Revenge of the managers: Labor cost-cutting and the paradoxical resurgence of managerialism in the shareholder value era, 1984 to 2001

American Sociological Review

Volumn 77, Issue 2, 2012, Pages 268-294

  Goldstein, Adam ^a  

^a UNIVERSITY OF CALIFORNIA   (United States)

Author keywords

Financial capitalism; Managerialism; Restructuring; Shareholder value

Indexed keywords

CAPITALISM; EMPLOYMENT; HISTORICAL PERSPECTIVE; IDEOLOGY; INSTITUTIONAL FRAMEWORK; LABOR MARKET;

UNITED STATES;

EID: 84859076652     PISSN: 00031224     EISSN: 19398271     Source Type: Journal    
DOI: 10.1177/0003122412440093     Document Type: Article

References (77)

1. Agrawal Anup,Jaffe JeffreyAdvances in Mergers & Acquisitions. edited by C. Cooper and A. Gregory. Amsterdam: Elsevier; 2000:7-41.
2. Arellano Manuel,Bond Stephen.Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.Review of Economic Studies. 1991;58:277-97.
3. Baron James,Hannan Michael,Burton Diane.Building the Iron Cage: Determinants of Managerial Intensity in Early Years of Organizations.American Sociological Review. 1999;64:527-47.
4. Batt RosemaryBroken Ladders: Managerial Careers in the New Economy. Osterman P., ed. New York: Oxford University Press; 1996:55-80.
5. Baumol WilliamBlinder AlanWolff Edward. 2003. Downsizing in America: Reality, Causes, and Consequences. New York: Russell Sage Foundation
6. Bebchuk Lucien,Grinstein Yaniv.The Growth of Executive Pay.Oxford Review of Economic Policy. 2005;21:283-303.
7. Bendix ReinhardWork and Authority in Industry: Ideologies of Management in the Course of Industrialization. Berkeley: University of California Press; 1956:.
8. Berle Adolf,Means GardinerThe Modern Corporation and Private Property. New York: Harcourt, Brace & World; 1932:.
9. Brookman Jeffrey,Chang Saeyoung,Rennie Craig.CEO Cash and Stock-Based Compensation Changes, Layoff Decisions, and Shareholder Value.Financial Review. 2007;42:99-119.
10. Budros Art.The Mean and Lean Firm and Downsizing: Causes of Involuntary and Voluntary Downsizing Strategies.Sociological Forum. 2002;17:307-342.
11. Cappelli Peter.Examining Managerial Displacement.Academy of Management Journal. 1992;35:203-217.
12. Cappelli PeterOn the Job: Is Long-Term Employment a Thing of the Past?. Neumark D., ed. New York: Russell Sage Foundation; 2000:463-516.
13. Caves Richard,Krepps Matthew.Fat: The Displacement of Nonproduction Workers from U.S. Manufacturing Industries.Brookings Papers on Economic Activity. 1993;1993 (2): 227-88.
14. CPS Displaced Worker Uniform Extracts. Washington, DC:; 2011:.
15. Dahrendorf RalfClass and Class Conflict in Industrial Society. London: Taylor and Francis; 1972:.
16. Davis GeraldManaged by the Markets: How Finance Has Re-shaped America. New York: Oxford University Press; 2009:.
17. Davis Gerald,Thompson Tracy.A Social Movement Perspective on Corporate Control.Administrative Science Quarterly. 1994;39:141-73.
18. DiMaggio Paul,Powell Walter.The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields.American Sociological Review. 1983;48:147-60.
19. DiNardoJohnHallockKevinPischkeJörn-Steffen. 1997. "Unions and Managerial Pay." NBER Working Paper Series, Vol. w6318.
20. Dobbin Frank,Jung JiwookMarkets on Trial: The Economic Sociology of the U.S. Financial Crisis: Part B Research in the Sociology of Organizations. Lounsbury M.Hirsch P. M., ed. Bingley, UK: Emerald Group Publishing; 2010:29-64.
21. Fligstein NeilThe Transformation of Corporate Control. Boston, MA: Harvard University Press; 1990:.
