Valdivielso Del Real, Rocío (2009) Takeovers and the evolution of the electricity sector in Britain and Spain: the insights and limits of varieties of captitalism perspective. Working Paper. University of Warwick. Centre for the Study of Globalisation and Regionalisation, Coventry.

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Abstract

Privatisation, liberalisation and re-regulation have become major forces shaping societies and economies the world over. These developments have brought along major changes in the ownership and regulated environment of utility industries. However, the presence of substantial change on these issues has not led to convergence on important issues across national business systems. This paper highlights the importance of the continuing relevance of national institutions of corporate governance and employment relations in the evolution of the electricity sector. The central question deals with the importance of the market for corporate control (i.e. takeovers) in the evolution of the electricity sector in Britain and Spain. Two contributions are provided. First, we show how national-based explanations such as those presented in the Varieties of Capitalism (VoC) theoretical framework constitute a key variable to understand cross-national differences in the impact of the market for corporate control on the evolution of the electricity sector. Second, we demonstrate how the institutionally-based VoC perspective does not fully capture the political origins of the institutional frameworks of the two countries – it is best complemented by incorporating notions of state activism in contemporary capitalism.

Item Type:	Working or Discussion Paper (Working Paper)
Subjects:	H Social Sciences > HD Industries. Land use. Labor
Divisions:	Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation
Library of Congress Subject Headings (LCSH):	Electric utilities -- Great Britain, Electric utilities -- Spain, Capitalism, Globalization -- Economic aspects, Liberalism -- Economic aspects, Corporate governance
Series Name:	Working papers (University of Warwick. Centre for the Study of Globalisation and Regionalisation)
Publisher:	University of Warwick. Centre for the Study of Globalisation and Regionalisation
Place of Publication:	Coventry
Date:	March 2009
Number:	No.259
Number of Pages:	52
Status:	Not Peer Reviewed
Access rights to Published version:	Open Access
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URI:	http://wrap.warwick.ac.uk/id/eprint/1850

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