The symbolic management of stockholders: Corporate governance reforms and shareholder reactions

Administrative Science Quarterly

Volumn 43, Issue 1, 1998, Pages 127-153

  Westphal, James D ^a   Zajac, Edward J ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0032220361     PISSN: 00018392     EISSN: None     Source Type: Journal    
DOI: 10.2307/2393593     Document Type: Article

References (101)

1. Allison, Paul D. 1982 "Discrete-time methods for the analysis of event histories." In Samuel Leinhardt (ed.), Sociological Methodology: 61-98. San Francisco: Jossey-Bass.
2. 1984 Event History Analysis: Regression for Longitudinal Event Data. Beverly Hills, CA: Sage.
3. Amihud, Yakov, and Baruch Lev 1981 "Risk reduction as a managerial motive for conglomerate mergers." Bell Journal of Economics, 12: 605-617.
4. Baker, Wayne E. 1984 "The social structure of a national securities market." American Journal of Sociology, 89: 777-811.
5. Barney, Jay B., and William G. Ouchi (eds.) 1986 Organizational Economics. San Francisco: Jossey-Bass.
6. Beatty, Randolph P., and Edward J. Zajac 1987 "CEO change and firm performance in large corporations: Succession effects and manager effects." Strategic Management Journal, 8: 305-317.
7. 1994 "Top management incentives, monitoring, and risk sharing: A study of executive compensation, ownership, and board structure in initial public offerings." Administrative Science Quarterly, 39: 313-335.
8. Bielby, William T., and Denise D. Bielby 1994 "All hits are 'flukes': Institutionalized decision making and the rhetoric of network prime-time program development." American Journal of Sociology, 99: 1287-1313.
9. Bradley, Michael 1980 "Interfirm tender offers and the market for corporate control." Journal of Business, 53: 345-376.
10. Bradley, Michael, Anand Desai, and F. Han Kim 1983 "The rationale behind interfirm tender offers: Information or synergy?" Journal of Financial Economics, 11: 183-206.
11. Brickley, James A. 1986 "Interpreting common stock returns around proxy statement disclosures and annual shareholder meetings." Journal of Financial and Quantitative Analysis, 21: 343-349.
12. Brickley, James A., Sanjai Bhagat, and Ronald C. Lease 1985 "The impact of long-range managerial compensation plans on shareholder wealth." Journal of Accounting and Economics, 7: 115-129.
13. Brown, Andrew D. 1994 "Politics, symbolic action and myth making in pursuit of legitimacy." Organization Studies, 15: 861-878.
14. Brown, Stephen J., and Jerold B. Warner 1985 "Using daily stock returns: The case of event studies." Journal of Financial Economics, 14: 3-31.
15. Brozovsky, John A., and Parvez R. Sopariwala 1995 "The determinants of performance plan adoption." Journal of Accounting, Auditing and Finance, 10: 655-676.
16. Brudney, Victor 1982 "The independent director - Heavenly city or Potemkin village?" Harvard Law Review, 95: 597-659.
17. Business Week 1992 "Executive pay." March 30: 52-58.
18. 1996 "The best and worst boards." November 25: 82-106.
19. 1997 "The rush to quality on corporate boards." March 3: 34-35.
20. Charan, Ram 1993 "Better boardroom relations." Harvard Business Review, January/February: 80-81.
21. Clapham, Stephen E., and Charles R. Schwenk 1991 "Self-serving attributions, managerial cognition, and company performance." Strategic Management Journal, 12: 219-229.
22. Clogg, C. C., and S. R. Eliason 1987 "Some common problems in log-linear analysis." Sociological Methods and Research, 15: 8-44.
23. Crystal, Graef S. 1984 Questions and Answers on Executive Compensation. Englewood Cliffs, NJ: Prentice-Hall.
24. 1991 In Search of Excess: The Overcompensation of American Executives. New York: W. W. Norton.
25. Davis, Gerald F., and Tracy A. Thompson 1994 "A social movement perspective on corporate control." Administrative Science Quarterly, 39: 141-173.
