David W. Miller
- Published in print:
- 2007
- Published Online:
- January 2007
- ISBN:
- 9780195314809
- eISBN:
- 9780199785278
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195314809.001.0001
- Subject:
- Religion, Religion and Society
What was once taboo — faith at work — is increasingly accepted in corporate America. From secretaries to CEOs, growing numbers of businesspeople today want to bring their faith to work. Yet they ...
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What was once taboo — faith at work — is increasingly accepted in corporate America. From secretaries to CEOs, growing numbers of businesspeople today want to bring their faith to work. Yet they wrestle with how to do this effectively and appropriately in a pluralistic corporate setting. For help they turn not to their clergy, but to their peers and to a burgeoning cottage industry on spirituality at work. They attend conferences and seminars, participate in Bible study and prayer groups, and read books, blogs, and eNewsletters. They see their faith as a resource for ethical guidance and to help find meaning and purpose in their work. This book looks at how this Faith at Work movement developed and considers its potential value for business and society. Done well, the integration of faith and work has positive implications at the personal level, as well as for corporate ethics and the broader economic sphere. At the same time, increasing expressions of religion and spiritual practices at work also present the threat of divisiveness and discrimination.Less
What was once taboo — faith at work — is increasingly accepted in corporate America. From secretaries to CEOs, growing numbers of businesspeople today want to bring their faith to work. Yet they wrestle with how to do this effectively and appropriately in a pluralistic corporate setting. For help they turn not to their clergy, but to their peers and to a burgeoning cottage industry on spirituality at work. They attend conferences and seminars, participate in Bible study and prayer groups, and read books, blogs, and eNewsletters. They see their faith as a resource for ethical guidance and to help find meaning and purpose in their work. This book looks at how this Faith at Work movement developed and considers its potential value for business and society. Done well, the integration of faith and work has positive implications at the personal level, as well as for corporate ethics and the broader economic sphere. At the same time, increasing expressions of religion and spiritual practices at work also present the threat of divisiveness and discrimination.
Sydney Finkelstein, Donald C. Hambrick, and Albert A. Cannella
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780195162073
- eISBN:
- 9780199867332
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195162073.003.0006
- Subject:
- Business and Management, Strategy
This chapter begins with a broad introduction to the concept of CEO succession. In the first major section, it discusses the drivers of executive succession, focusing on several important antecedents ...
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This chapter begins with a broad introduction to the concept of CEO succession. In the first major section, it discusses the drivers of executive succession, focusing on several important antecedents of succession such as organizational performance, agency conditions, organizational characteristics, the environment, and predecessor characteristics. Much of the discussion of antecedents emphasizes involuntary turnover or dismissal. In the second section, the chapter focuses on the dynamics of the CEO succession process, analyzing types of succession and the influence of the incumbent CEO versus the board of directors. The final section assesses the question of who will be selected. Topics here include insider versus outsider selection and the broader issues of continuity versus change.Less
This chapter begins with a broad introduction to the concept of CEO succession. In the first major section, it discusses the drivers of executive succession, focusing on several important antecedents of succession such as organizational performance, agency conditions, organizational characteristics, the environment, and predecessor characteristics. Much of the discussion of antecedents emphasizes involuntary turnover or dismissal. In the second section, the chapter focuses on the dynamics of the CEO succession process, analyzing types of succession and the influence of the incumbent CEO versus the board of directors. The final section assesses the question of who will be selected. Topics here include insider versus outsider selection and the broader issues of continuity versus change.
Sydney Finkelstein, Donald C. Hambrick, and Albert A. Cannella
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780195162073
- eISBN:
- 9780199867332
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195162073.003.0007
- Subject:
- Business and Management, Strategy
This chapter discusses how CEO and top management team succession can affect a number of important organizational outcomes. The first section is organized around the broad kinds of changes that a ...
