The Library
Of insane forms - from collectives to management controlled organisations to shareholder value organisation: building societies, a case study
Tools
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:
Official URL: http://ssrn.com/abstract=1491060
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: |
|
||||
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: |
Request changes or add full text files to a record
Repository staff actions (login required)
View Item |