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/9780195162073.003.0008
- Subject:
- Business and Management, Strategy
This chapter provides an overview of the key driving forces influencing the makeup and behavior of boards of directors. Theories of resource dependence, institutionalization, and agency are all ...
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This chapter provides an overview of the key driving forces influencing the makeup and behavior of boards of directors. Theories of resource dependence, institutionalization, and agency are all examined, with still-unanswered questions posed as propositions. The concept of board vigilance is introduced as perhaps the central construct in corporate governance. Vigilant boards are effective at monitoring and disciplining managers and are appropriately involved in strategic decision making. What accounts for board vigilance is of fundamental importance in research and in practice. While the relative power of a CEO to a board is a key influence, recent research has also considered a variety of interpersonal mechanisms that are at play. What remains is a key set of research opportunities to explore the vigilance dynamic in much greater detail, including the development of considerably more valid measures of vigilance than has historically been the case.Less
This chapter provides an overview of the key driving forces influencing the makeup and behavior of boards of directors. Theories of resource dependence, institutionalization, and agency are all examined, with still-unanswered questions posed as propositions. The concept of board vigilance is introduced as perhaps the central construct in corporate governance. Vigilant boards are effective at monitoring and disciplining managers and are appropriately involved in strategic decision making. What accounts for board vigilance is of fundamental importance in research and in practice. While the relative power of a CEO to a board is a key influence, recent research has also considered a variety of interpersonal mechanisms that are at play. What remains is a key set of research opportunities to explore the vigilance dynamic in much greater detail, including the development of considerably more valid measures of vigilance than has historically been the case.
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/9780195162073.003.0009
- Subject:
- Business and Management, Strategy
This chapter picks up from the previous by synthesizing what we know about the consequences of board involvement and vigilance. The problem of appropriate measurement of board vigilance continues to ...
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This chapter picks up from the previous by synthesizing what we know about the consequences of board involvement and vigilance. The problem of appropriate measurement of board vigilance continues to slow down effective empirical work, but there is considerable potential for further development. The idea that board members are sometimes actively involved in strategy and governance has picked up steam in recent years, and is in contrast to traditional views of boards as relatively inert. Research has identified a variety of mechanisms through which boards act, many of which highlight the importance of studying cultural, network, and interpersonal issues related to board behavior. The net effect of this vigilance and involvement plays out in a variety of strategic and organizational outcomes, yet many of the interesting research opportunities focus on more analytical treatment of board effects. The chapter concludes with a short section on boards as supra-top management teams, an idea that continues to hold considerable research potential.Less
This chapter picks up from the previous by synthesizing what we know about the consequences of board involvement and vigilance. The problem of appropriate measurement of board vigilance continues to slow down effective empirical work, but there is considerable potential for further development. The idea that board members are sometimes actively involved in strategy and governance has picked up steam in recent years, and is in contrast to traditional views of boards as relatively inert. Research has identified a variety of mechanisms through which boards act, many of which highlight the importance of studying cultural, network, and interpersonal issues related to board behavior. The net effect of this vigilance and involvement plays out in a variety of strategic and organizational outcomes, yet many of the interesting research opportunities focus on more analytical treatment of board effects. The chapter concludes with a short section on boards as supra-top management teams, an idea that continues to hold considerable research potential.
Karolyn Tyson (ed.)
- Published in print:
- 2011
- Published Online:
- May 2012
- ISBN:
- 9780199736447
- eISBN:
- 9780199943951
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199736447.001.0001
- Subject:
- Sociology, Education
An all-too-popular explanation for why black students aren't doing better in school is their own use of the “acting white” slur to ridicule fellow blacks for taking advanced classes, doing ...