26. DiMaggio, Paul J., and Walter W. Powell 1983 "The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields." American Sociological Review, 48: 147-160.
27. Dodd, P., and Richard Ruback 1977 "Tender offers and stockholder returns." Journal of Financial Economics, 5: 351-373.
28. Dodd, P., and Jerold B. Warner 1983 "On corporate governance: A study of proxy contests." Journal of Financial Economics, 11: 401-438.
29. Economist 1994 "The enemy within." January 29: 59.
30. Ellig, Bruce R. 1984 "Incentive plans: Over the long-term." Compensation Review, 16: 26-37.
31. Elsbach, Kimberly D. 1994 "Managing organizational legitimacy in the California cattle industry: The construction and effectiveness of verbal accounts." Administrative Science Quarterly, 39: 57-88.
32. Elsbach, Kimberly D., and Robert I. Sutton 1992 "Acquiring organizational legitimacy through illegitimate actions: A marriage of institutional and impression management theories." Academy of Management Journal, 35: 699-738.
33. Fama, Eugene F., and Michael C. Jensen 1983 "The separation of ownership and control" Journal of Law and Economics, 26: 301-325.
34. Finkelstein, Sydney, and Richard A. D'Aveni 1994 "CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command." Academy of Management Journal, 37: 1079-1108.
35. Finkelstein, Sydney, and D. C. Hambrick 1988 "Chief executive compensation: A synthesis and reconciliation." Strategic Management Journal, 9: 543-558.
36. Fortune 1984 "Why directors can't protect the shareholders." Vol. 110(6): 28-32.
37. Gaver, Jennifer J., Kenneth M. Gaver, and George P. Battistel 1992 "The stock market reaction to performance plan adoption." Accounting Review, 67: 172-182.
38. Goffman, Erving 1971 Relations in Public. New York: Basic Books.
39. Greene, William H. 1993 Econometric Analysis. New York: MacMillan.
40. Hansen, Gary, and Charles W. Hill 1991 "A longitudinal study of the causes and consequences of changes in diversification in the U.S. pharmaceutical industry 1977-1986." Strategic Management Journal, 12: 187-199.
41. Harris, Milton, and Artur Raviv 1979 "Some results on incentive contracts with imperfect information." Journal of Economic Theory, 20: 231-259.
42. Harrison, J. Richard, Debjani Biswas, Rohini Dey, and Diane McNulty 1994 "Keeping score on the institutional investor movement." Paper presented at the Academy of Management Meeting, Dallas, TX.
43. Harrison, J. Richard, David L. Torres, and Sal Kukalis 1988 "The changing of the guard: Turnover and structural change in the top-management positions." Administrative Science Quarterly, 33: 211-232.
44. Hermalin, Benjamin E., and Michael S. Weisbach 1988 "The determinants of board composition." Rand Journal of Economics, 19: 589-606.
45. Hill, Charles W., and Philip P. Phan 1991 "CEO tenure as a determinant of CEO pay." Academy of Management Journal, 34: 707-717.
46. Hill, Charles W., and Scott A. Snell 1988 "External control, corporate strategy, and firm performance in research-intensive industries." Strategic Management Journal, 9: 577-590.
47. Hirschman, Albert 1970 Exit, Voice, and Loyalty. Cambridge, MA: Harvard University Press.
48. Holmstrom, Bengt 1979 "Moral hazard and observability." Bell Journal of Economics, 14: 74-91.
49. Holsti, Ole R. 1968 "Content analysis." In Gardner Lindzey and Elliot Aronson (eds.), The Handbook of Social Psychology, 2: 596-692. Reading, MA: Addison-Wesley.
50. Hoskisson, Robert E., Richard A. Johnson, and Douglas D. Moesel 1994 "Corporate divestiture intensity in restructuring firms: Effects of governance, strategy, and performance." Academy of Management Journal, 37: 1207-1252.
51. Jaccard, James, Robert Turrisi, and Choi K. Wan 1990 Interaction Effects in Multiple Regression. Beverly Hills, CA: Sage.
