Germany, a CME, has ‘non-market’ institutions, which not only allow for inter-firm coordination, but also regulate the interaction between owners and managers, between employees and firms, and among top managers. In the corporate governance literature Germany is one of the foremost examples of the stakeholder model, since the different firm constituencies enjoy a strong formal ‘voice’ in decision-making through representation on company boards. In contrast, in the UK, an LME, markets play a much more significant role not only in influencing inter-firm relationships but also in regulating the interactions between the actors mentioned above. The UK is one of the primary examples of the shareholder model of governance due to the weak formalized role of constituencies other than shareholders in firm decision-making