Corporate governance in Germany: The changing role of the banks

The article analyses the different channels ‐ industrial stakes, supervisory board mandates, proxy voting ‐ by which German banks can exert influence on industrial companies. The central thesis is that even where the banks have such influence they do not dominate the companies. A recent empirical study on the effects of the alleged bank dominance over industrial companies with detrimental effects on their performance is shown to contain major methodological mistakes. The relationship between banks and industry is undergoing some distinct changes. Banks have substantially reduced their industrial stakes as well as their representation on supervisory boards, which underlines that they are not striving for industrial leadership. Despite a clear trend in the German corporate sector to pay increasing attention to shareholder value and to provide more transparency in accounting, it seems premature to expect the German capital market, including the corporate governance system, to incorporate fully the Anglo‐Saxon model in the immediate future.     

Das Internet und die Transformation der Musikindustrie

Since the late 1990s, the music industry has been undergoing a period of significant and crisis-ridden changes, which was initiated and forced by a new set of technologies: digitalization, data compression and the internet. This paper analyzes the repercussions of this new technological constellation on the socioeconomic structures and institutions of this sector. The reconstruction of this technology-based sectoral transformation shows that the constitutive impulses for restructuring came from the fringes of the sector and from external actors. The established companies in the music business were hesitant in accepting the new technological challenges. They initially reacted with blockades and containment strategies and only defined a strategical repositioning upon massive and indisputable pressure to change. The paper argues that the low ability to anticipate and adapt to these technological, organizational and institutional challenges is due to the interplay of several factors. Among these are (1.) general difficulties to anticipate the socioeconomic impact of fundamentally new technological opportunities, (2.) complex and time-consuming processes of establishing a new techno-institutional match, (3.) the technological conservatism and (4.) the oligopolistic structure of the sector as well as (5.) the hierarchically structured core companies. Together these factors obstructed a controlled sectoral transformation led by the established core players.     

Economic Voting in Latin America: Rules and Responsibility

The impact of institutions on the economic vote stands as a well‐established proposition for the advanced democracies of Europe. We know less, however, regarding the institutional effects on the economic vote in the developing democracies of Latin America. Carrying out an analysis of presidential elections in 18 Latin American countries, we offer evidence that the usual Eurocentric conceptualization of the clarity of responsibility is not ideal for understanding the economic vote in this region. There does exist a powerful effect of institutions on the economic vote within Latin American democracies, but one uniquely associated with its presidential regimes and dynamic party systems. Rules for these elections—such as concurrence, term limits, and second‐round voting—suggest that we should reconceptualize the notion of the clarity of responsibility in Latin America, focusing more on individuals in power and their constraints, and less on the political parties from which they hail.     

Reconsidering Women’s Empowerment: the Contradictory Effects of Microfinance for Guatemalan Women

In light of changing global trends that connect women’s empowerment and development, this paper extends debates by exploring how projects aimed at empowering women in the Global South intertwine with diverse women’s lived realities in ways that complicate assessments of “success” or “failure.” The article begins by analyzing the incorporation of the concept of empowerment into mainstream development, demonstrating that the conceptual fuzziness of empowerment has allowed it to be associated with vastly different development strategies: some have interpreted it narrowly to promote self-help strategies whereas others have interpreted it broadly to promote structural change. The former has targeted women with “choice-enhancing” resources that are thought to have spillover effects; the latter tends to adopt a more holistic approach. In order to explore how these contrasting strategies affect women’s empowerment experiences and outcomes on the ground, this article then draws on comparative ethnographies of two microfinance non-governmental organizations (NGOs) that are emblematic of these diverging approaches. It finds that despite their differences, both spillover and holistic approaches lead to diverse and contradictory experiences that defy easy classification as “empowering” or “disempowering.” This finding reveals the advantages and limitations of relying on the concept of empowerment for evaluating development outcomes and raises questions about our ability to generalize about the effects of the varying approaches encompassed under the current feminization of policy. The analysis also suggests that we should adjust our understanding of women’s agency to include the agency women exercise when they transform, challenge, or reject empowerment projects themselves.     

Countering Convergence: Agency and Diversity Among Guatemalan NGOs

The proliferation of nongovernmental organizations across the developing world has sparked discussions of the “NGOization” of civil society and concern that NGOs have become increasingly uniform and internally homogenous. This article explores the evolution of NGOs in Guatemala since the 1960s and finds that NGOs historically and currently respond in diverse ways to external pressures—adjusting their strategies and actively attempting to shape their environment. Comparing two microcredit NGOs, it finds in addition that old and new models combine in unique organizational contexts in distinct ways. These two findings suggest that diversity is likely to persist among NGOs.