52. Jackson, J. Edward 1991 A User's Guide to Principal Components. New York: Wiley.
53. Jensen, Michael C. 1989 "The eclipse of the public corporation." Harvard Business Review, 67: 61-74.
54. Jensen, Michael C., and William H. Meckling 1976 "Theory of the firm: Managerial behavior, agency costs, and ownership structure." Journal of Financial Economics, 3: 305-350.
55. Judge, George G., and Thomas A. Yancey 1986 Improved Methods of Inference in Econometrics. New York: Elsevier Science.
56. Kamoche, Ken 1995 "Rhetoric, ritualism, and totemism in human resource management." Human Relations, 48: 367-385.
57. Kesner, ldalene F., and Roy B. Johnson 1990 "An investigation of the relationship between board composition and stockholder suits." Strategic Management Journal, 11: 327-336.
58. Kim, Hyosun, and William Ocasio 1995 "Investor exit, investor voice: Institutional investor, performance monitoring, and CEO succession." Working paper, Northwestern University.
59. Kraatz, Matthew S., and Edward J. Zajac 1996 "Exploring the limits of the new institutionalism: The causes and consequences of illegitimate organizational change." American Sociological Review, 61: 812-836.
60. Kumar, Raman, and Parvez R. Sopariwala 1992 "The effect of adoption of long-term performance plans on stock prices and accounting numbers." Journal of Finance, 67: 561-573.
61. Larcker, David F. 1983 "The association between performance plan adoption and corporate capital investment." Journal of Accounting and Economics, 5: 3-30.
62. Lorsch, Jay W., and Elaine MacIver 1989 Pawns or Potentates The Reality of America's Corporate Boards. Boston Harvard Business School Press.
63. Lubatkin, Michael H., Kae H. Chung, Ronald C. Rogers, and James E. Owers 1989 "Stockholder reactions to CEO changes in large corporations." Academy of Management Journal, 32: 47-68.
64. Mace, Myles L. 1971 Directors: Myth and Reality. Boston: Harvard Business School Press.
65. Mallette, Paul and Karen L. Fowler 1992 "Effects of board composition and stock ownership on the adoption of 'poison pills'." Academy of Management Journal, 35: 1010-1035.
66. Marcus, Alfred A., and Robert S. Goodman 1991 "Victims and shareholders: The dilemmas of presenting corporate policy during a crisis." Academy of Management Journal, 34: 281-305.
67. Marris, Robert L. 1964 The Economic Theory of Managerial Capitalism. London: MacMillan.
68. Meyer, John W., and Brian Rowan 1977 "Institutional organizations: Formal structure as myth and ceremony." American Journal of Sociology, 83: 340-363.
69. New York Times 1992 "Executives are fuming over data on their pay." August 25: A1.
70. Oliver, Christine 1991 "Strategic responses to institutional processes." Academy of Management Journal, 16: 145-179.
71. Orton, J. Douglas, and Karl E. Weick 1990 "Loosely coupled systems: A reconceptualization." Academy of Management Review, 15: 203-223.
72. Patell, James M. 1976 "Corporate forecasts of earnings per share and stock price behavior: Empirical tests." Journal of Accounting Research, 14: 246-276.
73. Pfeffer, Jeffrey 1981 "Management as symbolic action:The creation and maintenance of organizational paradigms." In L. L. Cummings and B. M. Staw (eds.), Research in Organizational Behavior, 3: 1-52. Greenwich CT: JAI Press.
74. Philippatos, George C, and Philip L. Baird III 1996 "Postmerger performance, managerial superiority and the market for corporate control." Managerial and Decision Economics, 17: 45-55.
75. Porter, Lyman W., Robert W. Allen, and Harold L. Angle 1981 "The politics of upward influence in organizations." In L. L. Cummings and B. M. Staw (eds.), Research in Organizational Behavior, 3: 1-26. Greenwich, CT: JAI Press.
76. Pozen, Robert C. 1994 "Institutional investors: The reluctant activists." Harvard Business Review, January-February: 140-149.