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This chapter discusses how CEO and top management team succession can affect a number of important organizational outcomes. The first section is organized around the broad kinds of changes that a succession might engender, how the process of succession can impact the new leader's early survival prospects, and the going-in mandate of new leaders. The second section focuses on the overall performance implications of leader succession, a topic that has garnered a great deal of research over the years. The notions of scapegoating and insider versus outsider succession are examined. The chapter then discusses contextual factors such as the stage of organizational life cycle, organization-level changes that accompany the succession event, and institutional factors (such as discontinuous change). It then reviews the literature on shareholder reactions to succession. In the next section, the discussion expands beyond the CEO level to consider both the TMT and some specific positions below the CEO level (e.g., the CFO). In the final section, a variety of issues related to succession are discussed, including temporary succession, SBU leader changes, and post-succession “settling up” among organizational leaders.Less
This chapter discusses how CEO and top management team succession can affect a number of important organizational outcomes. The first section is organized around the broad kinds of changes that a succession might engender, how the process of succession can impact the new leader's early survival prospects, and the going-in mandate of new leaders. The second section focuses on the overall performance implications of leader succession, a topic that has garnered a great deal of research over the years. The notions of scapegoating and insider versus outsider succession are examined. The chapter then discusses contextual factors such as the stage of organizational life cycle, organization-level changes that accompany the succession event, and institutional factors (such as discontinuous change). It then reviews the literature on shareholder reactions to succession. In the next section, the discussion expands beyond the CEO level to consider both the TMT and some specific positions below the CEO level (e.g., the CFO). In the final section, a variety of issues related to succession are discussed, including temporary succession, SBU leader changes, and post-succession “settling up” among organizational leaders.
Roy C. Smith and Ingo Walter
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195171679
- eISBN:
- 9780199783618
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195171675.003.0005
- Subject:
- Economics and Finance, Microeconomics
US corporations are not required by law to have a chief executive officer, but are required to have a board of directors. How the board arranges things beyond that is up to it. In the “pre-modern” ...
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US corporations are not required by law to have a chief executive officer, but are required to have a board of directors. How the board arranges things beyond that is up to it. In the “pre-modern” days, most large corporations were managed by their founders. By the advent of the “modern” public corporation described by Berle and Means in 1932, most of the old magnates, entrepreneurs, and promoters who had built successful companies before the 1920s had left the scene and were replaced by hired professional managers.Less
US corporations are not required by law to have a chief executive officer, but are required to have a board of directors. How the board arranges things beyond that is up to it. In the “pre-modern” days, most large corporations were managed by their founders. By the advent of the “modern” public corporation described by Berle and Means in 1932, most of the old magnates, entrepreneurs, and promoters who had built successful companies before the 1920s had left the scene and were replaced by hired professional managers.
Han Smit and Thras Moraitis
- Published in print:
- 2015
- Published Online:
- October 2017
- ISBN:
- 9780691140001
- eISBN:
- 9781400852178
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691140001.003.0001
- Subject:
- Business and Management, Knowledge Management
This chapter provides the reader with a helicopter view of a quantitative value-based framework. A key argument in this book is that volatility is always present. Uncertainty means that today's ...
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This chapter provides the reader with a helicopter view of a quantitative value-based framework. A key argument in this book is that volatility is always present. Uncertainty means that today's successful CEOs and their executive teams need to be able to act simultaneously as strategists—that is, designers of corporate strategy—and opportunists—with the ability to grasp opportunities that meet their value criteria as they arise. In essence, this requires the setting of clear strategic goals, but—given the reality of uncertainty—also being willing to revise intended decisions, seeking to continually maximize the organization's options to appropriate value. While uncertainty generally deters investment, executives who reframe their roles as strategic opportunists can actually benefit from uncertainty.Less
This chapter provides the reader with a helicopter view of a quantitative value-based framework. A key argument in this book is that volatility is always present. Uncertainty means that today's successful CEOs and their executive teams need to be able to act simultaneously as strategists—that is, designers of corporate strategy—and opportunists—with the ability to grasp opportunities that meet their value criteria as they arise. In essence, this requires the setting of clear strategic goals, but—given the reality of uncertainty—also being willing to revise intended decisions, seeking to continually maximize the organization's options to appropriate value. While uncertainty generally deters investment, executives who reframe their roles as strategic opportunists can actually benefit from uncertainty.
George Olcott
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199563630
- eISBN:
- 9780191721359
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199563630.003.0007
- Subject:
- Business and Management, Corporate Governance and Accountability, HRM / IR
This chapter reports the results of interviews with senior managers of large Japanese companies in 2007 and 2008. There is recognition of a greater role for the CEO, and of a less collegial approach ...
