DOC

SCHOOL OF MANAGEMENT

By Debbie Willis,2014-06-28 18:53
6 views 0
SCHOOL OF MANAGEMENT ...

    SCHOOL OF MANAGEMENT

    Course Specification 2008/09

    MN220 1A Full unit Core (Management Single/Major) Code: Course Value: Status:

    Strategic Management Autumn and Spring Title: Availability:

     Prerequisites: Recommended:

    Dr Catherine Wang (Autumn term), Sukhdev Johal (Spring term) Co-ordinator:

    Course Staff Sukhdev JOHAL, Dr Catherine Wang

     The course aims to analyse the principal theories of strategic management and set them in the context of key Aims: developments in which contemporary business operates, including political and regulatory developments, technological change, financialisation, the development of „new‟ business models and the changes in the framework for assessing corporate performance. The course thus aims 1. To discuss key concepts and debates in the theory of

    corporate and business strategy. 2. To examine the changing context in which the corporate strategy is formulated and

    implemented. 3. To illustrate how theoretical debates can be related to corporate strategies via the analysis of case

    studies covering a variety of industrial settings and situations. 4. To enable students to analyse financial and non-

    financial data relevant to the analysis of corporate performance. By the end of the course unit students should be able to Learning ; Understand the major approaches to analysing corporate strategy and the debates between proponents of these Outcomes: positions. ; Analyse the ways in which regulatory practices relate to corporate strategy.

    ; Comprehend the variety of product market situations in which corporate strategies are formulated and

    implemented.

     ; Understand the debate on the impact of electronic business on business strategy.

    ; Comprehend the impact of „financialisation‟ on the evaluation of corporate performance and on strategic

    management practices.

    ; Use financial and non-financial data in the analysis of strategic management issues in case studies.

    The first term‟s lecture structure is broadly based around three themes which encapsulate the leading thinkers, the positions and the debates and controversies within the strategic management discourse. The first theme introduces Course strategic management, the leading thinkers, the key concepts, and relates them to the context within which the firm Content: operates. The second and third themes analyse theories in much greater depth and relate them to structural and divisional/internal organisational issues. Initially, the course covers positioning theory through a discussion of

    industry analysis and generic strategies. Finally, the course broadly engages resource based theory and critically discusses key themes and issues including innovation, architecture and core competencies.

    The second term‟s lectures build on the „core‟ knowledge and introduce political economy debates about post

    Fordism, globalisation, financialisation and stakeholding which help us to understand management action and the

    changing structural context around the firm and industry.

    The workshops provide an interactive environment and support the lectures, providing opportunities for discussion

    and application of theories and concepts. During the first term this is primarily through company-based case studies

    that also support students with their first assignment, a report on a case study. In the second term, the workshops

    maintain an interactive approach and use a mix of case studies, lecture based discussion topics and primary research.

    20 Lectures (Duration: 1 hour each. 10 in the autumn term and 10 in the spring term). 16 Workshops (1 hour each. 8 Teaching &

    in the autumn term and 8 in the spring term). Learning

     Methods

    A lecture is delivered each week with the aim of introducing and developing a new topic, issue or debate while

    steadily contextualising our understanding to show inter-relations and differences between topics/issues. Before

    attending each lecture you are expected to read at least one article related to the topic area. Additionally, reading

    business pages in newspapers, such as the Financial Times, magazines such as Business Week and journals such as

    Business History will aid your understanding of contemporary business.

    The workshops will provide an opportunity to discuss issues related to the lecture and to develop your understanding

    of the topic while deepening grasp of the subject. As a pre-requisite, you are expected to prepare before attending and to participate in discussions. The teaching structure and methods will vary, but will include discussion of key issues,

    individual and group work and a group presentation based on a case study. There is no single book which is appropriate as a textbook for this course, if, however, you want a book on strategic Key management theory we suggest that any of the following are useful: Bibliography: Hill, C. and Jones, G. (2004) Strategic Management Theory: an Integrated Approach, Houghton-Mifflin

    McGee, J, Thomas, H and Wilson, D. (2005) Strategy: Analysis & Practice, McGraw Hill,

    Grant, Robert, M. (2004) Contemporary Strategy Analysis, Fifth Edition, Blackwell.

