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DESCRIPTION AND PECULIARITIES OF INSTITUTIONAL COMPLEMENTARITIES IN AUSTRIA
© Богаткина М.С.*, Голякова О.В.*
Национальный исследовательский университет
Высшая Школа Экономики - Нижний Новгород, г. Нижний Новгород
In order to make a thorough examination of the Austrian business model, this paper investigates the following institutional complementarities. The first complementarily is the ownership structure. This includes board compositions, as well as the role of the state and banks in business. The second is industrial relations. It contains labour market policy, labour participation and protection. The third is inter-firm-relation. This complementarily involves credit accessibility, relations with foreign counterparts, imports and exports as well as energy resource dependence and organizations providing support to business activities. And the last is education system which contains details about general education and firm-specific education.
Key words: industrial environment, inter-firm relations, ownership structure, industrial relations.
Austria is a highly developed industrialized country with the most prosperous and stable conditions among the EU Member States. Furthermore, due to numerous aspects that regulate economic growth and development, Austria is regarded to be highly competitive [1]. However, theorists recently recognized that the institutional environment setting is increasingly influencing the economies competitiveness [2]. For this reason the purpose of this report is to introduce the Austrian institutional environment.
In order to make a thorough examination of the Austrian business model, this paper investigates the following institutional complementarities. The first com-plementarily is the ownership structure. This includes board compositions, as well as the role of the state and banks in business. The second is industrial relations. It contains labour market policy, labour participation and protection. The third is inter-firm-relation. This complementarily involves credit accessibility, relations with foreign counterparts, imports and exports as well as energy resource dependence and organizations providing support to business activities.
* Преподаватель.
* Магистрант.
And the last is education system which contains details about general education and firm-specific education.
In regards to those institutional complementarities the conclusion will summarize the main features of the Austrian business model. Furthermore it will investigate whether modern Austria reflects the characteristics of coordinated market economy[3] or liberal market economy [4].
Institutional environment
1. Ownership structure.
This section describes the ownership structure of Austrian corporations, in particular the board composition and the role of banks and state in the shareholder structure.
As in many other European jurisdictions, the most common legal form of corpora tions in Austria is the private limited (Gesellschaft mit beschränkter Haftung or GmbH), and the more standardized joint-stock company (Aktiengesellschaft). The shareholders of these two legal entities are generally subject to liability only to the extent of their capital contributions. There are also non-corporate legal forms of business enterprises where the shareholders are personally liable for the debts of the business on an unlimited basis (except for the limited partner of the limited partnership). These non-corporate legal forms are: sole proprietorship (Einzelunternehmer); civil law partnership (Gesellschaft bürgerlichen Rechts or GesbR); general partnership (Offene Gesellschaft or OG) and limited partnership (Kommanditgesellschaft or KG) [5].
1.1. Board composition.
In Austria there is a dual company board system. Strategic decisions such as major investments, mergers and acquisitions, dividend policy, changes in capital structure, and appointment of top managers are made by the supervisory board (Aufsichtsrat). The day-to-day running of the company is instead responsibility of the management board (Vorstand). The management board is separated from the supervisory board. None can be simultaneously a member of both the supervisory and management board. Top managers have a great deal of autonomy in their individual areas of responsibility, and their major decisions or proposals are submitted to the supervisory board consensus. The separate nomination of managers by the supervisory board reduces the dependency of individual members on the chair [6].
Generally, one share has one vote and it is strictly forbidden to introduce multiple voting rights [7]. Many minority shareholders do not attend the shareholders' meeting, they tend to vote personally through proxy to depository banks. The authorized depository bank is not obliged to reveal the name of the shareholder in the general meeting. As there are few corporations with a widespread ownership-structure there do not exist strict legal provisions concerning the voting rights of depository banks [8].
