Transformation and change are not the same. Innovations like TQM, reengineering, the learning organization, and benchmarking are certainly changes, but they require the fundamental revisions that can only be found in true organizational transformations--that is, in leadership style and organizational culture. Dr. Alkhafaji makes clear that change must be planned and have a clear purpose, and that managers must develop the special skills that are needed to prepare their organizations for change. His book presents a framework to assess corporate performance and thus to enhance long-term competitive advantage. It takes another look at the buzzwords and trends in light of the organizational transformation concept. Real world examples support theoretical research into strategic developments in global environments, laying out the essential components of transformation and the massive administrative changes required to implement it. The result is an important presentation of a crucial topic and an essential management-oriented guide.

Among the several themes that Dr. Alkhafaji discusses are the current challenges to any business created by global competition, changing technology, environmental demands, and demographic shifts. He points out that organizations must continually improve the quality of their products and services, and that to do so, often requires massive change--transformations in the organization itself. He shows that these are not one-time events but ongoing revisions that require constant strategic management. To illustrate his argument he covers TQM, reengineering and other innovations and approaches, and shows clearly how they all require a deep, pervasive commitment to true organizational alteration. Dr. Alkhafaji examines leadership style, organizational culture, and specific topics such as building effective teams, the technical and personal competencies that need to be identified before teams can be selected, and the implication of restructuring for corporate performance. Also examined in the new light of organizational transformation are mergers and acquisitions, corporate governance, and the effect that globalization is having on today's organizations.

Written for financial and management executives, this volume provides a comprehensive and detailed examination of the restructuring of American business which has resulted from a spate of large-scale mergers, acquisitions, takeovers, and buyouts. As Alkhafaji notes at the outset, mergers and acquisitions are not new to the American business scene. However, the huge dollar value of recent transactions, such as the RJR/Nabisco buyout and the fact that large corporations once thought to be safe from takeover attempts are now potential targets, has given the process heightened impact. Alkhafaji explores the reasons for the increasing popularity of takeovers, mergers, and buyouts; who benefits from and who is affected by these strategies; who loses and who wins in the process; the international aspects of corporate restructuring; and the future implications for financial and senior managers.

In addition to examining the impact of corporate restructuring on the economy, the corporation, and the individual employee, Alkhafaji provides a wealth of practical information for the executive involved in the buyout process. He explains the various characteristics of companies that prompt merger and takeover actions, provides a rationale for the rapid increase in such activities, presents strategies that management should use before, during, and after the buyout, offers a comprehensive guide to what is involved in the restructuring process, and discusses the stages of mergers, takeovers, and buyouts to help managers understand the process better. The author also shows why buyouts have now become popular in the international marketplace. An extensive review of the available literature includes many illustrative realworld examples, and the author's own empirical studies are included to demonstrate management perceptions toward different aspects of the restructuring process. Both current and future managers will find this book enlightening and provocative reading.

Alkhafaji presents the fundamental concepts of corporate governance and suggests a new approach to the subject that focuses on the stakeholder. As Alkhafaji demonstrates, corporate governance has moved far from traditional concerns with purely business issues like growth and profitability and now includes public issues such as pollution, equal employment opportunities, insider trading, and criminal conduct. Using data from his own empirical studies, Alkhafaji argues that the conventional board model no longer functions as originally intended. He analyzes potential management reaction to alternative forms of governance bodies and concludes that the data suggest a stakeholder board would be best suited to current American conditions.

Organized into five parts, each of which builds upon concepts discussed in the preceding chapters, the volume begins by discussing the concept of the company and the changing environment in which it operates. In the second section, Alkhafaji addresses corporate governance in specific terms and includes survey data showing management's reaction to traditional and nontraditional forms of corporate governance. Part three looks at corporate governance in the context of social responsibility, ethics, and business-government relations, while the following chapters discuss the ongoing restructuring of American business and its relation to corporate governance. The final section examines the role played by corporate governance in strategic management. Numerous tables, figures, and models support points made in the text.