    Besanko, D., Dranove, D., Shanley, M. and Schaefer, S. (2003) Economics of Strategy, Third Edition, John Wiley

    The second term‟s teaching uses widely dispersed readings although Froud, J. et al (2006) Strategy and

    Financialisation: Narrative and Numbers, Routledge, is strongly recommended.

    The workshop tutor will provide feedback during workshops and through assessment of the written assignment. In-course Standard School of Management course evaluation forms will be distributed in either week 16 or 18. Feedback:

     Coursework = 30% (2 pieces of work) - Term 1, submit ONE case study based report participation in a (non-Assessment: assessed) group presentation is a pre-requisite for submission. Term 2, submit ONE essay.

    Coursework submissions must be word-processed.

    Examination = 70% - Essay format - no calculations. Three-hour unseen paper, containing eight questions. Answer

    three questions.

    The information contained in this course outline is correct at the time of publication, but may be subject to change as part of the Department‟s policy of continuous improvement and development. Every effort will be made to notify you of any such changes.

    2

    MN220: Strategic Management 2008/2009

Course tutors:

    Dr Catherine Wang (co-ordinator autumn term) Catherine.Wang@rhul.ac.uk

    Sukhdev Johal, (co-ordinator spring term) s.johal@rhul.ac.uk

Brief Outline and Aims of the Course

    The course will analyse the principal theories of strategic management and set them in the context of key developments in which contemporary business operates, including political and regulatory developments, technological change, financialisation, the development of „new‟ business models and the changes in the framework for assessing corporate performance.

The course aims:

    1. To discuss key concepts and debates in the theory of corporate and business strategy. 2. To examine the changing context in which the corporate strategy is formulated and implemented. 3. To illustrate how theoretical debates can be related to corporate strategies via the analysis of case

    studies covering a variety of industrial settings and situations.

    4. To enable students to analyse financial and non-financial data relevant to the analysis of corporate

    performance.

Learning outcomes

By the end of the course unit students should be able to:

    ; Understand the major approaches to analysing corporate strategy and the debates between

    proponents of these positions.

    ; Analyse the ways in which regulatory practices relate to corporate strategy.

    ; Comprehend the variety of product market situations in which corporate strategies are formulated

    and implemented.

    ; Understand the debate on the impact of electronic business on business strategy. ; Comprehend the impact of „financialisation‟ on the evaluation of corporate performance and on

    strategic management practices.

Overview of Lecture and Workshop Topics

    AUTUMN TERM

    Strategic Management: key No workshop Week 1 concepts.

    Strategic Management: context Workshop 1: Allocation of case study

    „product and capital markets‟ presentations.

    Week 2 Case study 1- Responses to product and capital

    market pressures „downstream integration‟ at Ford

    and General Motors

    Strategic Management: key theories No workshop. Preparation for presentations. Week 3 and controversies.

    Positioning Theory I: Industry Workshop 2: Case study 2- „Cost Leadership‟ as a Week 4 analysis generic strategy: Southwest Airlines.

    Positioning Theory II: Generic Workshop 3: Case study 3- „Differentiation‟ as a Week 5 strategies. Generic Strategy: Daimler Chrysler.

    Resource Based Theory: Workshop 4: Case study 4- Innovation and Week 6 Innovation. Competitive Advantage: GlaxoSmithKline.Increase Cost Recovery

    Resource Based Theory: Workshop 5: Case Study 5- „Architecture‟ and Week 7 „Architecture‟. Competitive Advantage: Marks and Spencer.

    Resource Based Theory: Strategic Workshop 6: Case Study 6- Strategic Assets: Week 8 Assets. British Telecom.

    Resource Based Theory: Core Workshop 7: Case Study 7- Core Competencies Week 9 competencies. and Competitive Advantage: Sony.

