Corporate alignment in an era of shareholder power.
Chief Executive (U.S.) - Nbr. 1992, January 1992
Useem, Michael
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Ownership challenges by companies' shareholders - Wisdom from Wharton
Shareholders are posing greater challenges to management as induced by various forms of corporate turbulence. The ownership challenges represents a shift from the acquiescence displayed by shareholders during the 1900s till the 1970s to the managerial revolution they have led in the 1980s and 1990s. These institutional investors have created a new logic of assessment that calls on companies to restructure operations so as to align the organizational framework more closely to shareholders' priorities. Corporate alignment is characterized by systemic change, decentralization of authority, the streamlining of the management structure, the availability to rank-and-file employees of a compensation structure based on performance, and the concerted effort of all divisions to attain overall organizational objectives.
Business
Business, general
Stockholders
Organizational change
Corporate reorganizations
Economic aspects
Beliefs, opinions and attitudes
Corporate alignment in an era of shareholder power.
In recent years, shareholders have consolidated their clout and pressed for a greater say in corporate governance. In response to proxy fights, hostile takeover offers, and quiet negotiations, many firms have cut costs, tightened their focus on core units, and dumped executive perks.
As business historians look back on the 1980s and early 1990s, the era is likely to be seen as one of those fateful periods when American business underwent fundamental restructuring. Though spurred by a recession, recent changes announced by IBM, General Motors, Xerox, and many other companies can be seen as part of that broader transformation. Earlier periods of restructuring exhibited distinctive ...Try vLex for FREE for 3 days
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