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.     

The racial wealth gap,financial aid,and college access

We examine how the racial wealth gap interacts with financial aid in American higher education to generate a disparate impact on college access and outcomes. Retirement savings and home equity are excluded from the formula used to estimate the amount a family can afford to pay. All else equal, omitting those assets mechanically increases the financial aid available to families that hold them. White families are more likely to own those assets and in larger amounts. We document this issue and explore its relationship with observed differences in college attendance, types of institutions attended, degrees attained, and education debt using data from the Survey of Consumer Finances (SCF), the National Postsecondary Student Aid Study (NPSAS), and the Panel Study of Income Dynamics (PSID). We show that this treatment of assets provides an implicit subsidy worth thousands of dollars annually to students from families with above-median incomes. White students receive larger subsidies relative to Black students and Hispanic students with similar family incomes, and this gap in subsidies is associated with disadvantages in educational advancement and student loan levels. It may explain 10 percent to 15 percent of white students’ advantage in these outcomes relative to Black students and Hispanic students.     

On Jordan Peterson,Postmodernism, and PoMo-Bashing

Jordan Peterson says that postmodernists say no interpretation is better than another. I would no sooner identify Peterson’s adversaries as those who have been misled by “postmodernism” than I would identify them as misled by “sustainability,” “diversity,” “multiculturalism,” or “intersectionality.” Such fare is mainly symptomatic. “Postmodern” invocations are often like “sustainability” invocations: inessential. This piece is not a defense of postmodernism. It is a critique of PoMo-bashing.     

Ideology in the Era of Xi Jinping

Journal of Chinese Political Science - After 1978, Maoism as a living mass ideological and social force in the People’s Republic of China largely died away. The Party state’s legitimacy...     

Strategic or Principled? The Engagement of Civil Society Organizations with the EU

This article links the literature on the Europeanization of civil society organizations (CSOs) with the literature on the contribution CSOs can make to democracy in the EU. To do so, it asks which are the pull factors that support CSOs’ Europeanization: are they mostly strategic and linked to where law-making and the money are? Or are they likewise linked to a desire to contribute to EU democracy? To explore this question, the article looks at agricultural, environmental and anti-poverty groups and combines fresh qualitative with quantitative data. The findings suggest that we need to distinguish strategic Europeanization, on the one hand, from the identification with supranational democracy, on the other. They also show that the most Europeanized organizations need not be the most interested in EU democracy, whereas organizations with a comparatively low degree of Europeanization can still be interested in EU democracy.