    Resource Based Theory: Workshop 8: Case study 8- Competing for the

    Week 10 „Competing for the future‟. Future: „New Economy‟ Companies Amazon and

    Egg.

    SPRING TERM

    Introduction: what is management No workshop Week 11 and business analysis?

    1980s Porter and strategy as Japan v America in cars in the 80s: what‟s the Week 12 classification business problem and what should Ford and GM

    do about it?

    Strategy and organisation(al Strategy and structure: general motors, the

    learning) „autonomy‟ of strategic management and the Week 13 displacement of ford as the industry leader 1909-

    1929

    Stakeholder analysis, distributive Airlines: Different business models? Ryanair vs Week 14 conflict and value added British Airways

    Globalisation and the macro Analysing shifts in product demand; must have Week 15 economy products, household income, and market

    fragmentation?

    Meso analysis: production chain v Porter‟s concept of value chain, Gereffi‟s concept Week 16 sector matrix of global commodity chain and “motoring sector

    matrix”.

    Shareholder value and BT: Delivering shareholder value during the Week 17 Financialization 1990s?

    Restructuring for capital and Caterpillar a “checklist for critical reading” and Week 18 against labour the field of the visible.

    Private Equity: Its role and how it Analysing performance and sources of returns Week 19 changes business calculations

    Synthesis: sustainable advantage No workshop Week 20 and what management can do?

     4

Organisation

    20 Lectures (Duration: 1 hour each. 10 in the autumn term and 10 in the summer term). 16 Workshops (Duration: 1 hour each). Eight sessions during the first term and eight during the second term.

    Room allocations: see timetable. Workshop groups: see notice board.

Autumn term: thrdLectures start on the week beginning 29 September 2008. The first lecture is scheduled on Friday 3

    October. thWorkshops start on the week beginning 06 October- see the Workshop Schedule on Page 4. Please note

    that there is NO workshop in Week 3. Students are required to self study and prepare for the formal

    presentations, which are scheduled from Week 4 onwards. Important note: Attend at your allocated time.

Spring term: thLectures start on the week beginning 12 January 2009. thWorkshops start on the week beginning 17 January 2009- see workshop lists. Important note: Attend

    at your allocated time.

    Workshop Allocation

    The Teaching Programmes and Admissions Office will allocate you to a workshop group. The workshop group list will be displayed on the year 2 notice board in the Moore Building.

Workshops

    The workshops will provide an opportunity to discuss issues related to the lecture and to develop your understanding of the topic while deepening grasp of the subject. As a pre-requisite, you are expected to prepare before attending and to participate in discussions. The teaching structure and methods will vary, but will include discussion of key issues, individual and group work and a group presentation based on a case study. During most weeks you will receive a worksheet containing tasks that you must complete for the following weeks‟ workshop as it will serve as a basis for discussion. Additionally in the first term you must present, within a group, a short case study based on a company. Your workshop tutor will allocate company cases and presentation dates during the first workshop.

    Lecture Programme

    Autumn Term

Week 1 Strategic Management: key concepts

Discussion issues:

    The concept of „strategic management‟; the distinctiveness of „strategic‟ as against functional management; criteria for the evaluation of strategic decisions.

Basic reading:

    Besanko, D., Dranove, D., Shanley, M. and Schaefer, S. (2003) Economics of Strategy, Third Edition, John Wiley, pp1-2. (Future references to this text will be as Besanko et al. (2003) thGrant, R. (2002) Contemporary Strategy Analysis, 4 edition, Blackwell, pp.16-17.

    Further reading:

    Shaoul, J. (1998) „Critical financial analysis and accounting for stakeholders‟, Critical Perspectives on

    Accounting, 9, 235-249.

    Stoney, C. and Winstanley, D. (2001) „Stakeholding: Confusion or Utopia? Mapping the Conceptual Terrain‟, Journal of Management Studies, 38 (5), 603-626.

Week 2 Strategic Management: context –‘product and capital markets’

     5

Discussion issues:

    The concept of cost recovery and the role of product markets in relation to cost recovery. Introduction to the role of capital markets in assessing corporate performance.

