Abstract
Corporate Governance and Confidence The referring corporate governance approach considers that the firm manager has a central position towards the other stakeholders (SH) : shareholders, employees, financial creditors. These SH invest specific capital into the firm. The mechanisms protecting each SH’s investment are compared in an international perspective. Trust exists when the mechanisms are uncompleted. The American and German models are dominant. In Germany, the shareholders have to grant an important trust to the firm manager whereas the financial creditors and the employees are enjoying important protection mechanisms. In the US, the protection mechanisms are playing inverse roles. JEL classifications : G30, D29
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