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An all-too-popular explanation for why black students aren't doing better in school is their own use of the “acting white” slur to ridicule fellow blacks for taking advanced classes, doing schoolwork, and striving to earn high grades. Carefully reconsidering how and why black students have come to equate school success with whiteness, this book argues that when students understand race to be connected with achievement, it is a powerful lesson conveyed by schools, not their peers. Drawing on over ten years of ethnographic research, the book shows how equating school success with “acting white” arose in the aftermath of Brown v. Board of Education through the practice of curriculum tracking, which separates students for instruction, ostensibly by ability and prior achievement. Only in very specific circumstances, when black students are drastically underrepresented in advanced and gifted classes, do anxieties about “the burden of acting white” emerge. Racialized tracking continues to define the typical American secondary school, but it goes unremarked, except by the young people who experience its costs and consequences daily. The narratives in this book throw light on the complex relationships underlying school behaviors and convincingly demonstrate that the problem lies not with students, but instead with how America organizes its schools.Less
An all-too-popular explanation for why black students aren't doing better in school is their own use of the “acting white” slur to ridicule fellow blacks for taking advanced classes, doing schoolwork, and striving to earn high grades. Carefully reconsidering how and why black students have come to equate school success with whiteness, this book argues that when students understand race to be connected with achievement, it is a powerful lesson conveyed by schools, not their peers. Drawing on over ten years of ethnographic research, the book shows how equating school success with “acting white” arose in the aftermath of Brown v. Board of Education through the practice of curriculum tracking, which separates students for instruction, ostensibly by ability and prior achievement. Only in very specific circumstances, when black students are drastically underrepresented in advanced and gifted classes, do anxieties about “the burden of acting white” emerge. Racialized tracking continues to define the typical American secondary school, but it goes unremarked, except by the young people who experience its costs and consequences daily. The narratives in this book throw light on the complex relationships underlying school behaviors and convincingly demonstrate that the problem lies not with students, but instead with how America organizes its schools.
Roderick Martin, Peter D. Casson, and Tahir M. Nisar
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199202607
- eISBN:
- 9780191707896
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199202607.003.0006
- Subject:
- Business and Management, Finance, Accounting, and Banking
Managers seek to manage their relations with investors, as with other stakeholders. This chapter outlines three elements in managerial handling of investors. The first is the role of the board of ...
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Managers seek to manage their relations with investors, as with other stakeholders. This chapter outlines three elements in managerial handling of investors. The first is the role of the board of directors, especially the role of non-executive directors. The second is the management of relations with actual or potential investors in the firm. The third is the management of relations with the investment community. It shows the pattern of interdependence between managers and investors, rather than dominance by either side.Less
Managers seek to manage their relations with investors, as with other stakeholders. This chapter outlines three elements in managerial handling of investors. The first is the role of the board of directors, especially the role of non-executive directors. The second is the management of relations with actual or potential investors in the firm. The third is the management of relations with the investment community. It shows the pattern of interdependence between managers and investors, rather than dominance by either side.
Stephen Bainbridge
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780195337501
- eISBN:
- 9780199868643
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195337501.001.0001
- Subject:
- Law, Company and Commercial Law
Forty years ago, managerialism dominated corporate governance. In both theory and practice, a team of senior managers ran the corporation with little or no interference from other stakeholders. ...
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Forty years ago, managerialism dominated corporate governance. In both theory and practice, a team of senior managers ran the corporation with little or no interference from other stakeholders. Boards of directors were little more than rubber stamps. Today, corporate governance looks very different. In particular, several trends have coalesced to encourage more active and effective board oversight. Much director compensation is now paid in stock, for example, which helps align director and shareholder interests. Courts have made clear that effective board processes and oversight are essential if board decisions are to receive the deference traditionally accorded to them under the business judgment rule, especially insofar as structural decisions are concerned (such as those relating to management buy-outs). Third, director conduct is constrained by an active market for corporate control, ever-rising rates of shareholder litigation, and, some say, activist shareholders. As a result, modern boards of directors typically are smaller than their antecedents, meet more often, are more independent from management, own more stock, and have better access to information. This book offers an interdisciplinary analysis of the emerging board-centered system of corporate governance. It draws on doctrinal legal analysis, behavioral economic insights into how individuals and groups make decisions, the work of new institutional economics on organizational structure, and management studies of corporate governance. Using those tools, it traces the process by which this new corporate governance system emerged. How did we move from the managerial revolution famously celebrated by Alfred Chandler to the director independence model recently codified in the Sarbanes-Oxley Act and other post-Enron corporate governance mandates?Less
Forty years ago, managerialism dominated corporate governance. In both theory and practice, a team of senior managers ran the corporation with little or no interference from other stakeholders. Boards of directors were little more than rubber stamps. Today, corporate governance looks very different. In particular, several trends have coalesced to encourage more active and effective board oversight. Much director compensation is now paid in stock, for example, which helps align director and shareholder interests. Courts have made clear that effective board processes and oversight are essential if board decisions are to receive the deference traditionally accorded to them under the business judgment rule, especially insofar as structural decisions are concerned (such as those relating to management buy-outs). Third, director conduct is constrained by an active market for corporate control, ever-rising rates of shareholder litigation, and, some say, activist shareholders. As a result, modern boards of directors typically are smaller than their antecedents, meet more often, are more independent from management, own more stock, and have better access to information. This book offers an interdisciplinary analysis of the emerging board-centered system of corporate governance. It draws on doctrinal legal analysis, behavioral economic insights into how individuals and groups make decisions, the work of new institutional economics on organizational structure, and management studies of corporate governance. Using those tools, it traces the process by which this new corporate governance system emerged. How did we move from the managerial revolution famously celebrated by Alfred Chandler to the director independence model recently codified in the Sarbanes-Oxley Act and other post-Enron corporate governance mandates?
