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Of insane forms. From collectives to management controlled organisations to shareholder value organisation : building societies a case study
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Talbot, Lorraine (2010) Of insane forms. From collectives to management controlled organisations to shareholder value organisation : building societies a case study. Journal of Banking Regulation, Vol.11 (No.3). pp. 223-239. doi:10.1057/jbr.2010.10 ISSN 1745-6452.
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Official URL: http://dx.doi.org/10.1057/jbr.2010.10
Abstract
In this article, I assert that when a number of the larger mutual building societies converted into PLCs, they began constructing and dealing in ‘insane forms’ of financial products. As PLCs, they adopted the normative values of the prevailing corporate governance strategies of the time, which were strongly influenced by the American originating ‘law and economics’ approach. In the context of corporations, this approach 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 that was very different from that before conversion, and to that of building societies, which continued to operate as mutual societies. As a result, the converted societies adopted practices that 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: | Journal Article | ||||
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Divisions: | Faculty of Social Sciences > School of Law | ||||
Journal or Publication Title: | Journal of Banking Regulation | ||||
Publisher: | Palgrave Macmillan Ltd. | ||||
ISSN: | 1745-6452 | ||||
Official Date: | 2010 | ||||
Dates: |
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Volume: | Vol.11 | ||||
Number: | No.3 | ||||
Page Range: | pp. 223-239 | ||||
DOI: | 10.1057/jbr.2010.10 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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