The changing anatomy of corporate control and the market for executives in the United Kingdom

Journal of Law and Society

Volumn 24, Issue 1, 1997, Pages 104-123

  Cosh, Andy ^a   Hughes, Alan ^a  

^a UNIVERSITY OF CAMBRIDGE   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0031498387     PISSN: 0263323X     EISSN: None     Source Type: Journal    
DOI: 10.1111/1467-6478.00039     Document Type: Article

References (53)

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2. id., p. 58.
3. id., pp. 58-9
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5. id., s. 6.9.
6. id., ss. 6.2-6.4.
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8. R.L. Marris, The Economic Theory of Managerial Capitalism (1966).
9. id., p. 89.
10. id., p. 103 (italics in original).
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12. P.F. Kostiuk, 'Firm Size and Executive Compensation' (1989) 25 J. of Human Resources 90; K.J. Murphy, 'Corporate Performance and Managerial Remuneration' (1985) 7 J. of Accounting and Economics, 11 ; A.D. Cosh and A. Hughes, 'The Anatomy of Corporate Control: Directors, Shareholders and Executive Remuneration in Giant US and UK Corporations (1987) 11 Cambridge J. of Economics 285.
13. P.F. Kostiuk, 'Firm Size and Executive Compensation' (1989) 25 J. of Human Resources 90; K.J. Murphy, 'Corporate Performance and Managerial Remuneration' (1985) 7 J. of Accounting and Economics, 11 ; A.D. Cosh and A. Hughes, 'The Anatomy of Corporate Control: Directors, Shareholders and Executive Remuneration in Giant US and UK Corporations (1987) 11 Cambridge J. of Economics 285.
14. E.F. Fama 'Agency Problems and the Theory of the Firm' (1980) J. of Political Economy, 280; B.G.M. Main, A. Bruce, and T. Buck, 'Total Board Remuneration and Company Performance' (1996) 106 Economic J. 1627.
15. E.F. Fama 'Agency Problems and the Theory of the Firm' (1980) J. of Political Economy, 280; B.G.M. Main, A. Bruce, and T. Buck, 'Total Board Remuneration and Company Performance' (1996) 106 Economic J. 1627.
16. M.C. Jensen, and R. Ruback, 'The Market for Corporate Control: The Scientific Evidence' (1983) 11 J. of Financial Economics, 5; S.G. Gilson, 'Management Turnover and Financial Distress' (1985) 25 J. of Financial Economics 241; K.J. Martin and J.J. McConnell, 'Corporate Performance, Corporate Takeovers and Management Turnover' (1991) 46 J. of Finance 671; S. Rosen, 'Contracts and the Market for Executives' in Contract Economics, eds. L. Werin and H. Wijkander (1992) 181; M.S.D. Weisbach, 'Outside Directors and CEO Turnover' (1988) 20 J. of Financial Economics 431.
17. M.C. Jensen, and R. Ruback, 'The Market for Corporate Control: The Scientific Evidence' (1983) 11 J. of Financial Economics, 5; S.G. Gilson, 'Management Turnover and Financial Distress' (1985) 25 J. of Financial Economics 241; K.J. Martin and J.J. McConnell, 'Corporate Performance, Corporate Takeovers and Management Turnover' (1991) 46 J. of Finance 671; S. Rosen, 'Contracts and the Market for Executives' in Contract Economics, eds. L. Werin and H. Wijkander (1992) 181; M.S.D. Weisbach, 'Outside Directors and CEO Turnover' (1988) 20 J. of Financial Economics 431.
18. M.C. Jensen, and R. Ruback, 'The Market for Corporate Control: The Scientific Evidence' (1983) 11 J. of Financial Economics, 5; S.G. Gilson, 'Management Turnover and Financial Distress' (1985) 25 J. of Financial Economics 241; K.J. Martin and J.J. McConnell, 'Corporate Performance, Corporate Takeovers and Management Turnover' (1991) 46 J. of Finance 671; S. Rosen, 'Contracts and the Market for Executives' in Contract Economics, eds. L. Werin and H. Wijkander (1992) 181; M.S.D. Weisbach, 'Outside Directors and CEO Turnover' (1988) 20 J. of Financial Economics 431.
