| Abstract: | This contribution addresses the question of whether the German corporate governance regime has changed towards the angloamerican corporate governance model in the 1990s. While most approaches within this field of research tend to exclusively focus on functionalist models, this article stresses the impact of power relations on processes of institutional change. Looking at an ambiguous and incremental transformation process, it becomes clear that the dichotomy between continuity and change is not well suited to depict the process adequately. Categories as ?hybridization“ or ?institutional layering“ seem more useful here. While market forces became more important for corporate governance in Germany, traditional mechanisms were — to some extent — reproduced simultaneously. The upshot is a hybrid corporate governance system which is located between coordinated and liberal market economies. |