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This chapter reports the results of interviews with senior managers of large Japanese companies in 2007 and 2008. There is recognition of a greater role for the CEO, and of a less collegial approach to management. There is more direct communication with shareholders than there used to be and greater sensitivity to shareholder value, but many companies continue to stress regularity of supply to customers as the main priority. It is accepted that dividend payouts are not going to be as stable as in the past and there is a growing role for independent directors, but they tend to be seen as advisers, not the representatives of the shareholders. On executive pay, there is a perception that the gap between the pay of senior managers and the rest had not become excessive. The idea that shareholders “own” the company has little support.Less
This chapter reports the results of interviews with senior managers of large Japanese companies in 2007 and 2008. There is recognition of a greater role for the CEO, and of a less collegial approach to management. There is more direct communication with shareholders than there used to be and greater sensitivity to shareholder value, but many companies continue to stress regularity of supply to customers as the main priority. It is accepted that dividend payouts are not going to be as stable as in the past and there is a growing role for independent directors, but they tend to be seen as advisers, not the representatives of the shareholders. On executive pay, there is a perception that the gap between the pay of senior managers and the rest had not become excessive. The idea that shareholders “own” the company has little support.
G. Anandalingam and Henry C. Lucas
- Published in print:
- 2004
- Published Online:
- September 2007
- ISBN:
- 9780195177404
- eISBN:
- 9780199789559
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195177404.003.0010
- Subject:
- Business and Management, Strategy
In many cases, company executives have turned away from continuing on a path to actually winning a venture that they started pursuing. This chapter examines the reason why these managers were willing ...
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In many cases, company executives have turned away from continuing on a path to actually winning a venture that they started pursuing. This chapter examines the reason why these managers were willing to walk away and considers a number of potential ways in which companies can avoid the winner’s curse. A process for avoiding the curse is presented. The process includes steps that can be done to guard against the excess risk of “winning” and provides a number of “take-aways” for senior management.Less
In many cases, company executives have turned away from continuing on a path to actually winning a venture that they started pursuing. This chapter examines the reason why these managers were willing to walk away and considers a number of potential ways in which companies can avoid the winner’s curse. A process for avoiding the curse is presented. The process includes steps that can be done to guard against the excess risk of “winning” and provides a number of “take-aways” for senior management.
Thomas H. Stanton
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199915996
- eISBN:
- 9780199950324
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199915996.001.0001
- Subject:
- Economics and Finance, Financial Economics
Why did some firms weather the financial crisis and others not? This book builds on interviews and access to internal documents from over a dozen major financial companies, investigates their ...
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Why did some firms weather the financial crisis and others not? This book builds on interviews and access to internal documents from over a dozen major financial companies, investigates their workings, reveals what went wrong, and discovers a remedy. A critical difference between successful and unsuccessful firms is a culture that encourages respectful challenge, what the book calls “constructive dialogue.” At successful firms top management engaged in constructive dialogue with the board, a strong management team, and the chief risk officer, among others, in making a decision; firms that failed often featured overbearing (or distracted) CEOs or unit heads, supine boards, incapable management, ineffective risk officers, and poor communications both across silos and up the hierarchy. They often lacked ability to manage the firm as an integrated organization. Companies need good management, and not only good risk management, to stay out of trouble. Successful companies operated with strong information systems and a culture of good communications that brought issues promptly to top management so the company could adjust its operations accordingly. Regulators should use constructive dialogue as a test of good management and require evidence that major business decisions result from a robust process rather than merely the will of powerful CEOs or heads of revenue-producing units. Companies should use their regulator as a potential source of useful feedback. The book concludes by looking at major firms in other industries and finds that its conclusions apply to these companies too.Less
Why did some firms weather the financial crisis and others not? This book builds on interviews and access to internal documents from over a dozen major financial companies, investigates their workings, reveals what went wrong, and discovers a remedy. A critical difference between successful and unsuccessful firms is a culture that encourages respectful challenge, what the book calls “constructive dialogue.” At successful firms top management engaged in constructive dialogue with the board, a strong management team, and the chief risk officer, among others, in making a decision; firms that failed often featured overbearing (or distracted) CEOs or unit heads, supine boards, incapable management, ineffective risk officers, and poor communications both across silos and up the hierarchy. They often lacked ability to manage the firm as an integrated organization. Companies need good management, and not only good risk management, to stay out of trouble. Successful companies operated with strong information systems and a culture of good communications that brought issues promptly to top management so the company could adjust its operations accordingly. Regulators should use constructive dialogue as a test of good management and require evidence that major business decisions result from a robust process rather than merely the will of powerful CEOs or heads of revenue-producing units. Companies should use their regulator as a potential source of useful feedback. The book concludes by looking at major firms in other industries and finds that its conclusions apply to these companies too.