Basic reading:

    Williams, K, Haslam, C., Johal, S and Williams, J. (1995) „The crisis of cost recovery and the waste of the advanced economies‟, Competition and Change, 1 (1) pp. 67-93.

    Further reading

    Cutler, T. (2004) „The Wages of Capital: the Rise and Rise of „Corporate Governance‟‟, Competition and

    Change, 8 (1), 65-83 (particularly the discussion of stakeholding and shareholder primacy in pp. 67-71).

Week 3 Strategic Management: key theories and controversies

Discussion issues:

    The broad distinction between „positioning‟ and „resource based‟ approaches to corporate strategy;

    debates between positioning and resource based approaches and their implications for the scope and efficacy of strategic management.

Basic reading: th edition, Blackwell, chapters 3 and 5. Grant, R. (2002) Contemporary Strategy Analysis, 4

    Further reading

    Hamel, G. and Prahalad, C. (1999) „The Core Competencies of the Corporation‟ in H. Mintzberg, J.Quinn and S.Ghoshal (eds.) The Strategy Process, Financial Times/Prentice Hall, pp.82-91.

    Porter, M. (1999) „How Competition Forces Shape Strategy‟ in H.Mintzberg, J.Quinn and S.Ghoshal (eds.) The Strategy Process, Financial Times/Prentice Hall, pp.60-69.

    Kay, J. (1993) Foundations of Corporate Success, Oxford University Press, pp.63-5.

Week 4 Positioning Theory I: Industry analysis

Discussion issues:

    The role of „industry analysis‟ in positioning theory; the key elements in industry analysis and how it claims to inform strategic management practice.

Basic reading:

    Besanko et al. (2003) Ch.10 thGrant, R. (2002) Contemporary Strategy Analysis, 4 edition, Blackwell, pp. 71-82.

    Hill, C. and Jones, G. (2004) Strategic Management Theory: an Integrated Approach, Houghton-Mifflin, pp.40-50 (future references to this text will be as Hill and Jones (2004)

    McGee, J, Thomas, H and Wilson, D. (2005) Strategy: Analysis & Practice, McGraw Hill, pp. 149-153 (future references to this text will be as McGee et al. (2005)

    Further reading

    Porter, M. (1980) Competitive Strategy, Free Press, chapter 1.

    Porter, M. (1985) Competitive Advantage, Free Press, pp.4-10.

Week 5 Positioning Theory II: Generic strategies

Discussion issues:

    The concept of „generic strategy‟ in positioning theory; types of generic strategy; problems in combining generic strategies.

Basic reading:

    Besanko et al (2003) pp. 397-400

    Hill and Jones (2004) pp. 156-172

    McGee et al (2005) pp. 157-9.

     6

Porter, M. (1985) Competitive Advantage, Free Press, pp.12-25.

    Further reading

    Porter, M. (1980) Competitive Strategy, Free Press, chapter 2. th edition, Blackwell, pp.246-250. Grant, R. (2002) Contemporary Strategy Analysis, 4

Week 6 Resource Based Theory: Innovation

Discussion issues:

    Innovation as a means of generating competitive advantage; problems in the strategic management of

    innovation and the role of intellectual property.

Basic reading:

    Angell, M. (2005) The Truth About the Drug Companies, Random House, Chapters 1-4.

    Kay, J. (1993) Foundations of Corporate Success, Oxford University Press, chapter 1. Further reading

    Schweitzer, S. (1997) Pharmaceutical Economics and Policy, Oxford University Press, chapters 2 and 9. Froud, J., Haslam, C., Johal, S., Williams, K. and Willis, R. (1998) „British pharmaceuticals: a cautionary

    tale‟, Economy & Society, 27(4), 554-584 (particularly pp.564-575).

Week 7 Resource Based Theory: ‘Architecture’

Discussion issues:

    „Architecture‟ as a source of competitive advantage; the distinctive character of „relational‟ contracts with

    workers/suppliers; advantages and disadvantages of „architecture‟.

