1 See also Alan Dignam & Michael Galanis, The Globalization of Corporate Governance 43–45 (2010); Henry Hansmann & Reiner Kraakman, The End of History of Corporate Law, in Convergence and Persistence in Corporate Governance 33 (Jeffrey Gordon & Mark Roe eds., 2004), also published in 89 Georgetown Univ. L.R. 439 (2001).Google Scholar

2 See Varieties of Capitalism: The Institutional Foundations of Comparative Advantage (Peter Hall & David Soskice eds., 2001). For a critical appraisal of this approach, see Gregory Jackson & Richard Deeg, From Comparing Capitalisms to the Politics of Institutional Change, 15(4) Rev. of Int'l Pol. Econ. 680 (2008).Google Scholar

3 In France, the role of the State as financier is emphasised. See also Dignam & Galanis, supra note 1, at 46–48; Hansmann & Kraakman, supra note 1.Google Scholar

4 For the proposition that the common law countries are more suited to the development of financial markets because they offer, on average, better creditor rights, shareholder rights, and private property rights than countries following a civil law tradition, see Rafael La Porta, Florencio Lopez de Silanes, Adrei Shleifer & Robert Vishny, Legal Determinants of External Finance, LII J. of Fin. 1131 (1997); Rafael La Porta, Florencio Lopez de Silanes, Adrei Shleifer & Robert Vishny, Law and Finance, 106 J. of Pol Econ. 1113 (1998); Thorsten Beck, Asli Demirgüç-Kunt & Ross Levine, Law and Finance: Why Does Legal Origin Matter?, (National Bureau of Economic Research Working Paper No. 9379, 2002), available at: http://www.nber.org/papers/w9379 (last accessed: 1 February 2013).Google Scholar

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7 For a detailed analysis, see Adalbert be ala Levy, Private Corporations and their Control, Vol. I, Chapter I, sections 12, 15, 21 and 23 (1950); for a recent, very brief, summary, see Dignam & Galanis, supra note 1, at 263–267.Google Scholar

8 On which, see Mattei, Ugo, Why the Wind Changed: Intellectual Leadership in Western Law, 42 Am. J. Comp. L. 195 (1994); Harris, Ron, The Transplantation of Legal Discourse on Corporate Personality Theories: From German Codification to British Political Pluralism and American Big Business, 63 Wash. & Lee L. Rev. 1422 (2006); Konrad Zweigert & Hein Kotz, An Introduction to Comparative law 154–156 (1998).Google Scholar

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10 See e.g., Mads Andenas & Frank Wooldridge, European Comparative Corporate Law (2009); Andreas Cahn & David Donald, Comparative Company Law: Text and Cases on the Laws Governing Corporations in Germany, the UK and the USA (2010); Jean Du Plessis, Bernhard Grossfeld, Claus Luttermann, Ingo Saenger, Otto Sandrock & Matthias Casper, German Corporate Governance in an International and European Context (2^nd ed., 2012.Google Scholar

11 This can be contrasted with the existing interdisciplinary literature on the historical development of English company law; see e.g., Ron Harris, Industrialising English law: Entrepreneurship and Business Organisation 1720–1844 (2000); Rob McQueen, A Social History of Company law: Great Britain and the Australian Colonies 1854–1920 (2009). One interdisciplinary work in German covers the period 1945–1990, but it is not centred on corporate law alone: see Knut Wolfgang Nörr, Die Republik der Wirtschaft. Recht, Wirtschaft und Staat in der Geschichte Westdeutschlands. Teil 1 Von der Besatzungszeit bis zur Großen Koalition (The republic of the economy; the legal and economic state in West Germany: Part 1, 2007); Knut Wolfgang Nörr, Die Republik der Wirtschaft. Recht, Wirtschaft und Staat in der Geschichte Westdeutschlands. Teil 2 Von der sozialliberalen Koalition bis zur Wiedervereinigung (The republic of the economy; the legal and economic state in West Germany: Part 2, 2007).Google Scholar

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15 The classic exposition of this approach is the influential work by Karl Lehmann, Die Geschichtliche Entwiklung des Aktienrechts bis zum Code de Commerce (he Historical Development of Corporate Law up to the Code de Commerce, 1895).Google Scholar