Ownership and control present a low degree of separation, largest shareholder have a very high stake (mean 82.6 %) [9]. Ownership in Austria is highly con-
centrated in the hands of long-term, strategic actors with multiple links to organi-zations.10 These long-term actors also have a very high stake of shares. Often those actors will be represented by the bank or the State (which commonly has shares in banks), families and foreign shareholder.
1.2. Shareholder structure of Austrian firms: Role of banks and state.
Banks have a high control over businesses. In the past years the ultimate average bank holdings were only 46.7 % in firms where they had a stake, which is the smallest across investor categories. However, with this amount of equity, they effectively controlled 77.5 % of these firms. Interesting were the inter-linkages between ownership categories: If a bank held a stake in a company 41.1 % were directly held by another Austrian company and 18.2 % were held by a foreign firm. Subsequently, the non-bank domestic firms were held by banks and, or is in dispersed ownership. Moreover, in 20 % of the firms where a bank has an ultimate stake, foreign firms were the largest ultimate shareholders across investor classes [11].
Several factors demonstrate the importance of the state and the (mostly state controlled) banks. Firstly, the state more than doubles its shareholdings via indirect equity ownership (between 5.2 % and 11.7 %). Secondly, the state and banks are the largest ultimate shareholders in many large Austrian corporations. Effective control should be attributed to the shareholder who has ultimately the largest voting stake in a company. Lastly, banks in particular can be very active stakeholders in listed firms where dispersed shareholdings are the largest. This enables them to effectively control a company with a comparatively lower equity stake. Presumably, delegated votes also contribute voting power in general meetings [12].
State, bank and foreign control are distinguishable features of Austria's corporate governance structure. The following paragraph analyses the shareholder ownership of the biggest Austrian corporation (excluded financial institutions), according to the Forbes 2011's chart [13]. There is a high presence of state ownership, for example 51 % of EVN is owned by the Lower-Austria's province [14], 51 % of Verbund AG is held by the Republic of Austria [15]. State ownership control is exercised also indirectly, for example OIAG an Austrian state holding company, holds 28.42 % of Telekom Austria [16] and 31.5 % of OMV Group [17].
The presence of banks, financial institutions and foreigner holders is significant. For example the Voest Alpine AG is owned for about 27,5 % by banks (Oberbank or Raiffeisen lands bank Oberosterreich Invest GmbH & Co OG [18]) and 32 % of the shareholder structure is fractioned all over the world. Furthermore, the organization Strabag is owned by an amount of 29.6 % by an insurance institution (Uniqa) [19]. Lastly OMV is also owned by an amount of 24.9 % by a foreign institution [20].
It is evident that the situation remained the same since 1995 (Table 1). Besides the high presence of family or individual firms (Table 1), apparently the state, banks and foreign shareholders have a large presence in Austrian corporations (Figure 1).
2011
Legal form Arrive с-пссгрНъп
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Figure 1. Austrian enterprise census 2011 [21]
Austria's corporate ownership structure is similar to the Germans Hausbank model. In this model there is a long-term relationship between the organization and the Hausbank. Their relations are primarily based on mutual understanding and in depth financial counselling. The relationship is structured in the variety forms of credit assistance as well as the possibility in the subscription of the share capital of the company itself [22].
Some tentative conclusions concerning the importance of different investor categories can be drawn now. First, there are striking similarities in "bank-based" or Hausbank models of corporate governance concerning the ownership structure of firms. In Austria as like as in France, Germany, Italy, and Japan, the importance of families or individuals is approximately equal. On average, this category owns 20 % to 25 % of the equity directly. (For example in Italy it accounts 48 %). In contrast, the "market-based" system of finance in the US, families own 54.4 % of the shares. At the same time, holdings with high dispersion are of much greater significance in market-based systems of governance: while dispersed holdings are below 10 % in bank-based systems, this percentage rises to around 40 % in market-based systems. A second characteristic that permits us to recognize the Hausbank model is the greater importance of the corporate sector as large and controlling shareholders in bank-based systems. A last feature ultimately given by the relatively greater importance of banks in the governance.
