CiNii 図書 - Investor capitalism : how money managers are changing the face of corporate America

General Motors and IBM dismissed their chief executives and laid off thousands of employees. Sears cut staff, closed its catalog, and auctioned off divisions. American Airlines, Bell Atlantic, and Digital Equipment reengineered their operations. Chase and Chemical Banks merged, while ITT and AT&T divided themselves. Taken in isolation, each company action may appear to be the product of unique circumstances, but behind each merger, each breakup, each shake-up, is the growing power of investors. And the investors wielding this power are not the plutocrats of old but the managers of pension funds, bank trusts, insurance contracts, charity endowments, mutual funds, and 401(k) plans. Pooling the money of millions of small investors, these managers have built massive stakes in the nations enterprises, and in recent years they have begun to flex their muscles in reshaping corporate direction and improving company performance. The old rules of investing used to be simple and clear: you bought shares and left the operation of the company to a group of professional managers; if you where unhappy with the firms performance, you sold your shares and moved on. But with the rise of large institutional investors, the option of selling has become problematic. Its one thing to cash out when you own a hundred shares of a company; its another thing entirely when you own a hundred thousand shares. So fund managers have adopted a new strategychanging the corporations policies from withinwith dramatic results. Investor Capitalism documents the ensuing struggles among interested parties that have transformed the way in which business goes about its business. Michael Useem takes us inside the boardrooms and into the proxy battles to track the origins of this shift in corporate power and analyze what it has meant for corporations, shareholders, employees, and the American economy. His insights reveal a brave new world of business, which we ignore at our peril.

Introduction
The Investor Challenge
The New Rules of Investor Capitalism
When Investors Challenge Company Performance
Cultural Resistance to Shareholder Insistence
Vanquishing Opponents
Constructing Investor Capitalism
Restructuring the Corporation
Managing the Shareholder
Engaging the Company Director
Transforming Company Leadership
The Expanding Universe.

巻冊次: : pbk ISBN 9780465050321

内容説明

A behind-the-scenes look at today's kingmakers: institutional investors. Out of the public eye, a small group of professionals- investment experts who handle other people's monies- are exerting ever-greater control over corporate managers, firing CEOs and pushing through'restructurings' that cost thousands of jobs. Michael Useem's "Investor Capitalism" portrays the quiet, veiled nature of this dance of elephants, and portrays the enormous implications of its results. - John Rekenthaler, Publisher, Morningstar, Inc.

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Investor capitalism : how money managers are changing the face of corporate America

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