Bert Cannella, Sydney Finkelstein, and Donald C. Hambrick
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780195162073
- eISBN:
- 9780199867332
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195162073.001.0001
- Subject:
- Business and Management, Strategy
This book integrates and assesses the vast and rapidly growing literature on strategic leadership, which is the study of top executives and their effects on organizations. The basic premise is that, ...
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This book integrates and assesses the vast and rapidly growing literature on strategic leadership, which is the study of top executives and their effects on organizations. The basic premise is that, in order to understand why organizations do the things they do, or perform the way they do, we need to comprehend deeply the people at the top—their experiences, abilities, values, social connections, aspirations, and other human features. The actions—or inactions—of a relatively small number of key people at the apex of an organization can dramatically affect organizational outcomes. The scope of strategic leadership includes individual executives, especially chief executive officers (CEOs), groups of executives (top management teams, or TMTs), and governing bodies (particularly boards of directors). Accordingly, the book addresses an array of topics regarding CEOs (e.g., values, personality, motives, demography, succession, and compensation); TMTs (including composition, processes, and dynamics); and boards of directors (why boards look and behave the way they do, and the consequences of board profiles and behaviors). The book synthesizes what is known about strategic leadership and indicates new research directions.Less
This book integrates and assesses the vast and rapidly growing literature on strategic leadership, which is the study of top executives and their effects on organizations. The basic premise is that, in order to understand why organizations do the things they do, or perform the way they do, we need to comprehend deeply the people at the top—their experiences, abilities, values, social connections, aspirations, and other human features. The actions—or inactions—of a relatively small number of key people at the apex of an organization can dramatically affect organizational outcomes. The scope of strategic leadership includes individual executives, especially chief executive officers (CEOs), groups of executives (top management teams, or TMTs), and governing bodies (particularly boards of directors). Accordingly, the book addresses an array of topics regarding CEOs (e.g., values, personality, motives, demography, succession, and compensation); TMTs (including composition, processes, and dynamics); and boards of directors (why boards look and behave the way they do, and the consequences of board profiles and behaviors). The book synthesizes what is known about strategic leadership and indicates new research directions.
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/9780195162073.003.0001
- Subject:
- Business and Management, Strategy
This chapter provides an overview of the important effects that top executives have on organizational outcomes—both strategy and performance. It describes how the domain of “strategic leadership” ...
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This chapter provides an overview of the important effects that top executives have on organizational outcomes—both strategy and performance. It describes how the domain of “strategic leadership” fits with, but is still distinct from, the prevailing literature on leadership. The chapter traces the historical ebbs and flows in scholarly interest in senior leaders, and it elaborates on the array of leaders who constitute the book's scope of interest: chief executive officers (CEOs), top management teams (TMTs), and boards of directors. Finally, the chapter provides an overview of the flow of the entire book.Less
This chapter provides an overview of the important effects that top executives have on organizational outcomes—both strategy and performance. It describes how the domain of “strategic leadership” fits with, but is still distinct from, the prevailing literature on leadership. The chapter traces the historical ebbs and flows in scholarly interest in senior leaders, and it elaborates on the array of leaders who constitute the book's scope of interest: chief executive officers (CEOs), top management teams (TMTs), and boards of directors. Finally, the chapter provides an overview of the flow of the entire book.