2. Industrial relations.
In the following labor participation and the labor market in contrast to other countries will be described and discussed.
2.1. Labor participation.
Austrian employees are used to be represented in their workplaces. In fact, in firms with at least five workers, they can elect their representatives to the workers council called Betriebsrat. The councils' function is to depict employees interest. However, workers councils are more usual in companies with more than 50 workers containing at least three council members. The labor council is elected with the votes of workers and non-trade unionists. Despite this, trade unions tend to be more influential in the works council. In particular, usually more than three-quarters of labor council members are representatives of trade unions [25].
The council functions primarily pertain to social and employment issues rather than financial ones. One of the most interesting competences is the right of veto. Due to this right, the employer must receive the workers council's agreement in order to make decisions. Regarding financial and economic aspects, employees have the right to be consulted and informed. Councils' cooperative method, established by law, allows decreasing the level of rivalry between firms and workers. According to the schedule, the labor council should gather monthly whereas meetings with the employer should take place once in three months. According to its employment and social competences, the work council should supervise whether the employer's behavior respects the law and the principle of collective bargaining. It is to be noted that the council remains in office for four years. Another important aspect of labor participation regards the worker representation in the board. In fact, the work council can vote one third of the representatives of supervisory board of all stock corporations and businesses with at least 300 workers [27].
2.2. Labor market.
The Austrian labour market is characterized by an unemployment rate of 4.3 in 2012. Despite the crisis, the country preserved the ability to maintain a high level of employment. In fact, notwithstanding 10.5 % rate of UE-27 unemployment in 2012, the Austrian one was among the lowest in the world [28].
The low unemployment rate is characterized by an average fluctuation rate of 50 %. This means that the Austrian labor market seems to be very dynamic. But this fluctuation varies according to different sectors. For instance, within the agriculture and the forestry sector the turnover ratio is 262 %; the tourism sector is characterized by a ratio of 147 % while the ratio for the construction industry accounts 71 %. According to observations, fluctuation in the business services reaches 114 % whereas the ratio in the art sector amounts to 93 %.
Furthermore an employment in Austria lasts approximately 595 days. However the duration depends on the industry. As illustrated by figure 2, the sector of extraterritorial organization is characterized by 1.467 days, followed by public administration and financial / insurance services. The bottom of the list contains the agriculture and forestry sectors with 123 days, tourism with 228 and business services with 268 days [30].
Another peculiarity of the Austrian labor market are the social insurance benefits that are granted to all employers. This insurance secures unemployment benefits and assistance, training allowance as well as benefits from pension insurance. All of this is guaranteed by the Unemployment Insurance Act. The duration of unemployment insurance benefits is proportional to the date of signing insurance contract and the age of the counterpart. Furthermore, the basic amount of the benefits corresponds to the 55 % of last net incomes [32].
Finally the Austrian labor policy is closely connected to the objective of reaching full employment. All the above mentioned services are guaranteed by the presence of the Austrian public [33].
3. Inter - firm relations.
This section analyze the inter-firm relations through statistics and facts. Every economic sector has its own characteristics considering inter-firm integration and resource dependence, for this reason this chapter focuses on those aspects of inter-firm relations that are common to all industries.
3.1. Access to credit.
The commercial bank prime lending rate is quite low, 2,5 % in 2012, compared to the Italian (5,22 %) and to the Russian one (9,1 %) [34]. It is the rate that commercial banks apply to their most credit-worthy customers, usually large corporations. It means that firms in Austria have better financing conditions, but it is also a measure of corporations' default risk.
