Speculative management : stock market power and corporate change / Dan Krier.

Format:

Book

Author/Creator:

Krier, Dan, 1965-

Series:

SUNY series in the sociology of work and organizations.

SUNY series in the sociology of work and organizations

Language:

English

Subjects (All):

Corporate governance--United States.

Corporate governance.

Corporate reorganizations--United States.

Corporate reorganizations.

Corporations--Valuation--United States.

Corporations.

Speculation--United States.

Speculation.

Physical Description:

1 online resource (328 p.)

Edition:

1st ed.

Place of Publication:

Albany : State University of New York Press, c2005.

Language Note:

English

Summary:

In this timely work, Dan Krier examines the relationship between two phenomena that dominated the economic scene in the late twentieth century: the rising power of financial markets and the restructuring of American industry. He argues that corporate governance was transformed during this period into speculative teams of stock-optioned executives and activist owners. These teams encouraged a vigorous restructuring of American industry through corporate buyouts, takeovers, reengineering, and downsizing. Often portrayed in business discourse as initiatives to enhance the efficiency and long-range profitability of industrial operations, these corporate changes were, instead, primarily what Krier describes as speculative management practices, used to manipulate the trading price of corporate securities, even at the expense of operational efficiency and long-term profitability.Krier also analyzes social intermediaries—institutions that connect industrial firms to security markets and allow them to interact. He focuses on corporate governance structures composed of stock-optioned top managers, big owners, and their representatives on corporate boards; financial accounting rules and practices; and the business media that analyze corporate actions and results.

Contents:

Front Matter

Contents

Figures And Tables

Acknowledgments

The Speculative Management of Corporate Restructuring: Introduction and Overview

Transactional Finance in Late-Twentieth-Century America

Social Intermediaries and the Wave of Internal Corporate Restructuring in the Late Twentieth Century

Financial Accounting as a Social Intermediary

Social Intermediation, Corporate Governance, and Financial Markets

The Rise of Corporate Restructuring, 1984–1990

The Reign of Restructuring, 1991–1993

The Decline and Delegitimation of Restructuring, 1994–1997

The Speculative Management of Corporate Value: Summary and Conclusions

Notes

Bibliography

Index

Notes:

Bibliographic Level Mode of Issuance: Monograph

Includes bibliographical references (p. 291-309) and index.

ISBN:

9780791483794

0791483797

9781423743804

1423743806

OCLC:

461442197