Peter M. Birkeland
- Published in print:
- 2002
- Published Online:
- February 2013
- ISBN:
- 9780226051901
- eISBN:
- 9780226051925
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226051925.001.0001
- Subject:
- Sociology, Organizations
McDonald's, Blockbuster Video, Jiffy Lube, and Subway: franchising has become an ever-present feature of the American landscape. One-third of the U.S. gross domestic product flows through franchises, ...
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McDonald's, Blockbuster Video, Jiffy Lube, and Subway: franchising has become an ever-present feature of the American landscape. One-third of the U.S. gross domestic product flows through franchises, and one out of every sixteen workers is employed by one. But how did franchising come to play such a dominant role in the American economy? What are the day-to-day experiences of franchisees and franchisers in the workplace? What challenges and pitfalls await them as they stake their claim to prosperity? These are just a few of the questions explored in this book, a documentary-like look into the frustrations and uncertainties that entrepreneurs face in their pursuit of the American dream. The author worked for three years in the front-line operations of franchise units for three companies, met with CEOs and executives, and attended countless trade shows, seminars, and expositions. All this firsthand experience gave him unprecedented access to the hopes and aspirations of franchisees. His book closely traces different franchisees and follows them as their dreams of wealth and independence buckle beneath the weight of frustrating logistics and contractual technicalities. Through extensive interviews and research, the author not only discovers what makes franchisees succeed or fail, he uncovers the difficulties in running a business according to someone else's system and values. Bearing witness to a market flooded with fierce competitors and dependent on the inscrutable whims of consumers, he uncovers the numerous challenges that franchisees face in making their businesses succeed.Less
McDonald's, Blockbuster Video, Jiffy Lube, and Subway: franchising has become an ever-present feature of the American landscape. One-third of the U.S. gross domestic product flows through franchises, and one out of every sixteen workers is employed by one. But how did franchising come to play such a dominant role in the American economy? What are the day-to-day experiences of franchisees and franchisers in the workplace? What challenges and pitfalls await them as they stake their claim to prosperity? These are just a few of the questions explored in this book, a documentary-like look into the frustrations and uncertainties that entrepreneurs face in their pursuit of the American dream. The author worked for three years in the front-line operations of franchise units for three companies, met with CEOs and executives, and attended countless trade shows, seminars, and expositions. All this firsthand experience gave him unprecedented access to the hopes and aspirations of franchisees. His book closely traces different franchisees and follows them as their dreams of wealth and independence buckle beneath the weight of frustrating logistics and contractual technicalities. Through extensive interviews and research, the author not only discovers what makes franchisees succeed or fail, he uncovers the difficulties in running a business according to someone else's system and values. Bearing witness to a market flooded with fierce competitors and dependent on the inscrutable whims of consumers, he uncovers the numerous challenges that franchisees face in making their businesses succeed.
Jeffrey Sonnenfeld
- Published in print:
- 1991
- Published Online:
- October 2011
- ISBN:
- 9780195065831
- eISBN:
- 9780199854899
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195065831.001.0001
- Subject:
- Business and Management, Knowledge Management
The Marxist prediction that capitalist bureaucracy must inevitably neutralize individualistic leadership in industry, has been disproved over and over by the careers of industrial “superstars” from ...
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The Marxist prediction that capitalist bureaucracy must inevitably neutralize individualistic leadership in industry, has been disproved over and over by the careers of industrial “superstars” from Andrew Carnegie to Henry Ford, Lee Iacocca, Estee Lauder, and David Rockefeller–all of whom could be described as having made their own personal stamp on their respective businesses. How a business replaces its chief executive often determines that firm's future. If a business does not effectively manage the transfer of power, utter turmoil can result, with profound implications not only for the CEO, but also for the other employees, the shareholders, and the community at large. Filled with inside stories from corporate boardrooms and fresh conceptual perspectives, this book describes the factors that affect executive succession. It examines how the management succession process involving chief executive officers of major corporations is affected by the heroic view that CEOs have of themselves. Arguing that personality can also affect the departure styles of retiring CEOs, the book defines four principle types: Monarchs, Generals, Ambassadors, and Governors. The personality of each type is outlined in interviews with real-life business leaders and illustrated with numerous pithy anecdotes.Less
The Marxist prediction that capitalist bureaucracy must inevitably neutralize individualistic leadership in industry, has been disproved over and over by the careers of industrial “superstars” from Andrew Carnegie to Henry Ford, Lee Iacocca, Estee Lauder, and David Rockefeller–all of whom could be described as having made their own personal stamp on their respective businesses. How a business replaces its chief executive often determines that firm's future. If a business does not effectively manage the transfer of power, utter turmoil can result, with profound implications not only for the CEO, but also for the other employees, the shareholders, and the community at large. Filled with inside stories from corporate boardrooms and fresh conceptual perspectives, this book describes the factors that affect executive succession. It examines how the management succession process involving chief executive officers of major corporations is affected by the heroic view that CEOs have of themselves. Arguing that personality can also affect the departure styles of retiring CEOs, the book defines four principle types: Monarchs, Generals, Ambassadors, and Governors. The personality of each type is outlined in interviews with real-life business leaders and illustrated with numerous pithy anecdotes.