According to SBA Fact Sheet 2012 - Austria, access to finance conditions for SMEs have improved since 2011, and Austria showed better results than the EU average. The reasons for that is the better access to bank loans, the rejected loans for SMEs in Austria is 3 % against the EU average of 15 %. The difference between small loans (up to 1 million EUR) and bigger loans has also decreased. The other aspects of access to finance also outperform EU average (i.e. the regulatory framework, credit information), the only critical area is access to venture capital. Several policies are undertaken to improve the situation, such as the SME programmes at AWS (Austria Wirtschafts service), and Jungunternehmerscheck for new enterprises. AWS also offer credit analysis to SMEs since 2011, it provides an objective assessment of their financial position [3 5].
Enterprise can also take advantage of EU support instruments, the most important are:
- EU-backed loans.
- EIB (European Investment Bank) loans.
- Enterprise Europe Network, a EU program in collaboration with local business institutions (chambers of commerce, technology centers, universities and development agencies), that help small business to deal with the European market place [3 8].
- Your Europe, an institution that provide information for all European citizens on several topics, not only doing business in European Union [3 9].
The State of Austria provides direct support to business through various instruments, among them:
- One-off subsidies;
- Interest subsidies;
- Low interest loans;
- State equity capital financing;
- State assumption of liabilities;
- State guarantees.
The private funding opportunities comprise:
- Austrian Venture Capital Association (AVCO): address the issues of private equity, venture capital, and information about Austrian risk capital market;
- Österreichische Hotel-und Tourismusbank: provides funding for the tourist industry;
- Business Angels Austria: promotes the relations between potential investors and businesses seeking equity capital financing, its main focus is on the early stages of business development;
- Business Support - Austria: provides businesses with advise on how to access financing [41].
3.2. Foreign trade.
Austria faced for many years a strong foreign demand for its exports. In 2008, due to the global financial crisis, Austria incurred in a sharp but short downturn.
The final results of Austrian foreign trade in 2012 showed a slightly positive growth rate, compared to 2011, both for imports (+0,7 %) and for exports (+1,5 %). Statistik Austria ascribes this growth mainly to the increase of the trade with non-EU members (imports: +4 %; exports: +6,3 %), whereas both imports and exports with EU members slightly decreased from 2011 to 2012. On the other hand, trade with EU member countries still account for the 68 % of Austrian exports, and 70 % of Austrian imports [42].
The goods mainly traded with non-EU states are: machinery and transport equipment; manufactured goods. The first showed an increase in both imports and exports, the latter showed an increase only for exports. Austria is starting to import less manufactured goods from third-countries [43].
Machinery and transport equipment is the most traded product group also with EU countries, but, as the foreign trade of machinery and transport equipment increased with non-EU members, it consequently decreased with EU countries [44].
According to CIA - The World Factbook, the Austrian GDP is estimated to be 399 billion USD (365 billion USD in PPP) in 2012. Exports of goods and services represent the 57,1 % of the GDP, against the - 53,7 % of imports [35]. The coverage rate of imports by exports is 93,6 % [46].
The Current Account Balance counts for more than 8 billion USD in 2012, a higher value than in 2011. The Reserves of Foreign Exchange and Gold increased as well from 25 billion USD in 2011 to 27 billion USD in 2012 [27].
Exports
The goods and services that are mainly exported are: machinery and equipment, motor vehicles and parts, paper, metal goods, chemicals, iron and steel, textiles, foodstuffs [28].
Compared to 2011, the largest growths in exports in 2012 were registered in:
- Machinery and transport equipment;
- Chemicals [39].
Imports
Austria mainly imports: machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products, foodstuffs [11].
The largest import increases were recorded in:
- Mineral fuels;
- Machinery and transport equipment [22].
- The largest decrease was in imports of manufactured goods [43].
3.3. Foreign and Partners.
Foreign Direct Investments (FDI) are an important aspect of Austrian economy. In 2012 the stock of FDI outflow (toward abroad) accounted for 331 billion USD (18th position in the world rank). FDI inflow showed a similar, but lower, value of 265 billion USD [35].