77. Salancik, Gerald R., and James R. Meindl 1984 "Corporate attributions as strategic illusions of management control." Administrative Science Quarterly, 29: 238-254.
78. Sayrs, Lois W. 1989 Pooled Time Series Analysis. Thousand Oaks, CA: Sage.
79. Schlenker, Barry R. 1980 Impression Management: The Self-Concept. Social Identity, and Interpersonal Relations." Monterey, CA: Brooks/Cole.
80. Scott, W. Richard 1995 Institutions and Organizations. Thousand Oaks, CA: Sage.
81. Staw, Barry M., Pamela I. McKechnie, and Sheila M. Puffer 1983 "The justification of organizational performance." Administrative Science Quarterly, 28: 582-600.
82. Tedeschi, James T., and Valerie T. Melburg 1984 "Impression management behavior and influence in the organization." In S. B. Bacharach and E. J. Lawler (eds.), Research in the Sociology of Organizations, 3: 31-58. Greenwich, CT: JAI Press.
83. Tehranian, Hassan, Nickolaos G. Travlos, and James F. Waegelein 1987 "The effect of long-term performance plans on corporate sell-off-induced abnormal returns." Journal of Finance, 42: 933-942.
84. Tosi, Henry L., and Luis R. Gomez-Mejia 1989 "The decoupling of CEO pay and performance: An agency theory perspective." Administrative Science Quarterly, 34: 169-189.
85. Useem, Michael 1993 Executive Defense: Shareholder Power and Corporate Reorganization. Cambridge, MA: Harvard University Press.
86. Vance, Stanley C. 1968 The Corporate Director: A Critical Evaluation. Homewood, IL: Dow Jones-Irwin.
87. Vancil, Richard F. 1987 Passing the Baton: Managing the Process of CEO Succession. Boston: Harvard Business School Press.
88. Wade, James B., Charles A. O'Reilly, and Ike Chandratat 1990 "Golden parachutes: CEOs and the exercise of social influence." Administrative Science Quarterly, 35: 587-603.
89. Wade, James B., Joseph F. Porac, and Timothy G. Pollock 1997 "Worth, words, and the justification of executive pay." Journal of Organizational Behavior, 18: 641-664.
90. Wall Street Journal 1994 "Wal-Mart's meeting is a reason to party." September 7, B1.
91. 1995 "Market psychology salesmanship raise IBM stock from ashes." October 16, A1.
92. Walsh, James P., and Rita D. Kosnik 1993 "Corporate raiders and their disciplinary role in the market for corporate control." Academy of Management Journal, 36: 671-700.
93. Walsh, James P., and James K. Seward 1990 "On the efficiency of internal and external corporate control mechanisms." Academy of Management Review, 15: 421-458.
94. Weber, Robert P. 1985 Basic Content Analysis. Beverly Hills, CA: Sage.
95. Westphal, James D., Ranjay Gulati, and Stephen M. Shortell 1997 "Customization or conformity: An institutional and network perspective on the content and consequences of TQM adoption." Administrative Science Quarterly, 42: 366-394.
96. Westphal, James D., and Edward J. Zajac 1994 "Substance and symbolism in CEOs' long-term incentive plans." Administrative Science Quarterly, 39: 367-390.
97. Williamson, Oliver E. 1964 The Economics of Discretionary Behavior: Managerial Objectives in a Theory of the Firm. Englewood Cliffs, NJ: Prentice-Hall.
98. Worrell, Dan L., Wallace N. Davidson, and John L. Glascock 1993 "Stockholder reactions to departures and appointments of key executives attributable to firings." Academy of Management Journal, 36: 387-401.
99. Yamaguchi, Kazuo 1991 Event History Analysis. Newbury Park, CA: Sage.
100. Zajac, Edward J., and James D. Westphal 1994 "The costs and benefits of managerial incentives and monitoring in large U.S. corporations: When is more not better?" Strategic Management Journal, 15: 121-142.
101. 1995 "Accounting for the explanations of CEO compensation: Substance and symbolism." Administrative Science Quarterly, 40: 283-308.