Jonathan Charkham and Anne Simpson
- Published in print:
- 1999
- Published Online:
- October 2011
- ISBN:
- 9780198292142
- eISBN:
- 9780191684876
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198292142.003.0013
- Subject:
- Business and Management, Corporate Governance and Accountability, Business History
The legal framework of the company was always intended to facilitate the accumulation of power and resources necessary for the size and duration of modern commercial and industrial enterprises. ...
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The legal framework of the company was always intended to facilitate the accumulation of power and resources necessary for the size and duration of modern commercial and industrial enterprises. People come to power as they come to greatness — by odd routes. This chapter examines the aspects of power and patronage and the reasons why some struggle so hard for power. One of the aspects of power and patronage is to decide how much of the shareholder's money shall be given away, to whom, and for what. Another aspect of power concerns the direction and perhaps the very existence of the business. Everyone connected with a business wants to see real growth; they want to see a business grow. This is the source of prosperity. It is however a long hard road and a CEO's time in office may be quite short — at least short enough for the rewards of his or her labours to fall to successors. As this is so, many use their power to attain growth, but of a different kind, by acquisition.Less
The legal framework of the company was always intended to facilitate the accumulation of power and resources necessary for the size and duration of modern commercial and industrial enterprises. People come to power as they come to greatness — by odd routes. This chapter examines the aspects of power and patronage and the reasons why some struggle so hard for power. One of the aspects of power and patronage is to decide how much of the shareholder's money shall be given away, to whom, and for what. Another aspect of power concerns the direction and perhaps the very existence of the business. Everyone connected with a business wants to see real growth; they want to see a business grow. This is the source of prosperity. It is however a long hard road and a CEO's time in office may be quite short — at least short enough for the rewards of his or her labours to fall to successors. As this is so, many use their power to attain growth, but of a different kind, by acquisition.
Stefan Tengblad (ed.)
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199639724
- eISBN:
- 9780191738661
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199639724.001.0001
- Subject:
- Business and Management, Organization Studies
This book addresses one of the most central issues in the field of management and answers the following questions: What do managers actually do at work? How do they tackle their responsibilities and ...
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This book addresses one of the most central issues in the field of management and answers the following questions: What do managers actually do at work? How do they tackle their responsibilities and work pressures? The book takes a practice perspective by using the behaviour and activities of knowledgeable, experienced, and skilful managers as the primary data for theorizing about management. In this perspective, successful management requires understanding and artistry in addition to knowledge, experience, and skills. The practice perspective calls attention to how widespread certain management practices are, how management practices are performed in everyday work, and what the outcomes of such practices are. Moreover, the book tackles fundamental management questions such as: Why do managers work in a very different ways than most management literature describes? What can we learn from the everyday work practices of successful managers? What are the similarities and differences in work behaviour among different kinds of managers? This book presents thirteen chapters on various kinds of managers: from construction site managers to university vice chancellors and from front-line health-care managers to CEOs of large companies. Another chapter reviews the classic studies on managerial work. Other chapters address research design and research methodology related to management studies.Less
This book addresses one of the most central issues in the field of management and answers the following questions: What do managers actually do at work? How do they tackle their responsibilities and work pressures? The book takes a practice perspective by using the behaviour and activities of knowledgeable, experienced, and skilful managers as the primary data for theorizing about management. In this perspective, successful management requires understanding and artistry in addition to knowledge, experience, and skills. The practice perspective calls attention to how widespread certain management practices are, how management practices are performed in everyday work, and what the outcomes of such practices are. Moreover, the book tackles fundamental management questions such as: Why do managers work in a very different ways than most management literature describes? What can we learn from the everyday work practices of successful managers? What are the similarities and differences in work behaviour among different kinds of managers? This book presents thirteen chapters on various kinds of managers: from construction site managers to university vice chancellors and from front-line health-care managers to CEOs of large companies. Another chapter reviews the classic studies on managerial work. Other chapters address research design and research methodology related to management studies.