Basic reading:

    Kay, J. (1993) Foundations of Corporate Success, Oxford University Press, chapters 4 and 5. Further reading

    Besanko et al (2003) pp. 119-121

Week 8 Resource Based Theory: Strategic Assets

Discussion issues:

    „Strategic assets‟ as a source of competitive advantage; access to strategic assets; management of strategic assets and the impact of regulation.

Basic reading:

    Kay, J. (1993) Foundations of Corporate Success, Oxford University Press, chapter 8. Further reading

    Froud, J., Haslam, C., Johal, S., Shaoul, J. and Williams, K. (1996) „Stakeholder Economy? From Utility Privatisation to New Labour‟, Capital and Class, No.60, 119-134.

    Thatcher, M. (1999) The Politics of Telecommunications, Oxford University Press, Parts III and IV.

Week 9 Resource Based Theory: Core competencies

Discussion issues:

    The concept of corporate competencies; the development and use of competencies, core competencies and

    financial metrics in strategic decision making.

Basic reading:

    Hamel, G. and Prahalad, C. (1994) Competing for the Future, Harvard Business School Press, chapters 2, 4-7 and 10.

    Further reading

    Hamel, G. and Prahalad, C. (1993) „Strategy as Stretch and Leverage‟, Harvard Business Review, 71,

    March-April, pp.75-86.

     7

    th edition, Blackwell, chapter 5. Grant, R. (2002) Contemporary Strategy Analysis, 4

Week 10 Resource Based Theory: ‘Competing for the future’

Discussion issues:

    „Future‟ oriented approaches to strategic management, the limitations and problems of static approaches to

    strategic decision making, links to „new economy‟ concepts, problems of „competing for the future‟.

Basic reading:

    Hamel, G. and Prahalad, C. (1994) Competing for the Future, Harvard Business School Press, chapters 4, 8 and 9.

    Further reading

    Gordon, R. (2000) „Does the new economy measure up to the great inventions of the past?‟, Journal of

    Economic Perspectives, 14(4), 49-74.

    Willis, R., Marshall, J. and Richardson, R. (2001) „The impact of branchless banking on building society

    branch networks‟, Environment and Planning A, 33, 1371-1384.

Spring Term

Week 11 Introduction: what is management and business analysis?

Week 12 1980s Porter and strategy as classification

Classic original statement:

    Porter M. E. (1985) Competitive Advantage, especially chap.1 pp.1-30 on the five forces and generic strategies. Reprinted in DeWitt and Meyer, Strategy Process, Content, Context, pp.344-358 with a

    useful preceding introduction and other readings.

    Johnson G. and Scholes K. (1999) Exploring Corporate Strategy (5th edition) chap 3 on analyzing the environment, pp. 97-141. Especially pp.115-141 (straightforward textbook account of positioning)

Week 13 Strategy and organisation(al learning)

Classic original statements:

    Prahalad, C. and Hamel, G. “The Core Competences of the Corporation” Harvard Business Review,

    May/June 1990. (for revision/or as introduction)

    Prahalad, C. and Hamel, G. “Strategy as stretch and leverage” Harvard Business Review, March/April

    1993. (for revision/or as introduction)

On mainstream strategy usage of RBT:

    Baden-Fuller, C. and Stopford, J. (1993) Rejuvenating the Mature Business, London: Routledge., chap 1 “Maturity is a State of mind” pp.1-12 and Chapter 2 “The Firm Matters, Not the Industry” pp.13-24.

    Sections reprinted in Segal-Horn, S. (1999) The Strategy Reader, Oxford: Blackwell, pp.125-140. Leaver, A. (2001) “Organic Farming: ex post strategy or ex ante business analysis?” (mimeo: Competition

    and Change forthcoming).(critiques orthodox usage).

    Barney, J.B. “Strategic Factor Markets” in Chapter 12 pp.146-160 (a neo-classical view on RBT) in Foss, N. (1997) Resources, Firms and Strategies, Oxford: OUP (the best advanced text for new and classic interpretations).