16 See e.g., Karl Lehmann, Das Recht der Aktiengesellschaften Band 75–82 (The law of joint stock corporations, 1898). Norbert Reich also identifies the origins of German corporate law as beginning after the adoption of the Code de Commerce and its reception into various German State laws: Norbert Reich, Die Entwicklung des Deutschen Aktienrechts im Neunzehnten Jahrhundert (The development of the German Stock Corporation Law in the Nineteenth Century), IUS Commune II (1969), available at: http://data.rg.mpg.de/iuscommune/ic02_reich.pdf (last accessed: 1 February 2013). See also Coing, supra note 12, at 99.Google Scholar

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20 Levy, , supra note 7, at 11. Another example is the Ravensburg Company, which lasted from 1380 to 1530 on the basis of renewable contracts: Levy, supra note 7; Wesel, supra note 18, at 336.Google Scholar

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28 Levy, , supra note 7, at 97. For the difficulties associated with this system in Prussia, see Reich, supra note 16, at 246- 247. On unease over corporations in Prussia, see Grossfeld, supra note 12, at 122–127.Google Scholar

29 On which, see Hans Ulrich Wehler, Deutsche Gesellschaftsgeschichte Band 2 1815–1845/49, 95–107 (History of German Society, Volume 2, 4^th ed., 2005).Google Scholar

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32 Gesetz über Eisenbahnunternehmungen (Railway corporate law) 3.11.1838 GS fur die Koniglichen Preussichen Staaten 1838 (GS for Royal Prussian State), s. 505 (Ger.).Google Scholar

33 Reich, , supra note 16, at 250; Levy, supra note 7, at 98.Google Scholar

34 Preussiche Aktiengesetz (Prussian corporation law) 9.11.1843 GS Fur Die Konglichen Preussichen Staaten 1843, 9 Nov. 1843, Nr 31 s.341 (Gr.). The following summary draws on Reich, supra note 16, at 251; Levy, supra note 7, at 98–99, and Grossfeld, supra note 12, at 127–131. See also Gesetz uber die Aktiengesellschaften fur die Königlich Preussischen Staaten von 9 November 1843 (Law on Companies for the Royal Prussian State, Theodor Baums ed., 1981). Other German States had also adopted corporate laws at this time. Thus, the Prussian and Bavarian Rhineland Provinces, Hessen and Baden, used the Code de Commerce after 1815 and only in the Prussian Rhine Province was it supplanted by the 1843 law. Wurttemberg codified its commercial law in 1839 and followed the Dutch Commercial Code in relation to corporations. Nassau codified its commercial law in 1842: Reich, supra note 16, at 243–244; Wehler, supra note 29, at 104.Google Scholar

35 Reich, , supra note 16, at 251; Wesel, supra note 18, at 463; Coing, supra note 26, at 169.Google Scholar

36 Levy, , supra note 7, at 98–99. The basic principle behind the société en commandite is that it must comprise of at least two partners: the commandite, who is the managing partner and takes full liability for the commercial debts of the entity, and the commanditaire, who is a limited liability partner and who takes no part in the management of the undertaking. Such entities pre-date the French Code de Commerce: see Levy, supra note 7, at 55. See also Code de Commerce, Art. L 222–1 (Fr.).Google Scholar

37 See also Reich, , supra note 16, at 253–254.Google Scholar

38 Coing, , supra note 26, at 172: the Code de Commerce “Dementsprechend kannte es das Konzessionssystem; dagegwen war die Institution des Aufrichtsrates unbekannt.” Google Scholar

39 Grossfeld, , supra note 12, at 128.Google Scholar

40 Id. at 130–131.Google Scholar

41 Reich, , supra note 16, at 245; Levy, supra note 7, at 101.Google Scholar

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43 Reich, , supra note 16, at 255; Wehler, supra note 29, at 105–106.Google Scholar

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48 See Reich, , supra note 16, at 264–265.Google Scholar

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57 Coing, , supra note 26, at 173. Some dispute exists as to how this idea was taken from French to German law with the suggestion made by Passow, rejected by Levy, that German legislators had wrongly translated the French Conseil de Surveillance literally when they only intended the supervisory organ to be an advisory body to the management board based on the German Verwaltungsrat: see Levy, supra note 7, at 129. Francks, Mayer and Wagner accept Passow's view: Julian Franks, Colin Mayer & Hannes Wagner, The Origins of the German Corporation - Finance, Ownership and Control, 10 Rev. of Fin. 537 (2006). They cite Richard Passow, Die Entstehung Des Aufsichtsrats der Aktiengesellschaft, 64 Zeitschrift fuer das gesamte Handelsrecht und Konkursrecht, 27–57 (1909), and Richard Passow, Die Aktiengesellschaft: Eine Wirtschaftswissenschaftliche Studie (The Corporation: An Economic Study, 2^nd ed., 1922).Google Scholar

