A quiet revolution came to corporate America during the late 1980s
and early 1990s. Large shareholders - pension funds, insurance
companies, money managers, and commercial banks - exercised
new-found muscle, pressuring senior managers to improve
disappointing financial results by reshaping their organizations.
Michael Useem reveals how those investor pressures have transformed
the inside structures of many corporations, better aligning them
with shareholder interests. Useem draws on numerous sources,
including interviews with senior managers and intensive studies of
seven large corporations representing a range of restructuring
experiences and industries - including pharmaceuticals,
transportation, chemicals, retailing, and financial services. He
shows that organizational changes have affected many areas of
corporate life: headquarters staffs have been reduced, authority
has filtered down to operating units, and compensation has become
more closely tied to performance. Change also extends to corporate
governance, where managers have fought back by seeking legal
safeguards against takeovers and by staggering board terms. They've
also put significant resources into building more effective
relations with shareholders. As Useem demonstrates, this revolution
has reached beyond the corporation, influencing American politics
and law. As increasing ownership concentration has caused companies
to focus more attention on shareholders, corporate political
agendas have shifted from fighting government regulation to
resisting shareholder intrusion. This book will be important
reading for managers, economists, lawyers, financial analysts, and
all observers of American business.
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