Robert W. Kolb
- Published in print:
- 2012
- Published Online:
- April 2015
- ISBN:
- 9780199829583
- eISBN:
- 9780190258498
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:osobl/9780199829583.001.0001
- Subject:
- Business and Management, Corporate Governance and Accountability
The scholarly literature on executive compensation is vast. As such, this literature provides an unparalleled resource for studying the interaction between the setting of incentives (or the attempted ...
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The scholarly literature on executive compensation is vast. As such, this literature provides an unparalleled resource for studying the interaction between the setting of incentives (or the attempted setting of incentives) and the behavior that is actually adduced. From this literature, there are several reasons for believing that one can set incentives in executive compensation with a high rate of success in guiding CEO behavior, and one might expect CEO compensation to be a textbook example of the successful use of incentives. Also, as executive compensation has been studied intensively in the academic literature, we might also expect the success of incentive compensation to be well-documented. Historically, however, this has been very far from the case. This book studies the performance of incentives in executive compensation across many dimensions of CEO performance. The book begins with an overview of incentives and unintended consequences. Then it focuses on the theory of incentives as applied to compensation generally, and as applied to executive compensation particularly. Subsequent chapters explore different facets of executive compensation and assess the evidence on how well incentive compensation performs in each arena. The book concludes with a final chapter that provides an overall assessment of the value of incentives in guiding executive behavior. In it, the book argues that incentive compensation for executives is so problematic and so prone to error that the social value of giving huge incentive compensation packages is likely to be negative on balance. In focusing on incentives, the book provides a much sought-after resource, for while there are a number of books on executive compensation, none focuses specifically on incentives.Less
The scholarly literature on executive compensation is vast. As such, this literature provides an unparalleled resource for studying the interaction between the setting of incentives (or the attempted setting of incentives) and the behavior that is actually adduced. From this literature, there are several reasons for believing that one can set incentives in executive compensation with a high rate of success in guiding CEO behavior, and one might expect CEO compensation to be a textbook example of the successful use of incentives. Also, as executive compensation has been studied intensively in the academic literature, we might also expect the success of incentive compensation to be well-documented. Historically, however, this has been very far from the case. This book studies the performance of incentives in executive compensation across many dimensions of CEO performance. The book begins with an overview of incentives and unintended consequences. Then it focuses on the theory of incentives as applied to compensation generally, and as applied to executive compensation particularly. Subsequent chapters explore different facets of executive compensation and assess the evidence on how well incentive compensation performs in each arena. The book concludes with a final chapter that provides an overall assessment of the value of incentives in guiding executive behavior. In it, the book argues that incentive compensation for executives is so problematic and so prone to error that the social value of giving huge incentive compensation packages is likely to be negative on balance. In focusing on incentives, the book provides a much sought-after resource, for while there are a number of books on executive compensation, none focuses specifically on incentives.
Robert A. Burgelman, Webb McKinney, and Philip E. Meza
- Published in print:
- 2017
- Published Online:
- December 2016
- ISBN:
- 9780190640446
- eISBN:
- 9780190640477
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780190640446.001.0001
- Subject:
- Economics and Finance, Economic History
This book documents the differential contribution of Hewlett Packard’s successive CEOs in sustaining the company’s integral process of “corporate becoming,” an open-ended ongoing process for which ...