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61 See Reich, , supra note 16, at 270–276, on which the following paragraph relies, and Grossfeld above n.12 at 144–145. See also, Hundert Jahre Modernes Aktienrecht: Sammlung von Texten und Quellen zur Aktienrechtsreform 1884 (One Hundred Years of Modern Company Law: Collection of Texts and Sources on Corporate Law Reform, Werner Schubert & Peter Hommelhoff eds., 1985).Google Scholar

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63 Gesetz betreffend die Kommanditgesellschaften auf Aktien und die Aktiengesellschaften Vom 18 Juli 1884, supra note 56, for KGaA at Arts. 175–179, for AG Arts. 207–212. ⁶⁴ Id., for KGaA, Art. 173a; for AG, Art. 207a.Google Scholar

65 Id., for KGaA, Arts. 180–180b and Art. 193 on duties of the supervisory board members; for AG, Arts. 213–213c.Google Scholar

66 Id., Arts. 249–249g.Google Scholar

67 Id., for KGaA, Arts. 185–185c; for AG, Art. 239.Google Scholar

68 Id., for KGaA, Arts 180f-180i; for AG, Arts. 215 and 215a.Google Scholar

69 Id., for KGaA, Arts. 181–183a, 184–184d; for AG, Arts. 215b-215d.Google Scholar

70 Id., for KGaA, Art. 183b; for AG, Art. 219.Google Scholar

71 Id., for KGaA, Art. 204: “die sorgfalt eines ordentlichen Geschaftsmanns anzuweden”; for the AG, Art. 226.Google Scholar

72 Id., for KGaA and AG, Art. 190 (ensuring that each shareholder has a vote in the General Meeting and larger shareholders could be subjected to limits in voting); for AG shareholder remedies, see Arts. 221–223.Google Scholar

73 Id., for KGaA, Art. 175e and Art. 191, which also applies to AGs under Art.224.Google Scholar

74 Id., Art. 225a. The supervisory function of the Aufsichtsrat is established by Art. 225. On the duties of the Vorstand, see Arts. 227–241. Members of the Vorstand are also subject to the duty of care of the ordinary businessman: Art. 241.Google Scholar

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77 Gerschenkron, Alexander, The Modernisation of Entrepreneurship, in Continuity in History and Other Essays (1968), at 137: “The German investment banks - a powerful invention, comparable in economic effect to that of the steam engine - were in their capital-supplying functions a substitute for the insufficiency of the previously created wealth willingly placed at the disposal of entrepreneurs.” See also Alexander Gerschenkron, The Approach to European Industrialization: A Postscript, in Economic Backwardness in Historical Perspective 353–354 (1962).Google Scholar

78 For an overview, see Caroline Fohlin, Finance Capitalism and Germany's Rise to Industrial Power 31–37 (2007). See also, e.g., Alfred Chandler, Scale and Scope: The Dynamics of Industrial Capitalism 417–419 (1990); Marco Da Rin & Thomas Hellmann, Banks as Catalyst for Industrialisation, 11 J. of Fin. Intermediation 266 (2002); Toni Pierenkemper & Richard Tilly, The German Economy During the Nineteenth Century (2004), at Chatper 7; for a Marxist interpretation, see Rudolph Hilferding, Finance Capital (1910) (Tom Bottomore trans., 1981); see also Marco Da Rin, Understanding the Development of German Kreditbanken, 1850–1914: an Approach from the Economics of Information, 3 Fin.'l Hist. Rev. 29 (1996), who argues that the development of effective systems for information gathering by the universal banks was key to their ability to control industrial enterprises in which they held an interest.Google Scholar