Over 311 000 enterprise located in Austria, 9 433 were under foreign control in 2010 (3 %), they:
- Employed more than 500 000 people on annual average (19 % of the total employed labour force);
- Had a turnover of 206 billion EUR (33 % of total turnover) [26].
On the other hand, Austrian companies controlled almost 5 500 enterprises abroad (940 000 employees, 300 billion EUR turnover). Austrian enterprises sited their activities abroad mainly in [18].
3.4. Organizations.
Enterprises can rely on the support of many organisations, when establishing a business in Austria, this chapter lists just few of them.
The institutions that provides the necessary general information, facts and figures, are:
- National Central Bank of Austria;
- Statistick Austria;
- The Austrian Private Equity and Venture Capital Organisation [30].
WKÖ - Wirtschaftskammer Österreich. The Austrian Federal Economic
Chamber is the landmark of the Austrian enterprises It aims at enhancing the strengths of the whole Austrian economy providing several services, among them:
- Labour and Social Law;
- Education: Innovation and Technology;
- Taxes: Environment and Energy;
- Establishment, Management, Financing of Enterprises [23].
Advantage Austria is a web portal about the Austrian economy in foreign coun-
tries.64 It addresses both Austrian companies and their foreign partners. It connects import-export Austrian companies with potential partners, and provides services too. It has 110 offices in 70 countries, and features 30 industry sectors [5].
ABA - Austrian Business Agency. It is a state-run consultancy organisation aimed at providing support to foreign potential investors [16]. It is free from costs, and it is tailor-made for foreign enterprises [7].
Each industrial sector has its own resource needs, but the energy supply affects every business and the State as well. According to the final results of Austrian Foreign Trade in 2012 of Statistik Austria, among foreign trade exchanges, the imports of mineral fuels showed the highest positive development (+1,63 billion EUR; total amount: 17,30 billion EUR) [28].
Electricity
Even though Austria produce more electricity than it consumes, imports of electricity are higher than exports. Austria was the 7th importer of electricity in the world rank.
Crude Oil and Oil Derivatives
Proven reserves of crude oil in Austria are quite low, 85 million bbl (1 January 2012 est.), as well as is low the crude oil production. In fact, Austria does not export crude oil, and it imports per day the almost eight times its daily production [34].
The consumption of refined petroleum products is equal to the 130 % of the production, and the imports are almost three times the exports [12]. The high dependency from refined petroleum products is significant due to the fact that chemical industry accounts for more than 8 % of total revenues of the country, and plastic industry for the 3,5 % [23].
Natural Gas
Austria is highly dependent from foreign supply of natural gas. The consumption of natural gas is almost six times the domestic production, and imports are three times the exports [24].
4. Education system.
In the Austrian economy, businesses engage mainly a niche market strategy. Hence businesses require firm- and industry-specific skills. Furthermore firm's key strategic resources and their comparative advantage rely on the special knowledge and the skills of their employees. Those specific proficiencies of employers that are valuable for an organization will be acquired through on the-job-train-ings, apprenticeships and vocational schools. Likewise high level of general education carries a strong value for organizations that is independent of the type of firm or industry [36]. Children will be already assorted into vocational-oriented or academically oriented schools at an early stage of their education path.
The educational system in Austria in a public school system contains nine years of obligatory education. The pupils visit primary school (Volksschule) for the first four years. Following that they have the choice between the lower secondary school (Hauptschule) and the lower level of an academic secondary school (Allgemeinbildende höhere Schule «AHS») that cover a period of four years [17]. The lower secondary school mainly focuses to provide students with basic general knowledge that shall prepare them for working life. The academic
secondary school on the other hand has strong emphasis on academic learning and provides advanced secondary education.
From this period on education path will be separated leading to graduates having general education on a Tertiary level or industry-based education through an apprenticeship [38].