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This book documents the differential contribution of Hewlett Packard’s successive CEOs in sustaining the company’s integral process of “corporate becoming,” an open-ended ongoing process for which there is no grand ex ante plan possible and which unfolds through a series of transformations in the course of the strategic evolution of long-lived companies. A comprehensive strategic leadership framework is used to explain the role of the CEO: (1) defining and executing the key tasks of strategic leadership; and (2) developing four key elements of the company’s strategic leadership capability. The book reveals the paradox of corporate becoming, the existential situation facing successive CEOs (which justifies the book’s empathic approach), and the importance of the CEO’s ability to harness the company’s past while also driving its future. Building on these novel insights, the book produces a dynamic theory of strategic leadership that animates an evolutionary framework of corporate becoming. This framework will be helpful for further theory development about strategic leadership and also offers practical tools for founders of new companies and CEOs and boards of directors of existing companies who intend to create, run, or oversee companies built for continued relevance, longevity, and greatness.Less
This book documents the differential contribution of Hewlett Packard’s successive CEOs in sustaining the company’s integral process of “corporate becoming,” an open-ended ongoing process for which there is no grand ex ante plan possible and which unfolds through a series of transformations in the course of the strategic evolution of long-lived companies. A comprehensive strategic leadership framework is used to explain the role of the CEO: (1) defining and executing the key tasks of strategic leadership; and (2) developing four key elements of the company’s strategic leadership capability. The book reveals the paradox of corporate becoming, the existential situation facing successive CEOs (which justifies the book’s empathic approach), and the importance of the CEO’s ability to harness the company’s past while also driving its future. Building on these novel insights, the book produces a dynamic theory of strategic leadership that animates an evolutionary framework of corporate becoming. This framework will be helpful for further theory development about strategic leadership and also offers practical tools for founders of new companies and CEOs and boards of directors of existing companies who intend to create, run, or oversee companies built for continued relevance, longevity, and greatness.
Stefan Tengblad
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199639724
- eISBN:
- 9780191738661
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199639724.003.0012
- Subject:
- Business and Management, Organization Studies
This chapter reports on the work patterns of eight CEOs at large companies. The chapter focuses on the evolving nature of top management work through a comparison with such work as described by Sune ...
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This chapter reports on the work patterns of eight CEOs at large companies. The chapter focuses on the evolving nature of top management work through a comparison with such work as described by Sune Carlson and Henry Mintzberg. Important results concern changes in the nature of fragmentation (from time to space), the emergence of a more decentralized and general management style, and changes in stakeholder relations. Theoretical implications are discussed in reference to these changes. The implications of the research concern the challenge to the central role of decision-making in management science. An alternative understanding based on the concept of expectations handling/handler and the emerging nature of management is presented.Less
This chapter reports on the work patterns of eight CEOs at large companies. The chapter focuses on the evolving nature of top management work through a comparison with such work as described by Sune Carlson and Henry Mintzberg. Important results concern changes in the nature of fragmentation (from time to space), the emergence of a more decentralized and general management style, and changes in stakeholder relations. Theoretical implications are discussed in reference to these changes. The implications of the research concern the challenge to the central role of decision-making in management science. An alternative understanding based on the concept of expectations handling/handler and the emerging nature of management is presented.
Elaine Jeffreys and Louise Edwards
- Published in print:
- 2010
- Published Online:
- September 2011
- ISBN:
- 9789622090873
- eISBN:
- 9789882206670
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789622090873.003.0001
- Subject:
- Society and Culture, Asian Studies
This book discusses the specific forms of celebrity that exist in China today and explores how China's celebrity culture incorporates aspects of global, capitalist practices into local Chinese ...
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This book discusses the specific forms of celebrity that exist in China today and explores how China's celebrity culture incorporates aspects of global, capitalist practices into local Chinese systems. It covers a wide variety of fields, including: film, literature, popular music, political, and sports stardom; celebrity CEOs; and the relationship between the media and celebrity. It seeks to understand why the production and consumption of celebrity has become such a common feature of life in recent decades.Less
This book discusses the specific forms of celebrity that exist in China today and explores how China's celebrity culture incorporates aspects of global, capitalist practices into local Chinese systems. It covers a wide variety of fields, including: film, literature, popular music, political, and sports stardom; celebrity CEOs; and the relationship between the media and celebrity. It seeks to understand why the production and consumption of celebrity has become such a common feature of life in recent decades.
Andrea Prat, Oriana Bandiera, Luigi Guiso, and Raffaella Sadun
- Published in print:
- 2010
- Published Online:
- January 2011
- ISBN:
- 9780199588282
- eISBN:
- 9780191595417
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199588282.003.0007
- Subject:
- Economics and Finance, Financial Economics, Public and Welfare
This chapter contains studies on HR and management practices, which look at heterogeneity of practices across firms and at their relationship with firm performance. A second relevant strand of the ...