79 See Fohlin, , supra note 78, at 33–34, citing Gerschenkron: [T]hrough the development of the institution of the supervisory boards to the most powerful organs within corporate organisations, the banks acquired a formidable degree of ascendancy over industrial enterprises, which extended far beyond the sphere of financial control into that of entrepreneurial and managerial decisions.” See, on the impact of the 1884 Law on corporate concentration, Norbert Reich, Auswirkungen der deutschen Aktienrechtsreform von 1884 auf die Konzentrazion der deutschen Wirtschaft, in Recht und Entwicklung der Grossunternehmen im 19. und fruhen 20 Jahrhundert; law and the Formation of Big Enterprises in the 19 and Early 20 Centuries 255–273 (Norbert Horn & Jurgen Kocha eds., 1979). See also, Norbert Horn, Aktienrechtliche Unternehmensorganisation in der Hochindustialisierung (1860-1920) Deutschland, England, Frankreich und die USA im Vergleich, in Recht und Entwicklung der Grossunternehmen im 19. und fruhen 20 Jahrhundert; Law and the Formation of Big Enterprises in the 19 and Early 20^TH Centuries, 123–189 (Norbert Horn & Jurgen Kocha eds., 1979).Google Scholar

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84 Edwards, , supra note 80, at 436.Google Scholar

85 See also, Richard Deeg, On the Development of Universal Banking in Germany, in The Origins of National Financial Systems: Alexander Gerschenkron Reconsidered 87 (Douglas Forsyth & Daniel Verdier eds., 2003).Google Scholar

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87 Id. at 437–440.Google Scholar

88 See Wehler, supra note 58, at 630; see also Levy, supra note 7, at 128, 142–145, who notes that supervisory boards were not very effective at control over managers and that managers acquired the upper hand over the aufsichtsrat and the generalversammelung. Google Scholar

89 Neuburger, Hugh, The Industrial Politics of the Kreditbanken, 1880-1914, 51 Bus. Hist. Rev. 190 (1977).Google Scholar

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92 See Fohlin, , supra note 78, at 45, citing Jacob Reisser, die deutschen grossbanken und ihre Konzentration (The German banks and their concentration, 1910), who was a director of one of the universal banks, Otto Jeidels, Das Verhaltnis der deutschen Grossbanken zur Industire (The relationship of German banks for industry, 1905), who was a bank employee, and Hilferding, supra note 78. For criticisms of Hilferding's analysis, see Wehler, supra note 58, at 630; see also, Neuberger, supra note 89, who doubts that the evidence of the “dictatorship of the banks” asserted by Hilferding and Gerschenkron can survive empirical analysis. Subsequent research has proved him correct.Google Scholar

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100 Id. at 618.Google Scholar

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102 See further Leslie Hannah, Mergers Cartels and Concentration: Legal Factors in the US and European Experience, in Horn, supra note 78, at 306–316.Google Scholar

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104 See Peter Muchlinski, Multinational Enterprises and the Law 35 (2007).Google Scholar

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106 Gesetz betreffend die Kommanditgesellschaften auf Aktien und die Aktiengesellschaften Vom 18 Juli 1884, supra note 56; for KGaA, Art. 179; for AG, Art. 212.Google Scholar

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113 Gesetz Betreffend die Gesellschaften mit Beschrankter Haftung vom 20 April 1892 (Law Concerning Private Limited Companies, 20 April 1892) [Gmbh Gesetz 1892], 20 Apr. 1892, as amended, available at: http://www.gesetze-im-internet.de/bundesrecht/gmbhg/gesamt.pdf (last accessed: 1 February 2013). For a useful brief summary, see Coing, supra note 12, at 127–130.Google Scholar

114 Gmbh Gesetz 1892, supra note 113, Art. 13.Google Scholar

115 See Andenas & Wooldridge, supra note 10, at 116, and further, for an account of the origins of the GmbH, see Timothy Guinnane, Ron Harris, Naomi Lamoreaux & Jean-Laurent Rosenthal, Putting the Corporation in its Place, 8(3) Enter. and Soc'y 687, 697–703 (2007). They stress the difficulties of incorporation under the 1884 Law as a factor in the development of the GmbH. Perhaps, the answer lies in the nature of German business ownership of the time and in the continued importance of family owned enterprises and of smaller entities that did not need, or want, the AG form but wanted limited liability.Google Scholar

116 See e.g., Bundesverband der Deutschen Industrie e. V. [BDI] [Federation of German Industries], Major family businesses in Germany Facts, figures, potential 21 (2012), available at: http://www.ifmbonn.org/assets/documents/BDI-major-family-businesses-Spring-2012.pdf (last accessed: 1 February 2013); family run GmbH's may have a supervisory board due to provisions in the company contract or as a result of the requirements of the Co-determination Laws.Google Scholar