19. M.C. Jensen, and R. Ruback, 'The Market for Corporate Control: The Scientific Evidence' (1983) 11 J. of Financial Economics, 5; S.G. Gilson, 'Management Turnover and Financial Distress' (1985) 25 J. of Financial Economics 241; K.J. Martin and J.J. McConnell, 'Corporate Performance, Corporate Takeovers and Management Turnover' (1991) 46 J. of Finance 671; S. Rosen, 'Contracts and the Market for Executives' in Contract Economics, eds. L. Werin and H. Wijkander (1992) 181; M.S.D. Weisbach, 'Outside Directors and CEO Turnover' (1988) 20 J. of Financial Economics 431.
20. M.C. Jensen, and R. Ruback, 'The Market for Corporate Control: The Scientific Evidence' (1983) 11 J. of Financial Economics, 5; S.G. Gilson, 'Management Turnover and Financial Distress' (1985) 25 J. of Financial Economics 241; K.J. Martin and J.J. McConnell, 'Corporate Performance, Corporate Takeovers and Management Turnover' (1991) 46 J. of Finance 671; S. Rosen, 'Contracts and the Market for Executives' in Contract Economics, eds. L. Werin and H. Wijkander (1992) 181; M.S.D. Weisbach, 'Outside Directors and CEO Turnover' (1988) 20 J. of Financial Economics 431.
21. A.A. Berle Power without Property (1960).
22. A.D. Cosh, A. Hughes, K. Lee, and A. Singh, 'Institutional Investment, Mergers and the Market for Corporate Control' (1989) 7 International J. of Industrial Organization 73; A.D. Cosh, and A. Hughes, 'Executive Remuneration, Executive Dismissal and Institutional Shareholdings' (1997) International J. of Industrial Organization (forthcoming); A.D. Cosh, A. Hughes, K. Lee, and A. Singh, 'Takeovers, Institutional Investment and the Persistence of Profits' (1996) ESRC Centre for Business Research working paper no. 30, also forthcoming in Applied Economics and Public Policy, eds. I. Begg, and S.G.B. Henry (1997); H. Short, 'Ownership, Control, Financial Structure and the Performance of Firms' (1994) 8 J. of Economic Surveys 203.
23. A.D. Cosh, A. Hughes, K. Lee, and A. Singh, 'Institutional Investment, Mergers and the Market for Corporate Control' (1989) 7 International J. of Industrial Organization 73; A.D. Cosh, and A. Hughes, 'Executive Remuneration, Executive Dismissal and Institutional Shareholdings' (1997) International J. of Industrial Organization (forthcoming); A.D. Cosh, A. Hughes, K. Lee, and A. Singh, 'Takeovers, Institutional Investment and the Persistence of Profits' (1996) ESRC Centre for Business Research working paper no. 30, also forthcoming in Applied Economics and Public Policy, eds. I. Begg, and S.G.B. Henry (1997); H. Short, 'Ownership, Control, Financial Structure and the Performance of Firms' (1994) 8 J. of Economic Surveys 203.
24. A.D. Cosh, A. Hughes, K. Lee, and A. Singh, 'Institutional Investment, Mergers and the Market for Corporate Control' (1989) 7 International J. of Industrial Organization 73; A.D. Cosh, and A. Hughes, 'Executive Remuneration, Executive Dismissal and Institutional Shareholdings' (1997) International J. of Industrial Organization (forthcoming); A.D. Cosh, A. Hughes, K. Lee, and A. Singh, 'Takeovers, Institutional Investment and the Persistence of Profits' (1996) ESRC Centre for Business Research working paper no. 30, also forthcoming in Applied Economics and Public Policy, eds. I. Begg, and S.G.B. Henry (1997); H. Short, 'Ownership, Control, Financial Structure and the Performance of Firms' (1994) 8 J. of Economic Surveys 203.
