Managing Investors: How Financial Markets Reshaped the American Firm

Abstract

Abstract What causes large numbers of firms to change strategy and structure in tandem? Organizational institutionalists find that managerial and professional groups that span organizations develop new models of organizational efficiency-models that are typically in the interest of the group pushing them (DiMaggio and Powell 1983; Baron, Jennings, and Dobbin 1988). These new models are often framed as responses to wider economic or political changes, and they serve to enhance the prestige and power of the groups behind them.

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