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This chapter contains studies on HR and management practices, which look at heterogeneity of practices across firms and at their relationship with firm performance. A second relevant strand of the literature focuses on family firms. Finally, it contributes to the literature on CEO selection and impact on firm performance.Less
This chapter contains studies on HR and management practices, which look at heterogeneity of practices across firms and at their relationship with firm performance. A second relevant strand of the literature focuses on family firms. Finally, it contributes to the literature on CEO selection and impact on firm performance.
Andrea Prat, Oriana Bandiera, Luigi Guiso, and Raffaella Sadun
- Published in print:
- 2010
- Published Online:
- January 2011
- ISBN:
- 9780199588282
- eISBN:
- 9780191595417
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199588282.003.0008
- Subject:
- Economics and Finance, Financial Economics, Public and Welfare
This chapter analyses four datasets. The first two are collected for the purpose of this study, and contain information on a cross section of Italian managers and CEOs. The latter datasets are ...
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This chapter analyses four datasets. The first two are collected for the purpose of this study, and contain information on a cross section of Italian managers and CEOs. The latter datasets are complemented with two further pre-existing datasets to shed light on the evolution of key variables over time and on the comparison between Italian managers and their foreign counterparts.Less
This chapter analyses four datasets. The first two are collected for the purpose of this study, and contain information on a cross section of Italian managers and CEOs. The latter datasets are complemented with two further pre-existing datasets to shed light on the evolution of key variables over time and on the comparison between Italian managers and their foreign counterparts.
Andrea Prat, Oriana Bandiera, Luigi Guiso, and Raffaella Sadun
- Published in print:
- 2010
- Published Online:
- January 2011
- ISBN:
- 9780199588282
- eISBN:
- 9780191595417
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199588282.003.0011
- Subject:
- Economics and Finance, Financial Economics, Public and Welfare
This chapter draws evidence on the personnel policies of firms. It briefly describes the two competing models analysed before, the performance model and the fidelity model. It then assesses how the ...
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This chapter draws evidence on the personnel policies of firms. It briefly describes the two competing models analysed before, the performance model and the fidelity model. It then assesses how the type of managerial model affects the selection of managers into the firm, their effort and behaviour, their income and job satisfaction, and ultimately the firm's performance.Less
This chapter draws evidence on the personnel policies of firms. It briefly describes the two competing models analysed before, the performance model and the fidelity model. It then assesses how the type of managerial model affects the selection of managers into the firm, their effort and behaviour, their income and job satisfaction, and ultimately the firm's performance.
Michael D. Stein and Sandro Galea
- Published in print:
- 2020
- Published Online:
- April 2020
- ISBN:
- 9780197510384
- eISBN:
- 9780197510414
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780197510384.003.0027
- Subject:
- Public Health and Epidemiology, Epidemiology, Public Health
This chapter examines the assumption that CEOs may transform health care more quickly and thoroughly than the public sector has, or perhaps can. Over the past 50 years, the cultural reputation of the ...
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This chapter examines the assumption that CEOs may transform health care more quickly and thoroughly than the public sector has, or perhaps can. Over the past 50 years, the cultural reputation of the corporate CEO has soared. The “right” CEO can dramatically improve a private company’s performance. However, the evidence that the CEO and the private sector can actually be a force for good health remains dubious. The problem with a CEO takeover of health care is that achieving better health depends on much more than the conditions that drive the fiscal well-being of a single organization, that is, the conditions over which the CEO has the most influence. The truly important conditions are social, economic, and environmental. Improving these conditions as a means of improving health takes time and effort across a range of sectors, both public and private. A good CEO can be a welcome and important part of these efforts, but best functions as a supporting player, rather than as the focal point of what is, at heart, a collective effort.Less
This chapter examines the assumption that CEOs may transform health care more quickly and thoroughly than the public sector has, or perhaps can. Over the past 50 years, the cultural reputation of the corporate CEO has soared. The “right” CEO can dramatically improve a private company’s performance. However, the evidence that the CEO and the private sector can actually be a force for good health remains dubious. The problem with a CEO takeover of health care is that achieving better health depends on much more than the conditions that drive the fiscal well-being of a single organization, that is, the conditions over which the CEO has the most influence. The truly important conditions are social, economic, and environmental. Improving these conditions as a means of improving health takes time and effort across a range of sectors, both public and private. A good CEO can be a welcome and important part of these efforts, but best functions as a supporting player, rather than as the focal point of what is, at heart, a collective effort.