4.1. General education.
Students having received the upper secondary school leaving certificate «Matura» or other special certificates i.e. the Berufsreifeprufung have the opportunity to continue their education at the tertiary level. The higher education sector includes universities, universities of applied sciences or post-secondary colleges. In the recent years the tertiary level has been significantly expanded due to the introduction of universities of applied sciences and as a result of the Bologna Process. The universities of applied sciences have a more practical and occupational orientation as the universities that tend to be more theoretical and research-oriented.
4.2. Firm-specific education and training.
Vocational educational eraining («VET») (industry-based education).
Graduates of the lower secondary school (Hauptschule) gained throughout their educational path basic general knowledge that shall prepare them for working life. After graduation of the lower secondary school students more commonly pursue a VET [41].
Company-based training of apprentices is complemented by obligatory attendance of a part time vocational school for apprentices. For this reasons apprenticeship training will also be called «dual vocational training systems». The companies that train apprentices are responsible to provide their apprentices with the skills and knowledge that are stipulated in the occupational profile. Those trainings last 2007) between two and five years [22]. Apprentices have the great opportunity to gather experience from the real working life of a manufacturing plan or service enterprise.
4.3. Dual Training System.
Big and small firms are increasingly demanding highly qualified young people. For this reason the double-qualification certificate was introduced that gives students the opportunity to acquire a general higher education entrance qualification (Lehre mit Matura) while accomplishing a dual training program. Through the linkage of VET and higher education qualified young youth will be more attracted to complete a VET [13]. However higher education is proceeds mainly via the universities of applied sciences than the universities [14].
Austria's educations system provides businesses with high skilled workers that have industry or firm-specific knowledge and that are highly educated academics with general knowledge.
However it shall be noted that firm-specific knowledge is worthless outside a specific firm. Therefore it is sufficient for the workers to assure that the appren-
ticeship will result in lucrative employment. While firms need to know that their employers are acquiring usable skills. In such a system where there is strong emphasis towards firm-specific skills there is the strong need of high levels of employment protection [25].
Conclusion
The analysis developed in this paper shows that ownership structure in Austrian Corporations is highly concentrated in the hands of long-term, strategic actors with multiple links to organizations that generally hold a very high stake of shares. These actors are mainly: banks, the State (which commonly has shares in banks), families and foreign shareholder. It is not unusual that State and banks are active stakeholders in listed firms where dispersed shareholdings are the largest. Austrian labour market is characterized with high flexibility, and the offer of high skilled workforce, the latter is particularly important in niche markets. Business activities are boosted due to easy access to credit, and the support provided by many private and public organizations. In a globalised world, Austria is very actively involved: it is an exporting country, and both an investor and an investing region, even though it attracts less Foreign Direct Investments than those that flow from Austria, inflow and outflow of FDIs are among the first 20 positions in the world rank.
Austrian economy is still dependent on imported oil, also due to the chemical and plastic industry, but electricity is produced for a large part through renewable sources, in particular hydroelectric energy. The Austrian education system has strong emphasis towards industry- and firm-specific skills. Students of all educational levels are encouraged to undertake an apprenticeship. Industry- and firm-specific education is carried out also at the tertiary level through universities of applied sciences.
According to the previously mentioned characteristics, Austria could be qualified more as a Coordinated Market Economy (CME), the reasons for that are several:
- It is a bank-based economy, influence of banks and State is significant, as in Hausbank Model.
- Two-tiers board.
- Stake of shares for each shareholder tends to be high, the focus is stressed on stakeholder value more than the shareholder value. The major shareholder has a long term relationship with the company and it means that it adopts long term strategy.
- Employees elect their representatives of the work council, this body has powerful functions and influence on business activities, such as the right of veto.
- Employees detain high specific skills.
- Education system comprise vocational training.
Concerning labour market, Austria may appear to reflect the Liberal Market Economy features due to its high flexibility, but, notwithstanding that, insured Austrian workers are very protected during the unemployment period (benefit amount at 55 % of the last net incomes). High flexibility allows people to find a new job quickly, and this is the result of the low unemployment rate.
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