Umar F. Abd‐Allah
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195187281
- eISBN:
- 9780199784875
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195187288.003.0010
- Subject:
- Religion, Islam
This chapter focuses on the financial difficulties of Webb's mission and his final years. Webb's participation in the Parliament of Religions was the high point of his American Islamic Propaganda. He ...
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This chapter focuses on the financial difficulties of Webb's mission and his final years. Webb's participation in the Parliament of Religions was the high point of his American Islamic Propaganda. He returned to Manhattan for the October 6 grand opening of the mission's new headquarters on Twentieth Street. However, only months later the mission was in financial trouble due to a lack of support from abroad. During his later years, Webb returned to mainstream journalism. He was also elected to the Rutherford Board of Education in 1902 and served a three-year term until 1905. During the same period, from 1903 until 1904, he served simultaneously as Rutherford district clerk. Webb suffered from diabetes for many years and died of the disease at his home on Sunday, October 1, 1916, at the age of seventy.Less
This chapter focuses on the financial difficulties of Webb's mission and his final years. Webb's participation in the Parliament of Religions was the high point of his American Islamic Propaganda. He returned to Manhattan for the October 6 grand opening of the mission's new headquarters on Twentieth Street. However, only months later the mission was in financial trouble due to a lack of support from abroad. During his later years, Webb returned to mainstream journalism. He was also elected to the Rutherford Board of Education in 1902 and served a three-year term until 1905. During the same period, from 1903 until 1904, he served simultaneously as Rutherford district clerk. Webb suffered from diabetes for many years and died of the disease at his home on Sunday, October 1, 1916, at the age of seventy.
Stephen T. McElhaney
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199573349
- eISBN:
- 9780191721946
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199573349.003.0002
- Subject:
- Business and Management, Public Management, Pensions and Pension Management
Liabilities for pension and retiree health-care benefits provided by US state and local governments are causing concerns for taxpayers and for those holding government bonds. Many question whether ...
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Liabilities for pension and retiree health-care benefits provided by US state and local governments are causing concerns for taxpayers and for those holding government bonds. Many question whether the methodology used to calculate these liabilities is appropriate, since the private sector calculates retirement system liabilities using different methods and assumptions. This chapter reviews and critiques current actuarial and accounting standards under which governmental retiree liabilities are calculated and compares and contrasts these standards to those used by private sector employers.Less
Liabilities for pension and retiree health-care benefits provided by US state and local governments are causing concerns for taxpayers and for those holding government bonds. Many question whether the methodology used to calculate these liabilities is appropriate, since the private sector calculates retirement system liabilities using different methods and assumptions. This chapter reviews and critiques current actuarial and accounting standards under which governmental retiree liabilities are calculated and compares and contrasts these standards to those used by private sector employers.
Paul C. Gutjahr
- Published in print:
- 2011
- Published Online:
- May 2011
- ISBN:
- 9780199740420
- eISBN:
- 9780199894703
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199740420.003.0041
- Subject:
- Religion, Church History
Chapter forty-one deals with the years immediately following the death of so many of Hodge’s friends and family. He underwent intense bouts of grief and his physical health was not strong. He was ...
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Chapter forty-one deals with the years immediately following the death of so many of Hodge’s friends and family. He underwent intense bouts of grief and his physical health was not strong. He was also named to Princeton College’s Board of Trustees in 1850. He served on the Board until his death in 1878. While a Trustee, Hodge worked closely with Presidents Carnahan, Maclean and McCosh to keep religious instruction an important part of the school’s curriculum. He also stressed a broad-based liberal arts approach to the College’s curricular agenda.Less
Chapter forty-one deals with the years immediately following the death of so many of Hodge’s friends and family. He underwent intense bouts of grief and his physical health was not strong. He was also named to Princeton College’s Board of Trustees in 1850. He served on the Board until his death in 1878. While a Trustee, Hodge worked closely with Presidents Carnahan, Maclean and McCosh to keep religious instruction an important part of the school’s curriculum. He also stressed a broad-based liberal arts approach to the College’s curricular agenda.
