Corporate restructuring, ownership‐disciplined alignment, and the reorganization of management
研究了1980年代股东价值导向下，大公司如何通过所有权约束的协调机制，将决策权下放、精简总部、强化管理层选拔、扩大绩效薪酬并建立内部所有权，从而系统性地提升股东价值。
Abstract Intensified focus on shareholder value during the 1980s led to a stress on consistent, integrated linkages among major elements of company organization. Drawing on senior management interviews and documents from six large publicly‐traded corporations and six small firms, we argue that this ownership‐disciplined alignment devolved decision‐making authority into operating business units; contracted headquarters' managers and staff functions; heightened stress on management selection; expanded use of performance‐based compensation; and created mechanisms for internal ownership. Changes in each area of managerial organization have appeared before, but they are now explicitly and systematically focused around enhancing shareholder value.