Comparative and International Corporate Governance Facilitating hypothesis ·Empirical study ·1990s,Germany Labor did not prevent the adoption of managerial practices oriented to shareholder-value. Shareholder-value did not undermine the strong role of employee influence and commitment to long-term employment practices. Japan:Strong employee voice is associated with increased transparency to shareholders and greater shareholder voice.• Facilitating hypothesis • Empirical study • 1990s, Germany • Labor did not prevent the adoption of managerial practices oriented to shareholder-value. • Shareholder-value did not undermine the strong role of employee influence and commitment to long-term employment practices. • Japan: Strong employee voice is associated with increased transparency to shareholders and greater shareholder voice. Comparative and International Corporate Governance