Week 14 Stakeholder analysis, distributive conflict and value added

     8

Jensen, M. (1998) “The takeover controversy: analysis and evidence”: in Stern, J.M. and Chew, D.H.

    (eds), The Revolution in Corporate Finance (3rd edition, 1998) Oxford: Blackwell, pp.351-377. (disciplining managers, from an agency point of view).

    Shleifer A. and Summers L H (1988) “Breach of trust in hostile takeovers” in Auerbach, A. J. (ed)

    Corporate Takeovers: Causes and Consequences, Chicago: University of Chicago Press, pp.33-68. (takeover as a breach of implicit contracts with workers and suppliers). Froud, J., Haslam, C., Johal, S. and Williams, K. (2000) “Restructuring for shareholder value and its implications for labour” Cambridge Journal of Economics, Vol. 24, pp. 771-797 (using accounting data from a redistribution perspective).

    Froud, J, Haslam C, Johal S and Williams K (2001) “Accumulation under conditions of inequality”,

    Review of International Political Economy, Vol. 8, No 1, Spring, pp. 66-95 (identifies UK and US shareholders as households in the top 40% by income).

Week 15 Globalisation and the macro economy

    Amin, A. (1994) Post-Fordism: A Reader, Oxford: Blackwell. Introduction (standard English beginners guide to Regulationism)

    Boyer, R. (1990) The Regulation School: A Critical Introduction, New York: Columbia University Press. Chapter 2, pp.29-46. (statement by one of the French founders) Piore, M. and Sabel, C. (1984) The Second Industrial Divide: Possibilities for Prosperity, Basic Books:

    USA. “Introduction”, pp.1-19. (launched flexible specialisation: hugely influential) For perspective/ criticism:

    Jessop, B. (1995) "The Regulation Approach, Governance and Post-Fordism: Alternative Perspectives on

    Economic and Political Change", Economy and Society, Vol.24, No.3, pp.307-333.(by a British Regulationist).

    Peck, J. and Tickell, A. (1995) “Social Regulation After Fordism: Regulation theory, neo-liberalism and

    the global-local nexus” Economy and Society Vol.24, No.3, pp.357-386. (critiques Regulationism) Williams, K. Cutler, T. Williams, J. Haslam, C. (1987) “The End of Mass production?”, Economy and

    Society, Vol. 16, No.3, pp.405-439. (the standard critique of Piore and Sabel). Globalisation:

a) For the political economy debates see:

    Dicken, P. (1998) Global Shift: Transforming the World Economy (3rd edition) London: Paul Chapman. Chapter 2 “The changing global map: Trends in production and trade” pp.16-46. and Prologue of Pt.1

    pp.91-96. See also pt. 3 for some sectoral examples. (balanced overview) Hirst, P. and Thompson, G. (1999) Globalisation in Question (2nd edition) Malden: Polity Press. Chapter 1 “Globalisation: A necessary myth?” pp.1-18; Chapter 2 “Globalisation and the history of the international economy” pp.19-65. (the best known critique of globalisation). Sutcliffe B and Glyn A. “Still underwhelmed: indicators of globalisation and their misinterpretation”

    Review of Radical Political Economy, 1999, Vl 31, No 1, pp.111-37. (excellent statistics) Kaplinsky, R. “Is globalization all it is cracked up to be?” Review of International Political Economy, Vol.

    8, No.1, Spring 2001, pp.45-65 (on the implications of bringing China and India into the global system).

    b) For the business school debates see:

    Levitt, T. (1983) “The Globalisation of markets”, Harvard Business Review, May/June 1983, Reprinted in DeWit, B. and Meyer, R. (1999) Strategy: Process, Content and Context, (1999, 2nd edition) pp.733-741. (The original statement about globalisation of markets).

