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The Firm Divided
Manager-Shareholder Conflict and the Fight for Control of the Modern Corporation
By (author)
Graeme Guthrie
Genres:
Historical mysteries, Corporate governance & responsibilities, Business strategy, Management: leadership & motivation
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Synopsis
A battle is being fought within corporations. Shareholders want managers to make their shares as valuable as possible, managers want shareholders to leave them alone, and the board of directors is caught in the middle. The Firm Divided shows how strong boards persuade managers to do what's best for shareholders-and why weak boards don't.
Graeme Guthrie blends the stories of particular firms and individuals with the insights of scholarly research, enhancing understanding of how seemingly separate events are consequences of the separation of ownership and control, the ultimate cause of manager-shareholder conflict. Boards of directors can affect the outcome of this conflict by monitoring managers, providing incentives for managers to work in shareholders' best interests, delegating monitoring to outside parties, and influencing
the effectiveness of the market for corporate control. How directors do this depends on how they weigh their fiduciary duty to shareholders against the close ties that bind them to senior executives.
The Firm Divided provides conceptual insight, underpinned by research into corporate governance, into board-manager interactions. It shows how tools that can benefit shareholders when used by strong boards can actually harm shareholders when used by weak boards. Guthrie provides a 360 degree view of firms, exploring the ways in which each player pursues their own goals, with examples from a range of firms in diverse industries. New & Used
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What Reviewers Are Saying
"This book is an engaging description of the ongoing war between managers and investors. It is a bit unusual in the governance field as it is most enjoyably written, but retains academic credibility. It is an enlightening read.'
-- Charles M. Elson, Edgars S. Woolard, Jr. Chair in Corporate Governance and Director, John L. Weinberg Center for Corporate Governance, University of Delaware
"The Firm Divided is a comprehensive investigation of the tensions that arise in the modern shareholder-manager conflict that sheds light on monitoring, selling, motivating, and delegating - in ways that might improve corporate governance. Guthrie clearly understands the details of modern corporate governance and expresses the ideas and narratives in an easy, flowing manner."
-- Frank Partnoy, George E. Barrett Professor of Law and Finance, University of San Diego, and author of WAIT: The Art and Science of Delay
"Guthrie provides a comprehensive but highly accessible analysis of corporate governance at publicly traded firms. The blending of real-world cases with the underlying economic intuition provides unique insights into the peril and promise of modern governance systems. The book will appeal to anyone interested in an entree into the sphere of corporate governance, from the casual reader, to the corporate executive or board member, to graduate students."
-- Stuart Gillan, Associate Professor of Finance, University of Georgia
-- Charles M. Elson, Edgars S. Woolard, Jr. Chair in Corporate Governance and Director, John L. Weinberg Center for Corporate Governance, University of Delaware
"The Firm Divided is a comprehensiv
-- Frank Partnoy, George E. Barrett Professor of Law and Finance, University of San Diego, and author of WAIT: The Art and Science of Delay
"Guthrie provides a comprehensiv
-- Stuart Gillan, Associate Professor of Finance, University of Georgia