25. A.D. Cosh, A. Hughes, K. Lee, and A. Singh, 'Institutional Investment, Mergers and the Market for Corporate Control' (1989) 7 International J. of Industrial Organization 73; A.D. Cosh, and A. Hughes, 'Executive Remuneration, Executive Dismissal and Institutional Shareholdings' (1997) International J. of Industrial Organization (forthcoming); A.D. Cosh, A. Hughes, K. Lee, and A. Singh, 'Takeovers, Institutional Investment and the Persistence of Profits' (1996) ESRC Centre for Business Research working paper no. 30, also forthcoming in Applied Economics and Public Policy, eds. I. Begg, and S.G.B. Henry (1997); H. Short, 'Ownership, Control, Financial Structure and the Performance of Firms' (1994) 8 J. of Economic Surveys 203.
26. Cosh and Hughes, op. cit., n.11.
27. id.
28. Main, Bruce, and Buck, op. cit., n. 12; Cosh and Hughes, op. cit., n. 15.
29. Main, Bruce, and Buck, op. cit., n. 12; Cosh and Hughes, op. cit., n. 15.
30. T. Nichols, Ownership Control and Ideology: An Inquiry into Certain Aspects of Modern Business Ideology (1969); B.M.G. Main, 'Top Executive Pay and Performance' (1991) 12 Managerial and Decision Economics 219; B.G.M. Main and J. Johnston, 'Remuneration Committees and Corporate Governance' (1993) 23 Accounting and Business Research 351; C.A. O'Reilly, III, B.M.G. Main, and G.S. Crystal, 'CEO Compensation as Tournament and Social Comparison: A Tale of Two Theories' (1988) 33 Adminstrative Science Q. 257; M. Useem, The Inner Circle (1984).
31. T. Nichols, Ownership Control and Ideology: An Inquiry into Certain Aspects of Modern Business Ideology (1969); B.M.G. Main, 'Top Executive Pay and Performance' (1991) 12 Managerial and Decision Economics 219; B.G.M. Main and J. Johnston, 'Remuneration Committees and Corporate Governance' (1993) 23 Accounting and Business Research 351; C.A. O'Reilly, III, B.M.G. Main, and G.S. Crystal, 'CEO Compensation as Tournament and Social Comparison: A Tale of Two Theories' (1988) 33 Adminstrative Science Q. 257; M. Useem, The Inner Circle (1984).
32. T. Nichols, Ownership Control and Ideology: An Inquiry into Certain Aspects of Modern Business Ideology (1969); B.M.G. Main, 'Top Executive Pay and Performance' (1991) 12 Managerial and Decision Economics 219; B.G.M. Main and J. Johnston, 'Remuneration Committees and Corporate Governance' (1993) 23 Accounting and Business Research 351; C.A. O'Reilly, III, B.M.G. Main, and G.S. Crystal, 'CEO Compensation as Tournament and Social Comparison: A Tale of Two Theories' (1988) 33 Adminstrative Science Q. 257; M. Useem, The Inner Circle (1984).
33. T. Nichols, Ownership Control and Ideology: An Inquiry into Certain Aspects of Modern Business Ideology (1969); B.M.G. Main, 'Top Executive Pay and Performance' (1991) 12 Managerial and Decision Economics 219; B.G.M. Main and J. Johnston, 'Remuneration Committees and Corporate Governance' (1993) 23 Accounting and Business Research 351; C.A. O'Reilly, III, B.M.G. Main, and G.S. Crystal, 'CEO Compensation as Tournament and Social Comparison: A Tale of Two Theories' (1988) 33 Adminstrative Science Q. 257; M. Useem, The Inner Circle (1984).
