Does Good Corporate Governance Include Employee Representation ...

Does Good Corporate Governance Include Employee Representation ...

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  • revision
  • expression écrite
  • exposé - matière potentielle : compliance
Does Good Corporate Governance Include Employee Representation? Evidence from German Corporate Boards by Larry Fauvera and Michael E. Fuersta ,* aDepartment of Finance, University of Miami, Coral Gables, FL 33146, USA Abstract Within the German corporate governance system, employee representation on the supervisory board is common and typically legally mandated. When labor has detailed knowledge of firm operations, we propose that labor representation on corporate boards brings valuable first-hand operational knowledge to corporate board decision-making.
  • management board
  • bank representatives
  • employee representation
  • supervisory board
  • allocation of employees among affiliated firms
  • firms
  • corporate governance
  • firm
  • employees

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MA441: Algebraic Structures I
Lecture 25
8 December 2003
1Review from Lecture 24:
Internal Direct Products
Notation: for subgroups H,K <G,
HK ={hk|h∈H,k ∈K}.
Definition:
We say that G is the internal direct product
of H and K and write G=H K
if H,KCG and
G=HK and H ∩K ={e}.
2Definition:
Let H ,H ,...,H be a finite collection of nor-n1 2
mal subgroups of G. We say that G is the
internal direct product of H ,H ,...,H andn1 2
write
G=H H Hn1 2
if the following two conditions hold:
1. G=H H H ={h h h |h ∈H },n n1 2 1 2 i i
2. (H H H )∩H ={e}(i=1,...,n 1).1 2 i i+1
3Theorem 9.6
If a group G is the internal direct product of
a finite number of subgroups H ,H ,...,H ,n1 2
then G is isomorphic to the external direct
product of H ,H ,...,H .n1 2
4Example: (p. 185) Let m=n n n , where1 2 k
the n are relatively prime to each other. Pre-i
viously we saw that
U(m)U(n )U(n )U(n ).1 2 k
This external direct product is also an internal
direct product:
U(m)U (m)U (m)U (m).m/n m/n m/n1 2 k
For example,
U(105) U(7)U(15)
= U (105)U (105)15 7
= {1,16,31,46,61,76}
{1,8,22,29,43,64,71,92}
5Definition:
A homomorphism from a group G to a1
group G is a mapping from G to G that2 1 2
preserves the group operation; that is, for all
a,b∈G,
(ab)=(a)(b).
6Definition:
The kernel of a homomorphism : G → G1 2
is the set {x∈G|(x)=e}.
We denote the kernel of by Ker.
Examples:
ThekernelofthedeterminantmapfromGL(2,R)
toR isthesubgroupofmatriceswithdetermi-
nant 1 is SL(2,R). (This is called the special
linear group).
The kernel of the derivative map on polynomi-
als is the subgroup of constant polynomials.
7Theorem 10.1
Let :G →G be a homomorphism.1 2
Let g be in G . Then1
1. sends the identity of G to the identity1
of G .2
A homomorphism preserves identity.
n n2. (g )=(g) (∀n∈Z)
A homomorphism preserves powers.
83. If |g| is finite, then |(g)| divides |g|.
Thehomomorphicimageofanelement
has an order that divides the order of
that element.
4. Ker<G.
The kernel of a homomorphism is a
subgroup.
5. If (g )=g , then1 2
1 (g )={x∈G |(x)=g }=g Ker.2 1 2 1
The homomorphic preimage of an ele-
ment is a coset of the kernel.
9Theorem 10.2:
Let : G → G be a homomorphism and let1 2
H <G . We have the following properties:1
1. (H)={(h)|h∈H} is a subgroup of G .2
The homomorphic image of a subgroup
is a subgroup, or
A homomorphism preserves the prop-
erty of being a subgroup.
2. If H is cyclic, then (H) is cyclic.
The homomorphic image of a cyclic
group is cyclic, or
A homomorphism preserves the prop-
erty of being cyclic.
10