afonso Mazzon Faculdade de Administração e Economia, University of São Paulo, Ave. Prof. Luciano Gualberto, 908, CEP 0558-900 São Paulo, Brazil. e-mail: jamazzon{at}usp.br e-mail: kamakura{at}duke.edu (corresponding author) In this study, we propose a model of individual voter behaviorthat can be applied to aggregate data at the district (or precinct)levels while accounting for differences in political preferencesacross districts and across voters within each district. Ourmodel produces a mapping of the competing candidates and electoraldistricts on a latent "issues" space that describes how politicalpreferences in each district deviate from the average voterand how each candidate caters to average voter preferences withineach district. We formulate our model as a random-coefficientsnested logit model in which the voter first evaluates the candidatesto decide whether or not to cast his or her vote, and then choosesthe candidate who provides him or her with the highest value.Because we allow the random coefficient to vary not only acrossdistricts but also across unobservable voters within each district,the model avoids the Independence of Irrelevant AlternativesAssumption both across districts and within each district, therebyaccounting for the cannibalization of votes among similar candidateswithin and across voting districts. We illustrate our proposedmodel by calibrating it to the actual voting data from the firststage of a two-stage state governor election in the Brazilianstate of Santa Catarina, and then using the estimates to predictthe final outcome of the second stage.     

Überhangmandate bei der Bundestagswahl 2009 – das ewige Menetekel

Surplus mandates are a peculiarity of the German electoral system. Surplus mandates emerge when a party gains more constituency seats than the total amount of seats to which it is entitled according to the proportionality principle as determined by its share of second votes. Until Reunification in 1990, surplus mandates were only negligible phenomena. However, since then their number and relevance has dramatically increased. In the federal election of 2009, 24 surplus mandates emerged, more than ever before. This increase is foremost the consequence of the changed structure of the party system, which is now an established 5-parties-system with two comparatively minor big parties. Surplus mandates are on the one hand a problem of constitutional law while on the other hand they represent a violation of fundamental principles of fairness and justice. One solution for all these problems would be to create two-member-districts for the representatives who are directly elected on the first vote.     

The Permissive Law of Practical Reason in Kant's Metaphysics of Morals

Law and Philosophy -     

Verfassungsrechtliche Spielräume für das Naturschutzgesetzbuch des Umweltgesetzbuches

Der Beitrag setzt sich mit den Spielr?umen des Bundes zur Neugestaltung des Naturschutzrechts im Rahmen der laufenden Erarbeitung des Naturschutzgesetzbuches zum Umweltgesetzbuch (UGB-I) auseinander. Auf der Basis der konkurrierenden Gesetzgebungskompetenz des Bundes für das Naturschutzrecht werden insbesondere Fragen des Regelungsumfangs, der abweichungsfesten Kerne sowie Zust?ndigkeitsfragen er?rtert. Zum Schluss wird ein Optimierungsvorschlag für die Eingriffsregelung unterbreitet.     

Metropolitan Governance in Deutschland: Normative,utilitaristische, kommunikative und dramaturgische Steuerungsansätze

Der Aufsatz beschreibt die historische Entwicklung und die jüngsten Formen politischer Steuerungsansätze in sechs westdeutschen Großstadtregionen. Es sind dies die Regionen Hamburg, Bremen, Hannover, Frankfurt, Stuttgart und München. Zu diesem Zweck wird im theoretischen Teil eine zweidimensionale Typologie von Formen der Metropolitan Governance entwickelt. In der ersten Dimension werden Governance‐Formen nach dem Strukturmuster der Interaktion unterschieden, in der zweiten Dimension werden die Governance‐Formen aufgrund der zugrundeliegenden Handlungstheorie (normatives, utilitaristisches, kommunikatives und dramaturgisches Handeln) differenziert. Mit Hilfe der dadurch gewonnenen acht Idealtypen wird im darauf folgenden empirischen Teil gezeigt, dass bis in die 1970er Jahre normative Steuerungsformen die Diskussion beherrschten und diese in den 1980er Jahren durch ein utilitaristisches Paradigma in Frage gestellt wurden. Seit Beginn der 1990er Jahre wurde verstärkt auf kommunikative und dramaturgische Governance‐Formen gesetzt, auf deren Grundlage können sich aber ganz unterschiedliche Governance‐Schwerpunkte und z.T. auch ausdifferenzierte “Governance‐Landschaften” in den verschiedenen Stadtregionen etablieren.     

Negative Issue Ownership

Existing research considers issue ownership to be a positive attribute of political parties, which are seen as ‘owning’ those policy areas where they are particularly competent and engaged. However, for some citizens a party may also be a negative issue owner if it has a particularly bad reputation for its handling of an issue. This article describes and explains aggregate and individual-level patterns of negative issue ownership using a survey-based measure of handling perceptions from the 2013 Austrian National Election Study (n = 3,266). Naming a particular party as a negative issue owner is affected by partisanship, but also by policy preferences and government performance evaluations. The effects of issue importance vary across issues. These findings lay the groundwork for more research on negative attributions of issue ownership and their empirical consequences on vote choice.