The managerial revolution revisited: the moderating impact of top managers’ social class position
基于早期社会学对经理主义理论的批判，重新概念化企业所有权与控制权，分析1960年代大型企业多元化并购倾向，发现由新资本家所有者或自主职业经理人管理的企业更倾向于进行多元化并购。
This article draws on early sociological critiques of the managerialist thesis to develop a new conceptualization of corporate ownership and control which is used here to inform an analysis of the propensity of large corporations to complete diversifying acquisitions in the 1960s. We categorize firms on the basis of the social class position of their top managers, focusing primarily on three types of firms, those run by: established capitalist owners, new capitalist owners and autonomous professional managers. We develop theoretical arguments that lead to two sets of predictions. First, we predict that firms run by new capitalist owners and autonomous professional managers exhibited a greater tendency than firms run by established capitalist owners to complete diversifying acquisitions in the 1960s. Second, we predict that the relationship between a firm’s financial, organizational and managerial capacities to pursue diversifying acquisitions, on the one hand, and the rate at which it completed such acquisitions, on the other, was stronger among firms run by new capitalist owners and autonomous professional managers than among firms run by other types of top managers. Finally, we conduct discrete-time event history analyses of the likelihood that firms completed diversifying acquisitions in the 1960s, which generate results that are largely consistent with our predications.