34. T. Nichols, Ownership Control and Ideology: An Inquiry into Certain Aspects of Modern Business Ideology (1969); B.M.G. Main, 'Top Executive Pay and Performance' (1991) 12 Managerial and Decision Economics 219; B.G.M. Main and J. Johnston, 'Remuneration Committees and Corporate Governance' (1993) 23 Accounting and Business Research 351; C.A. O'Reilly, III, B.M.G. Main, and G.S. Crystal, 'CEO Compensation as Tournament and Social Comparison: A Tale of Two Theories' (1988) 33 Adminstrative Science Q. 257; M. Useem, The Inner Circle (1984).
35. Cosh and Hughes, op. cit., n. 15.
36. J.E. Parkinson, Corporate Power and Responsibility: Issues in the Theory of Company Law (1994); M. Ezzamel, and R. Watson, 'Wearing Two Hats: The Conflicting Management and Control Roles of Non-Executive Directors' in Corporate Governance, eds. K. Keasey et al. (1996).
37. J.E. Parkinson, Corporate Power and Responsibility: Issues in the Theory of Company Law (1994); M. Ezzamel, and R. Watson, 'Wearing Two Hats: The Conflicting Management and Control Roles of Non-Executive Directors' in Corporate Governance, eds. K. Keasey et al. (1996).
38. Cosh and Hughes, op. cit., n. 15.
39. R.A.G. Monks and N. Minow, Corporate Governance (1995); J.P. Hawley and A.T. Williams, 'Corporate Governance in the United States: The Rise of Fiduciary Capitalism', St Mary's College of California School of Economics and Business Adminstration, working paper (1996).
40. R.A.G. Monks and N. Minow, Corporate Governance (1995); J.P. Hawley and A.T. Williams, 'Corporate Governance in the United States: The Rise of Fiduciary Capitalism', St Mary's College of California School of Economics and Business Adminstration, working paper (1996).
41. S.L. Nesbitt, 'Long-Term Rewards from Shareholder Activism: A Study of the CalPERS Effect' (1994) J. of Applied Corporate Finance 75; D. Strickland, K.W. Wiles, and M. Zenner, 'A Requiem for the USA: Is Small Shareholder Monitoring Effective?' (1996) 40 J. of Financial Economics 319; J.P. Hawley, A.T. Williams, and J.U. Miller, 'Getting the Herd to Run: Shareholder Activism at the California Public Employees' Retirement System (CalPERS)' (1994) 6 Business and the Contemporary World 26.
42. S.L. Nesbitt, 'Long-Term Rewards from Shareholder Activism: A Study of the CalPERS Effect' (1994) J. of Applied Corporate Finance 75; D. Strickland, K.W. Wiles, and M. Zenner, 'A Requiem for the USA: Is Small Shareholder Monitoring Effective?' (1996) 40 J. of Financial Economics 319; J.P. Hawley, A.T. Williams, and J.U. Miller, 'Getting the Herd to Run: Shareholder Activism at the California Public Employees' Retirement System (CalPERS)' (1994) 6 Business and the Contemporary World 26.
43. S.L. Nesbitt, 'Long-Term Rewards from Shareholder Activism: A Study of the CalPERS Effect' (1994) J. of Applied Corporate Finance 75; D. Strickland, K.W. Wiles, and M. Zenner, 'A Requiem for the USA: Is Small Shareholder Monitoring Effective?' (1996) 40 J. of Financial Economics 319; J.P. Hawley, A.T. Williams, and J.U. Miller, 'Getting the Herd to Run: Shareholder Activism at the California Public Employees' Retirement System (CalPERS)' (1994) 6 Business and the Contemporary World 26.
44. Cosh and Hughes, op. cit., n. 15.
45. A.D. Cosh 'The Remuneration of Chief Executives in the United Kingdom'(1975) 85 Economic J. 75; G. Meeks and G. Whittington, 'Directors' Pay, Growth and Profitability' (1975) 24 J. of Industrial Economics, 1; Main, op. cit., n. 19; M. Conyon and D. Leech, 'Top Pay, Company Performance and Corporate Governance' 56 Oxford Bull. of Economics and Statistics, 229; Cosh and Hughes, id.; P. Gregg, S. Machin, and S. Szymanski, 'The Disappearing Relationship Between Directors' Pay and Corporate Performance' (1993) 31 British J. of Industrial Relations 1.