Nigel Yates
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199242382
- eISBN:
- 9780191603815
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242380.003.0006
- Subject:
- Religion, Church History
This chapter examines the programmes of church building and restoration in Ireland between 1770 and 1850, including the evidence of surviving church interiors from this period. It concludes that this ...
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This chapter examines the programmes of church building and restoration in Ireland between 1770 and 1850, including the evidence of surviving church interiors from this period. It concludes that this programme was one of the most ambitious and extensive in Europe. Particular attention is paid to the restoration of Church of Ireland and building of new Roman Catholic cathedrals.Less
This chapter examines the programmes of church building and restoration in Ireland between 1770 and 1850, including the evidence of surviving church interiors from this period. It concludes that this programme was one of the most ambitious and extensive in Europe. Particular attention is paid to the restoration of Church of Ireland and building of new Roman Catholic cathedrals.
Lainie Friedman Ross
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199273287
- eISBN:
- 9780191603655
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199273286.003.0008
- Subject:
- Philosophy, Moral Philosophy
Institutional review board (IRB) review is required for all federally funded research involving human subjects regulated by the Food and Drug Administration, or performed at an institution that ...
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Institutional review board (IRB) review is required for all federally funded research involving human subjects regulated by the Food and Drug Administration, or performed at an institution that accepts federal funds. The requirement to document IRB review and the procurement of informed consent (IC) in published research reports is more recent. This chapter examines to what extent research published in three peer-reviewed pediatric journals documented IRB approval and IC, and to what extent the researchers who failed to document IRB and IC stated that they had obtained appropriate IRB review and consent from subjects. It was observed that a small but significant number of pediatric research protocols failed to obtain IRB approval or a waiver.Less
Institutional review board (IRB) review is required for all federally funded research involving human subjects regulated by the Food and Drug Administration, or performed at an institution that accepts federal funds. The requirement to document IRB review and the procurement of informed consent (IC) in published research reports is more recent. This chapter examines to what extent research published in three peer-reviewed pediatric journals documented IRB approval and IC, and to what extent the researchers who failed to document IRB and IC stated that they had obtained appropriate IRB review and consent from subjects. It was observed that a small but significant number of pediatric research protocols failed to obtain IRB approval or a waiver.
Julianne S. Oktay
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199753697
- eISBN:
- 9780199932627
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199753697.001.0001
- Subject:
- Social Work, Research and Evaluation
Grounded Theory (GT) is one of the oldest and most often used forms of qualitative research. Unlike other methods, GT is used to develop theory. Grounded Theory has great potential for social work ...
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Grounded Theory (GT) is one of the oldest and most often used forms of qualitative research. Unlike other methods, GT is used to develop theory. Grounded Theory has great potential for social work because in order to conduct theory-based practice, social workers need middle-range theories that are neither highly abstract nor difficult to apply in real life. Social work and Grounded Theory focus on the interaction of individual and society. GT studies can provide theories about how individuals navigate their surroundings that can be tested in social work practice and, ultimately, be used to guide social work practitioners. This book provides discussions of the common roots of social work and Grounded Theory, the basic characteristics of grounded theory research, and issues of quality in grounded theory research. In addition, practical guidelines and suggestions are provided for conducting grounded theory research, from writing the proposal to advanced data analysis. Exemplars from social work literature are used to illustrate grounded theory research in different social work fields. This book offers practice exercises, guidelines for formulating problems and gathering and analyzing data, tips for working with software, consideration of ethical and institutional review board issues, and discussion of new developments such as mixed-method and synthesis.Less
Grounded Theory (GT) is one of the oldest and most often used forms of qualitative research. Unlike other methods, GT is used to develop theory. Grounded Theory has great potential for social work because in order to conduct theory-based practice, social workers need middle-range theories that are neither highly abstract nor difficult to apply in real life. Social work and Grounded Theory focus on the interaction of individual and society. GT studies can provide theories about how individuals navigate their surroundings that can be tested in social work practice and, ultimately, be used to guide social work practitioners. This book provides discussions of the common roots of social work and Grounded Theory, the basic characteristics of grounded theory research, and issues of quality in grounded theory research. In addition, practical guidelines and suggestions are provided for conducting grounded theory research, from writing the proposal to advanced data analysis. Exemplars from social work literature are used to illustrate grounded theory research in different social work fields. This book offers practice exercises, guidelines for formulating problems and gathering and analyzing data, tips for working with software, consideration of ethical and institutional review board issues, and discussion of new developments such as mixed-method and synthesis.
