Contests for Corporate Control: Corporate Governance and Economic Performance in the United States…

Paperback | June 15, 2001

byMary OSullivan

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During the 1990s, corporate governance became a hot issue in all of the advanced economies. For decades, major business corporations had reinvested earnings and developed long-term relations with their labour forces as they expanded the scale and scope of their operations. As a result, thesecorporations had made themselves central to resource allocation and economic performance in the national economies in which they had evolved. Then, beginning in the 1980s and picking up momentum in the 1990s, came the contests for corporate control. Previously silent stockholders, now empowered byinstitutional investors, demanded that corporations be run to 'maximize shareholder value'. In the United States many, if not most, top corporate executives have now embraced this ideology.In this highly original book, Mary O'Sullivan provides a critical analysis of the theoretical foundations for the shareholder value principle of corporate governance and for the alternative perspective that corporations should be run in the interests of 'stakeholders'. She embeds her arguments onthe relation between corporate governance and economic performance in historical accounts of the dynamics of corporate growth in the United States and Germany over the course of the twentieth century. O'Sullivan explains the emergence and consequences of 'maximizing shareholder value' as a principleof corporate governance in the United States over the past two decades, and provides unique insights into the contests for corporate control that have unfolded in Germany over the past few years.

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During the 1990s, corporate governance became a hot issue in all of the advanced economies. For decades, major business corporations had reinvested earnings and developed long-term relations with their labour forces as they expanded the scale and scope of their operations. As a result, thesecorporations had made themselves central to r...

Mary A. O'Sullivan is an Assistant Professor of Strategy and Management at INSEAD, France. She received her undergraduate degree in 1988 from University College Dublin and then worked at McKinsey and Company, Inc. in London. She subsequently received an MBA from Harvard Business School and a Ph.D. in Business Economics from Harvard Un...

other books by Mary OSullivan

Dividends of Development: Securities Markets in the History of U.S. Capitalism, 1865-1922
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Hardcover|Oct 29 2016

$125.96 online$126.00list price
Format:PaperbackDimensions:346 pages, 9.21 × 6.14 × 0.79 inPublished:June 15, 2001Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199244863

ISBN - 13:9780199244867

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Table of Contents

IntroductionChapter 1: Innovation, Resource Allocation, and GovernanceChapter 2: Transforming the Debates on Corporate GovernanceChapter 3: The Foundations of Managerial Control in the United StatesChapter 4: The Post-War Evolution of Managerial Control in the United StatesChapter 5: Challenges to Post-War Managerial Control in the USChapter 6: US Corporate Responses to New ChallengesChapter 7: From Managerial to Contested Control in GermanyChapter 8: The Emerging Challenges to Organizational Control in GermanyConclusion

Editorial Reviews

`Mary O'Sullivan's fine work brings Corporate Governance into the main stream of business scholarship. Through a combination of exquisite scholarship and independent analysis, she has created an indispensable starting point for all those interested in these subjects. It is the best singlesource on the subject.'Robert A. G. Monks, Joint Deputy Chairman of Hermes LENS Asset Management Company; President of Henley Management College's Center for Board Effectiveness