46. A.D. Cosh 'The Remuneration of Chief Executives in the United Kingdom'(1975) 85 Economic J. 75; G. Meeks and G. Whittington, 'Directors' Pay, Growth and Profitability' (1975) 24 J. of Industrial Economics, 1; Main, op. cit., n. 19; M. Conyon and D. Leech, 'Top Pay, Company Performance and Corporate Governance' 56 Oxford Bull. of Economics and Statistics, 229; Cosh and Hughes, id.; P. Gregg, S. Machin, and S. Szymanski, 'The Disappearing Relationship Between Directors' Pay and Corporate Performance' (1993) 31 British J. of Industrial Relations 1.
47. A.D. Cosh 'The Remuneration of Chief Executives in the United Kingdom'(1975) 85 Economic J. 75; G. Meeks and G. Whittington, 'Directors' Pay, Growth and Profitability' (1975) 24 J. of Industrial Economics, 1; Main, op. cit., n. 19; M. Conyon and D. Leech, 'Top Pay, Company Performance and Corporate Governance' 56 Oxford Bull. of Economics and Statistics, 229; Cosh and Hughes, id.; P. Gregg, S. Machin, and S. Szymanski, 'The Disappearing Relationship Between Directors' Pay and Corporate Performance' (1993) 31 British J. of Industrial Relations 1.
48. A.D. Cosh 'The Remuneration of Chief Executives in the United Kingdom'(1975) 85 Economic J. 75; G. Meeks and G. Whittington, 'Directors' Pay, Growth and Profitability' (1975) 24 J. of Industrial Economics, 1; Main, op. cit., n. 19; M. Conyon and D. Leech, 'Top Pay, Company Performance and Corporate Governance' 56 Oxford Bull. of Economics and Statistics, 229; Cosh and Hughes, id.; P. Gregg, S. Machin, and S. Szymanski, 'The Disappearing Relationship Between Directors' Pay and Corporate Performance' (1993) 31 British J. of Industrial Relations 1.
49. A.D. Cosh 'The Remuneration of Chief Executives in the United Kingdom'(1975) 85 Economic J. 75; G. Meeks and G. Whittington, 'Directors' Pay, Growth and Profitability' (1975) 24 J. of Industrial Economics, 1; Main, op. cit., n. 19; M. Conyon and D. Leech, 'Top Pay, Company Performance and Corporate Governance' 56 Oxford Bull. of Economics and Statistics, 229; Cosh and Hughes, id.; P. Gregg, S. Machin, and S. Szymanski, 'The Disappearing Relationship Between Directors' Pay and Corporate Performance' (1993) 31 British J. of Industrial Relations 1.
50. A.D. Cosh 'The Remuneration of Chief Executives in the United Kingdom'(1975) 85 Economic J. 75; G. Meeks and G. Whittington, 'Directors' Pay, Growth and Profitability' (1975) 24 J. of Industrial Economics, 1; Main, op. cit., n. 19; M. Conyon and D. Leech, 'Top Pay, Company Performance and Corporate Governance' 56 Oxford Bull. of Economics and Statistics, 229; Cosh and Hughes, id.; P. Gregg, S. Machin, and S. Szymanski, 'The Disappearing Relationship Between Directors' Pay and Corporate Performance' (1993) 31 British J. of Industrial Relations 1.
51. Main, Bruce, and Buck, op. cit., n. 12.
52. Cosh and Hughes, op. cit., n. 15; Conyon and Leech, op. cit., n. 26.
53. Cosh and Hughes, op. cit., n. 15; Conyon and Leech, op. cit., n. 26.