    Bartlett, C and Ghoshal, S. (1995 2nd edition) Transnational Management: Text, Cases, and Readings in

    Cross-Border Management, RD Irwin Inc. Chapter 5 “Transnational management”; also reprinted in

    DeWit and Meyer (1999, 2nd edition) Strategy: Process, Content and Context, pp.785-801. (on the

    complications of running an international company)

Week 16 Meso analysis: production chain v sector matrix

Various positions on chain and matrix:

     9

Porter, M. E. Competitive Advantage (1985), chap 2 “the value chain and competitive advantage” New

    York: Free Press, pp. 13-61 (started it all)

    Gereffi, G. Korzeniewicz, M. and Korzeniewicz, R. (1994) “Introduction: global commodity chains” pp. in Gereffi, G. and Korzeniewicz, M. (eds) Commodity Chains and Global Capitalism, London: Praeger

    (political economy takes up chains).

    Froud, J. Haslam, C. Johal S. and Williams K. (1998) “Breaking the chains? A sector matrix for motoring” Competition and Change, vol. 3. no 3, pp. 293-334 (a different way of thinking, illustrated by cars)

Week 17 Macro analysis (b) capital market, shareholder value and Financialisation

    The February 2000 special issue of Economy and Society is the standard political economy introduction to shareholder value and financialisation. As well as the three articles cited below it includes articles by Morin and Juergens which cover change in France and Germany and a full length introduction by Williams which provides an overview of the issues.

    Froud J., Haslam C., Johal S. and Williams K. (2000) “Shareholder value and financialization: consultancy promises and management moves”, Economy and Society, Vol. 29, No 1, February 2000, pp

    80-110. (on the difficulty of generating EVA).

    Lazonick, W and O‟Sullivan, M (2000) “Maximising shareholder value: A new ideology for corporate governance” Economy and Society Vol. 29, No.1 Feb 2000, pp.13-35. (on US corporations and “downsize

    and distribute”).

    Boyer, R (2000) “Is a finance-led growth regime a viable alternative to Fordism? A preliminary analysis”

    Economy and Society Vol. 29, No.1, pp.111-145. (theoretically important contribution on the dynamics of a wealth-based growth regime).

    Shiller R J (2000), Irrational Exuberance, Princeton:Princeton University Press, chap 1 (pp.3-14) on

    current stock prices, chap 9 (pp.171-190) attacking efficient markets, chap 11 conclusion (pp.203-233) (a cogent statement from the behavioural finance camp)

     On measures of success after financialisation:

    Stern, J. and Chew, D. (1998 3rd ed.) The Revolution in Corporate Finance Oxford: Blackwell. Read:

    Stern, J, Stewart III, J. and Chew Jr., D. “The EVA financial management system” pp.474-488. (about

    selling EVA).

    Kay, J. (1993) Foundations of Corporate Success, Oxford: Oxford University Press, chap 1 “the structure

    of strategy” (pp.3-18); chap 2 “adding value” (pp19-32) and chap 13 “the value of competitive

    advantage” (pp.192-218) (Prestigious English attempt to define success in terms of abnormal profit i.e. “added value”).

Week 18 Restructuring for capital and against labour

    Jensen, M. (1998) “The takeover controversy: analysis and evidence”: in Stern, J.M. and Chew, D.H. (eds), The Revolution in Corporate Finance (3rd edition, 1998) Oxford: Blackwell, pp.351-377.

    (disciplining managers, from an agency point of view).

    Shleifer A. and Summers L H (1988) “Breach of trust in hostile takeovers” in Auerbach, A. J. (ed) Corporate Takeovers: Causes and Consequences, Chicago: University of Chicago Press, pp.33-68.

    (takeover as a breach of implicit contracts with workers and suppliers).

    Froud, J., Haslam, C., Johal, S. and Williams, K. (2000) “Restructuring for shareholder value and its implications for labour” Cambridge Journal of Economics, Vol. 24, pp. 771-797 (using accounting

    data from a redistribution perspective).

    Froud, J, Haslam C, Johal S and Williams K (2001) “Accumulation under conditions of inequality”, Review of International Political Economy, Vol. 8, No 1, Spring, pp. 66-95 (identifies UK and US

    shareholders as households in the top 40% by income).

Week 19 Private Equity: its role and how it changes business calculations

Readings: To be provided

     10

Report this document

For any questions or suggestions please email
cust-service@docsford.com