117 See also Guinnane, , supra note 115, undertaking a comparative study of the development of private limited liability corporations in the UK, US, France and Germany. On the 19^th century figures, see Edwards, supra note 80. Contemporary figures show that the SME sector still dominates the German economy. According to the German Federal Ministry of Economics and Technology, “Small and medium-sized companies in Germany represent 99.7% of all businesses, produce 38% of taxable turnover, account for nearly 49% of total net value added by companies, and provide roughly 60% of all jobs requiring social insurance contributions.” See Federal Ministry of Economics and Technology, Policy for small and medium-sized businesses (2012), available at: http://www.bmwi.de/English/Navigation/Economic-policy/small-business-policy.html (last accessed: 1 February 2013).Google Scholar

118 Verordnung des Reichspresidanten uber Akteinrecht, Bankenaussichtt und uber die Steueramnestie vom 19 September 1931 Reichsgesetzblatt [RGBl], 19 Sep. 1931, Historische Rechts- und Gesetzestexte Online Osterreichische Nationalbibliotek, Teil 1 Nr.63 s.493, ALEX available at: http://alex.onb.ac.at/cgicontent/alex?aid=dra&datum=1931&page=591&size=45 (last accessed: 1 February 2013). More generally, see Richard Rosendorff, The New German Company Act and the English Companies Act 1929, Part I, 14 J. Comp. Legis. & Int'l L. 3d ser. 94 (1932), Richard Rosendorff, The New German Company Act and the English Companies Act 1929, Part II, 15 J. Comp. Legis. & Int'l L. 3d ser. 112 (1933); Richard Rosendorff, The New German Company Act and the English Companies Act 1929, Part III, 15 J. Comp. Legis. & Int'l L. 3d ser. 242 (1933).Google Scholar

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120 See Hans-Ulrich Wehler, Deutsche Gesellschaftsgeschichte Band 4 1914–1949 (History of German Society, Volume 4, 3rd ed., 2008) at 47–52 on which this account draws. On the impact of this policy on Schering AG, see Christopher Kobrak, Politics, Corporate Governance and the Dynamics of German Managerial Innovation: Schering AG between the Wars, 3 Enter. and Soc'y 429, 438 (2002).Google Scholar

121 See Wehler, , supra note 120, at 52–54, who feels that this led to a sharpening of distributional conflicts that fuelled the abortive socialist revolution at the end of the war.Google Scholar

122 Id. at 57.Google Scholar

123 Walter Rathenau, Vom Aktienwesen: eine Geschichtliche Betrachtung (1918).Google Scholar

124 Id. at 13–33.Google Scholar

125 According to Rathenau, “die Grossunternehmung ist heute uberhaupt nicht mehr lediglich ein Gebilde privatrechtlicher Interessen, sie ist vielmehr, sowohl einzeln wie in ihrer Gesamtzhal, ein nationaliwirschaftlicher, der Gesammtheit angehoriger Faktor, der zwar aus feiner herkunft, zu Recht oder zu Unrecht, noch die privatrechlichen Zuge des reinen Erwerbsunternehmens tragt, wahrend er langst und in steigendem Masse offentlichen Interessen dienseitbar geworden ist und hierdurch sich ein neues Dasainreacht geschoffen hat.” Rathaneau, supra note 123, at 38–39:Google Scholar

126 Id. at 41, 62. This approach has acquired the label “unternehmen an sich”, given by Haussmann when he commented on Rathenau's famous rhetorical example of the risk that the Deutsche Bank could be overvalued and then forced into liquidation by the general meeting, saying that Rathenau had posited the need for the enterprise to secure the undertaking for itself against the majority of the general meeting: “Schutz des Unternehmens an sich gegenuber der Mehrheit in der Generalversammlung.” See von Hein, supra note 76, at 140, citing Fritz Haussman, Vom Aktienwesen und Aktienrecht 14, 27 (1928).Google Scholar

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129 For a detailed analysis of the process and of the role played by US ideas, see id. at 126–169; see also Rosendorff, Part I, supra note 118, at 95. The DJT discussions of 1926 and 1928 are documented in Quellen fur Aktienrechtsreform der Weimarer Republic 1926–31, Vol. 1, 33–205 (Werner Schubert ed., 1999); the work of the Ministry of Justice is documented therein, at 207–442.Google Scholar

130 Rosendorff, , Part I, supra note 118.Google Scholar

131 See Levy, , supra note 7, at 168–169; Fohlin, supra note 78, at 299.Google Scholar

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135 Verordnung des Reichspresidanten uber Akteinrecht, Bankenaussichtt und uber die Steueramnestie vom 19 September 1931 Reichsgesetzblatt, supra note 118, Arts. V and VI.Google Scholar

