Strong Managers, Weak Owners: The Political Roots of American Corporate Finance

Overview

"No one before has ever written a comprehensive poltical history of the fragmentation of stock ownership nor demonstrated the critical role that this fragmentation has played in shaping the power of managers in the American business system. Roe has provided a powerful and original explanation of the emergence and persistence of managerial autonomy in the United States."?David Vogel, University of California, Berkeley

"A seminal work that should become [a] mainstay for years to ...

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Overview

"No one before has ever written a comprehensive poltical history of the fragmentation of stock ownership nor demonstrated the critical role that this fragmentation has played in shaping the power of managers in the American business system. Roe has provided a powerful and original explanation of the emergence and persistence of managerial autonomy in the United States."—David Vogel, University of California, Berkeley

"A seminal work that should become [a] mainstay for years to come."—Peter H. Aranson, Emory University

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Editorial Reviews

Institutional Investor - Robert Teitelman
Roe ... argues persuasively that old-fashioned politics ... play[s] the key role in building a structure of corporate finance.... Strong Managers, Weak Owners does for corporate governance what Alfred Chandler's The Visible Hand did for the corporation: makes history essential to understanding current practice and policy.
From the Publisher
"Economic theory appeared to predict that the American version [of capitalism, in which firms feed on a huge and liquid stockmarket] should be the most efficient. This view stemmed from [Berle and Means] in The Modern Corporation and Private Property ... [and] held sway for the next fifty years.... Roe ... takes this debate a giant step forward. Far from being the inevitable winner of a Darwinian struggle, argues Roe, the Berle-Means corporation owes its existence to American politics, and in particular to a deeply ingrained popular mistrust of concentrated financial power."—The Economist

"Roe ... argues persuasively that old-fashioned politics ... play[s] the key role in building a structure of corporate finance.... Strong Managers, Weak Owners does for corporate governance what Alfred Chandler's The Visible Hand did for the corporation: makes history essential to understanding current practice and policy."—Robert Teitelman, Institutional Investor

Institutional Investor
Roe ... argues persuasively that old-fashioned politics ... play[s] the key role in building a structure of corporate finance.... Strong Managers, Weak Owners does for corporate governance what Alfred Chandler's The Visible Hand did for the corporation: makes history essential to understanding current practice and policy.
— Robert Teitelman
The Economist
Economic theory appeared to predict that the American version [of capitalism, in which firms feed on a huge and liquid stockmarket] should be the most efficient. This view stemmed from [Berle and Means] in The Modern Corporation and Private Property ... [and] held sway for the next fifty years.... Roe ... takes this debate a giant step forward. Far from being the inevitable winner of a Darwinian struggle, argues Roe, the Berle-Means corporation owes its existence to American politics, and in particular to a deeply ingrained popular mistrust of concentrated financial power.
Institutional Investor
Roe ... argues persuasively that old-fashioned politics ... play[s] the key role in building a structure of corporate finance.... Strong Managers, Weak Owners does for corporate governance what Alfred Chandler's The Visible Hand did for the corporation: makes history essential to understanding current practice and policy.
— Robert Teitelman
Read More Show Less

Product Details

  • ISBN-13: 9780691026312
  • Publisher: Princeton University Press
  • Publication date: 3/4/1996
  • Edition description: REPRINT
  • Pages: 342
  • Product dimensions: 6.15 (w) x 9.23 (h) x 0.87 (d)

Table of Contents

Preface
Introduction
Pt. I The Economic Paradigm 1
Ch. 1 Diffuse Ownership as Natural Economic Evolution 3
Ch. 2 Fragmentation's Costs 9
Pt. II The Political Paradigm 19
Ch. 3 Diffuse Ownership as Political Product 21
Ch. 4 A Political Theory 26
Pt. III The Historical Evidence 51
Ch. 5 Banks 54
Ch. 6 Insurers 60
Ch. 7 Banks Again 94
Ch. 8 Mutual Funds 102
Ch. 9 Pension Funds 124
Pt. IV The Contemporary and Comparative Evidence 147
Ch. 10 Takeovers 151
Ch. 11 Corporate Ownership in Germany and Japan 169
Ch. 12 A Small Comparative Test of the Political Theory 187
Ch. 13 Counterpoint I 198
Ch. 14 Political Evolution in Germany and Japan? 210
Ch. 15 Trends in the United States 222
Ch. 16 An American Crossroads 226
Pt. V Policy Recommendations 231
Ch. 17 Managers as the Problem? 235
Ch. 18 Short-Term Finance as the Problem? 240
Ch. 19 Industrial Organization as the Problem? 248
Ch. 20 Counterpoint II 254
Ch. 21 Changing the American Ownership Structure? 263
Conclusion 283
Bibliography 289
Acknowledgments 309
Index 311
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