Talbot, Lorraine (2009) Of insane forms - from collectives to management controlled organisations to shareholder value organisation: building societies, a case study. Working Paper. Coventry: Department of Law, University of Warwick. Working papers series .

An open access version can be found in:

• SSRN

Request Changes to record.

Abstract

In this paper I assert that when a number of the larger mutual building societies converted into PLCs they adopted the normative values of the prevailing corporate governance strategies of the time. These normative values were strongly influenced by the American originating “law and economics” approach which, in the context of corporations emphasised the importance of achieving high returns for shareholders, or more pithily, of achieving “shareholder value”. Converted societies therefore became “shareholder value” organisations (SVOs) which propelled them into a business orientation which was very different from that prior to conversion, and to that of building societies which continued to operate as mutual societies. As a result, the converted societies adopted practices which made them more vulnerable to changes in the wider economy, to the extent that they became central casualties of the current economic crisis.

Item Type:	Working or Discussion Paper (Working Paper)
Divisions:	Faculty of Social Sciences > School of Law
Series Name:	Working papers series
Publisher:	Department of Law, University of Warwick
Place of Publication:	Coventry
Official Date:	19 October 2009
Dates:	Date Event 19 October 2009 Published
Number of Pages:	32
Institution:	University of Warwick
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
Open Access Version:	SSRN

Request changes or add full text files to a record

Repository staff actions (login required)

View Item