John Prest
- Published in print:
- 1990
- Published Online:
- October 2011
- ISBN:
- 9780198201755
- eISBN:
- 9780191675003
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198201755.003.0007
- Subject:
- History, British and Irish Modern History
This chapter discusses the various methods employed by the localities and centre of the Isle of Wight to deal with problems of town improvement and public health. Four towns — Newport, West Cowes, ...
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This chapter discusses the various methods employed by the localities and centre of the Isle of Wight to deal with problems of town improvement and public health. Four towns — Newport, West Cowes, Ryde, and Ventnor — possessed local Acts. In Whippingham and West Cowes, ratepayers took advantage of the Health of Towns Act of 1848 and petitioned the General Board to establish a Local Board of Health, and West Cowes secured one. The Local Government Act of 1858 was adopted by meetings of ratepayers of in East Cowes, Sandown, and Shanklin. Finally, the elected Commissioners at Ventnor and the elected Town Council at Newport adopted the Act hesitantly in stages.Less
This chapter discusses the various methods employed by the localities and centre of the Isle of Wight to deal with problems of town improvement and public health. Four towns — Newport, West Cowes, Ryde, and Ventnor — possessed local Acts. In Whippingham and West Cowes, ratepayers took advantage of the Health of Towns Act of 1848 and petitioned the General Board to establish a Local Board of Health, and West Cowes secured one. The Local Government Act of 1858 was adopted by meetings of ratepayers of in East Cowes, Sandown, and Shanklin. Finally, the elected Commissioners at Ventnor and the elected Town Council at Newport adopted the Act hesitantly in stages.
Roderick Martin, Peter D. Casson, and Tahir M. Nisar
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199202607
- eISBN:
- 9780191707896
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199202607.001.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking
Increased engagement by investors with the companies in which they invest has been a major change in Western economies since the 1980s. Shareholder value provides rationale and incentive for investor ...
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Increased engagement by investors with the companies in which they invest has been a major change in Western economies since the 1980s. Shareholder value provides rationale and incentive for investor engagement. The book summarizes the basic principles of shareholder value, and explains the reasons for its growth, especially in the UK and the USA. The authors outline a spectrum of investor engagement ranging from indirect/laissez-faire influence via (threat of) exit to direct intervention in specific areas of management practice. The book focuses on two types of investor, institutional investors and private equity/venture capital investors. Different types of institutional investors have different incentives for engagement, and adopt different methods. ‘Universal investors’ with long time horizons, such as pension funds, have especially strong incentives for engagement, as illustrated by USS Limited. The book distinguishes between institutional investors' routine and extraordinary engagement, and shows how collaboration amongst investors through organizations such as the Institutional Shareholders' Committee offsets the high costs of monitoring and provides means for ensuring compliance with ‘best City practice’. The engagement of private equity funds is illustrated through case studies of equity funds and the portfolio firms in which they invested. But corporate managers are not simply passive reactors to investors' interventions: managers seek to influence investors, for example through managing market expectations. Shareholder value conceptions are not universal: they are strong in the UK and the USA, but are weaker in coordinated market economies such as Germany. The book concludes by evaluating the normative case for shareholder value and investor engagement, arguing that conventional analyses overestimate the efficiency arguments for shareholder value and the equity arguments against shareholder value. The future development of corporate governance is seen to require greater openness and the inclusion of a wider range of interests, not the further enhancement of the protection accorded to shareholder interests.Less
Increased engagement by investors with the companies in which they invest has been a major change in Western economies since the 1980s. Shareholder value provides rationale and incentive for investor engagement. The book summarizes the basic principles of shareholder value, and explains the reasons for its growth, especially in the UK and the USA. The authors outline a spectrum of investor engagement ranging from indirect/laissez-faire influence via (threat of) exit to direct intervention in specific areas of management practice. The book focuses on two types of investor, institutional investors and private equity/venture capital investors. Different types of institutional investors have different incentives for engagement, and adopt different methods. ‘Universal investors’ with long time horizons, such as pension funds, have especially strong incentives for engagement, as illustrated by USS Limited. The book distinguishes between institutional investors' routine and extraordinary engagement, and shows how collaboration amongst investors through organizations such as the Institutional Shareholders' Committee offsets the high costs of monitoring and provides means for ensuring compliance with ‘best City practice’. The engagement of private equity funds is illustrated through case studies of equity funds and the portfolio firms in which they invested. But corporate managers are not simply passive reactors to investors' interventions: managers seek to influence investors, for example through managing market expectations. Shareholder value conceptions are not universal: they are strong in the UK and the USA, but are weaker in coordinated market economies such as Germany. The book concludes by evaluating the normative case for shareholder value and investor engagement, arguing that conventional analyses overestimate the efficiency arguments for shareholder value and the equity arguments against shareholder value. The future development of corporate governance is seen to require greater openness and the inclusion of a wider range of interests, not the further enhancement of the protection accorded to shareholder interests.