136 Rosendorff, , Part III, supra note 118, at 242–246.Google Scholar

137 Fohlin, , supra note 101, at 262–263. See Gesetz uber Aktiengesellschaften und Kommanditgesellschaften auf Aktien (Aktiengesetz) vom 30 Januar 1937 Reichsgesetzblatt (RGBl), supra note 119, Arts. 159–168 on pre-emptive rights; Arts. 169–173, allowing special issue of shares without permission of stockholders for up to five years; Art. 174, specific permission of stockholders and the Reich Ministry of Economics needed in specific cases of issues of convertible and participating bonds. Further, see Mann, supra note 111, at 235–237.Google Scholar

138 Verordnung des Reichspresidanten uber Akteinrecht, Bankenaussichtt und uber die Steueramnestie vom 19 September 1931 Reichsgesetzblatt, supra note, 118 Art.1(1) new s. 227 HGB; see also, Rosendorff, Part III, supra note 118 at 248–249. This was carried through to the 1937 Law: see Mann, supra note 111, at 237–238.Google Scholar

139 Verordnung des Reichspresidanten uber Akteinrecht, Bankenaussichtt und uber die Steueramnestie vom 19 September 1931 Reichsgesetzblatt, supra note 118, at Art. VII new s.266(3) HGB.Google Scholar

140 Rosendorff, , Part II, supra note 118, at 112.Google Scholar

141 See von Hein, supra note 76, at 161–163; Rosendorff, Part I, supra note 118, at 98–100.Google Scholar

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143 Rosendorff, , Part I, supra note 118.Google Scholar

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148 This includes a minimum capital on formation of 500,000 Reichsmarks (Art. 7); no shares issued without a minimum par value of at least 1000 Reichsmarks (Arts. 6 and 8); see Mann, supra note 111, at 227–228.Google Scholar

149 This includes more information about corporate members (Arts. 100 and 128), more information for shareholders (Art. 112), and more details about group ownership structures as well as membership of cartels (Art.128 (8) and (9)); See Mann, supra note 111, at 231–233.Google Scholar

150 See Kessler, William, The German Corporation Law of 1937, 28(4) Am. Econ. Rev 653 (1938).Google Scholar

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152 By Art. 70: “(1) Der vorstand hat unter eigener Verantwortung die Gesellschaft so zu leiten, wie dass Wohl des Betriebes und seiner Gefolgschaft und der gemeine Nutzen von Volk und Reich es forderen.”Google Scholar

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162 Id.; see also Overy, supra note 111, at 182, 184. But see the Volkswagen privatisation law which allowed the State of Lower Saxony to retain control over the new firm through controlling a fifth of all shares. This law was successfully challenged under EU law in 2007: see Peer Zumbansen & Daniel Saam, The ECJ, Volkswagen and European Corporate Law: Reshaping the European Varieties of Capitalism, 8 Germ. L. J. 1026 (2007).Google Scholar

163 See further, Mary Fulbrook, A Concise History of Germany 204–212(2^nd ed., 2004).Google Scholar

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172 See Du Plessis et al., supra note 10, at 154–155; Gregory Jackson, Contested Boundaries: Ambiguity and Creativity in the Evolution of German Codetermination 13 (RIETI Discussion Paper Series No. 04-E-022, 2004), available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=569541 (last accessed: 1 February 2013); Donnelly et. al., supra note 111, at 18–21, discussing early forms of worker participation in the 19^th century German coal industry and in war industries during World War I.Google Scholar

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177 Mitbestimmungsgesetz vom 4. Mai 1976, 4 May 1976, BGBl I S. 1153, Arts. 1, 7; German version available at: http://bundesrecht.juris.de/bundesrecht/mitbestg/gesamt.pdf (last accessed: 1 February 2013). For analysis of the background to the 1976 reforms, see Heinz Hartmann, Codetermination Today and Tomorrow, 13(1) Brit. J. Ind. Rel 54 (1975); Nörr, Teil 2, supra note 11, at Chapter 6.Google Scholar

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198 Martin Höpner & Gregory Jackson An Emerging Market for Corporate Control? The Mannesmann Takeover and German Corporate Governance, Discussion Paper 01/4 (2001), available at: http://www.mpi-fgkoeln.mpg.de/pu/mpifg_dp/dp01-4.pdf (last accessed: 1 February 2013); Dignam & Galanis, supra note 1, at 371–378.Google Scholar

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