Speculative management : stock market power and corporate change /

Krier (sociology, Iowa State Univ.) argues that the restructuring of American industry and the increased power of financial markets during the 20th century created extraordinary increases in the market capitalization of the American corporation. In nine well-written chapters, he explores the dynamics of corporate governance of the top 200 American companies, 1983-87. Examining corporate changes from buyouts and downsizing to mergers and takeovers, Krier contends that stock-optioned executives, activist shareholders, big owners, corporate board members, financial accounting practices and procedures, and representatives of the business media created a major paradigm shift from an emphasis on profit maximization to "speculative management" whose goal was ever-increasing stock valuations. The volume is supported by excellent research and a wealth of statistical data. Chapter endnotes as well as an extensive bibliography. An important reference item for every business collection. ^BSumming Up: Highly recommended. Upper-division undergraduate through professional collections. S. R. Kahn University of Cincinnati