Terry Gourvish
- Published in print:
- 2002
- Published Online:
- September 2007
- ISBN:
- 9780199250059
- eISBN:
- 9780191719516
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199250059.001.0001
- Subject:
- Business and Management, Business History
Britain's privatized railways continue to provoke debate about the organization, financing, and development of the railway system. This important book provides an authoritative account of the ...
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Britain's privatized railways continue to provoke debate about the organization, financing, and development of the railway system. This important book provides an authoritative account of the progress made by British Rail prior to privatization, and a unique insight into its difficult role in the government's privatization planning from 1989. Based on free access to the British Railway Board's archives, the book provides an analysis of the main themes: a process of continuous organizational change; the existence of a persistent government audit; perennial investment restraints; the directive to reduce operating costs and improve productivity; a concern with financial performance, technological change, service quality, and the management of industrial relations; and the Board's ambiguous position as the Conservative government pressed home its privatization programme. The introduction of sector management from 1982 and the ‘Organizing for Quality’ initiative of the early 1990s, the Serpell Report on railway finances of 1983, the sale of the subsidiary businesses, the large-scale investment in the Channel Tunnel, and the obsession with safety which followed the Clapham accident of 1988, are all examined. In the conclusion, the book reviews the successes and failures of the public sector, rehearses the arguments for and against integration in the railway industry, and contrasts what many have termed ‘the golden age’ of the mid-late 1980s, when the British Rail-government relationship was arguably at its most effective, with what has happened since 1994.Less
Britain's privatized railways continue to provoke debate about the organization, financing, and development of the railway system. This important book provides an authoritative account of the progress made by British Rail prior to privatization, and a unique insight into its difficult role in the government's privatization planning from 1989. Based on free access to the British Railway Board's archives, the book provides an analysis of the main themes: a process of continuous organizational change; the existence of a persistent government audit; perennial investment restraints; the directive to reduce operating costs and improve productivity; a concern with financial performance, technological change, service quality, and the management of industrial relations; and the Board's ambiguous position as the Conservative government pressed home its privatization programme. The introduction of sector management from 1982 and the ‘Organizing for Quality’ initiative of the early 1990s, the Serpell Report on railway finances of 1983, the sale of the subsidiary businesses, the large-scale investment in the Channel Tunnel, and the obsession with safety which followed the Clapham accident of 1988, are all examined. In the conclusion, the book reviews the successes and failures of the public sector, rehearses the arguments for and against integration in the railway industry, and contrasts what many have termed ‘the golden age’ of the mid-late 1980s, when the British Rail-government relationship was arguably at its most effective, with what has happened since 1994.
Martin Campbell-Kelly and Ross Hamilton
- Published in print:
- 2004
- Published Online:
- September 2007
- ISBN:
- 9780199241057
- eISBN:
- 9780191714290
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199241057.003.0007
- Subject:
- Business and Management, Information Technology
The National Enterprise Board (NEB) was to be the main instrument for Labour's industrial policy in Britain when it returned to power in 1975. Foremost, the NEB was to nationalize 20 or 25 of the ...
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The National Enterprise Board (NEB) was to be the main instrument for Labour's industrial policy in Britain when it returned to power in 1975. Foremost, the NEB was to nationalize 20 or 25 of the top 100 industrial firms in the country, so that the government would be able to control more effectively industrial development and distribute resources. In February 1977, the NEB formed a software sales company called Insac aimed at exploiting British software skills and products and selling them overseas, particularly to the US market. The NEB made both strategic and tactical investment decisions. At the strategic level it did well, at the tactical level, however, most of the NEB's investments turned out badly. In the case of Insac, the whole enterprise was misguided.Less
The National Enterprise Board (NEB) was to be the main instrument for Labour's industrial policy in Britain when it returned to power in 1975. Foremost, the NEB was to nationalize 20 or 25 of the top 100 industrial firms in the country, so that the government would be able to control more effectively industrial development and distribute resources. In February 1977, the NEB formed a software sales company called Insac aimed at exploiting British software skills and products and selling them overseas, particularly to the US market. The NEB made both strategic and tactical investment decisions. At the strategic level it did well, at the tactical level, however, most of the NEB's investments turned out badly. In the case of Insac, the whole enterprise was misguided.
David B. Audretsch, Max C. Keilbach, and Erik E. Lehmann
- Published in print:
- 2006
- Published Online:
- January 2007
- ISBN:
- 9780195183511
- eISBN:
- 9780199783663
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195183511.003.0008
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter argues that providing entrepreneurial access to knowledge spillovers through geographic proximity to knowledge sources is not sufficient; external knowledge spillovers need to be ...
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This chapter argues that providing entrepreneurial access to knowledge spillovers through geographic proximity to knowledge sources is not sufficient; external knowledge spillovers need to be absorbed. It identifies two factors facilitating the absorption of external knowledge spillovers: a spillover conduit, such as a board director or manager, and close geographic proximity. These findings suggest not only that the composition of boards is endogenous to the relative importance of absorbing external knowledge spillovers for the entrepreneurial firm, but also that the composition of boards may be influenced by factors other than their role in controlling managers to reduce agency problems.Less
This chapter argues that providing entrepreneurial access to knowledge spillovers through geographic proximity to knowledge sources is not sufficient; external knowledge spillovers need to be absorbed. It identifies two factors facilitating the absorption of external knowledge spillovers: a spillover conduit, such as a board director or manager, and close geographic proximity. These findings suggest not only that the composition of boards is endogenous to the relative importance of absorbing external knowledge spillovers for the entrepreneurial firm, but also that the composition of boards may be influenced by factors other than their role in controlling managers to reduce agency problems.
Terry Gourvish
- Published in print:
- 2002
- Published Online:
- September 2007
- ISBN:
- 9780199250059
- eISBN:
- 9780191719516
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199250059.003.0010
- Subject:
- Business and Management, Business History
This chapter discusses the increased attention on railway safety issues following the Clapham accident. Topics covered include the transformation of the safety culture, additional spending on safety, ...
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This chapter discusses the increased attention on railway safety issues following the Clapham accident. Topics covered include the transformation of the safety culture, additional spending on safety, automatic train protection, and improvements in the safety record.Less
This chapter discusses the increased attention on railway safety issues following the Clapham accident. Topics covered include the transformation of the safety culture, additional spending on safety, automatic train protection, and improvements in the safety record.
Terry Gourvish
- Published in print:
- 2002
- Published Online:
- September 2007
- ISBN:
- 9780199250059
- eISBN:
- 9780191719516
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199250059.003.0011
- Subject:
- Business and Management, Business History
This chapter examines the initial approach to rail privatization which developed in the 1980s, the Board's attempts to manage the railway in the face of uncertainty, and the impact of the decision of ...
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This chapter examines the initial approach to rail privatization which developed in the 1980s, the Board's attempts to manage the railway in the face of uncertainty, and the impact of the decision of proceed with privatization in the early 1990s. Topics discussed include the origins of the privatization thrust of the 1980s, the Board's position regarding privatization, and the re-emergence of the privatization issue in 1990.Less
This chapter examines the initial approach to rail privatization which developed in the 1980s, the Board's attempts to manage the railway in the face of uncertainty, and the impact of the decision of proceed with privatization in the early 1990s. Topics discussed include the origins of the privatization thrust of the 1980s, the Board's position regarding privatization, and the re-emergence of the privatization issue in 1990.