22. Fligstein NeilThe Architecture of Markets: An Economic Sociology of Twenty-First-Century Capitalist Societies. Princeton, NJ: Princeton University Press; 2001:.
23. Fligstein Neil,Shin Taek-Jin.Shareholder Value and the Transformation of the U.S. Economy, 1984-2000.Sociological Forum. 2007;22:399-424.
24. Gardner Jennifer.Worker Displacement: A Decade of Change.Monthly Labor Review. 1995;118:45-57.
25. Gordon DavidFat and Mean: The Corporate Squeeze of Working Americans and the Myth of Managerial Downsizing. New York: Free Press; 1996:.
26. Greene WilliamEconometric Analysis. 2003. Econometric Analysis, 5th ed.Upper Saddle River, NJ: Pearson Education.Upper Saddle River, NJ: Pearson Education; 2003:.
27. Guillén MauroModels of Management: Work, Authority, and Organization in a Comparative Perspective. Chicago: University of Chicago Press; 1994:.
28. Hall Brian,Liebman Jeffrey.Are CEOs Really Paid Like Bureaucrats?".Quarterly Journal of Economics. 1998;113:653-91.
29. HallockKevin. 2003. "A Descriptive Analysis of Layoffs in Large U.S. Firms Using Archival and Interview Data: 1970-2002." Unpublished paper, Department of Economics, University of Illinois.
30. Hirsch Barry,Macpherson David.Union Membership and Coverage Database from the Current Population Survey.Industrial and Labor Relations Review. 2003;56:349-54.
31. Hirsch PaulExplorations in Economic Sociology. Swedberg R., ed. New York: Russell Sage Foundation; 1993:145-57.
32. Ho KarenLiquidated: An Ethnography of Wall Street. Durham, NC: Duke University Press; 2009:.
33. Hollister Matissa.Does Firm Size Matter Anymore? The New Economy and Firm Size Wage Effects.American Sociological Review. 2004;69:659-76.
34. Icahn Carl. 1989. "Leveraged Buyouts: America Pays the Price; The Case for Takeovers." New York Times Magazine, January29. Retrieved April 10, 2010 (http://www.nytimes.com/1989/01/29/magazine/levereaged-buyouts-america-pays-the-price-the-case-for-takeovers.html?pagewanted=all&src=pm).
35. Jackall RobertMoral Mazes: The World of Corporate Managers. New York: Oxford University Press; 1988:.
36. Jacobs Jerry.Women's Entry into Management: Trends in Earnings, Authority, and Values among Salaried Managers.Administrative Science Quarterly. 1992;37:282-301.
37. Jacoby Sanford.Melting into Air: Downsizing, Job Stability, and the Future of Work.Chi.-Kent Law Review. 2000;76:1195-1234.
38. Kalleberg Arne.Flexible Firms and Labor Market Segmentation: Effects of Workplace Restructuring on Jobs and Workers.Work and Occupations. 2003;30:154-75.
39. Kalleberg Arne,Van Buren Mark.Is Bigger Better? Explaining the Relationship between Organization Size and Job Rewards.American Sociological Review. 1996;61:47-66.
40. Kennedy AllanThe End of Shareholder Value: Corporations at the Crossroads. New York: Basic Books; 2001:.
41. King Miriam,Ruggles Steven,Alexander J. Trent,Flood Sarah,Genadek Katie,Schroeder Matthew,Trampe Brandon,Vick RebeccaCurrent Population Survey. Minneapolis: University of Minnesota; 2010:.
42. Kiviet Jan.On Bias, Inconsistency, and Efficiency of Various Estimators in Dynamic Panel Data Models.Journal of Econometrics. 1995;68:53-78.
43. Kletzer Lori.Job Displacement.Journal of Economic Perspectives. 1998;12:115-36.
44. Larrimore Jeff,Burkhauser Richard,Feng Shuaizhang,Zayatz Laura.Consistent Cell Means for Topcoded Incomes in the Public Use March CPS (1976-2007).Journal of Economic and Social Measurement. 2008;33:89-128.
45. Lazonick William,O'Sullivan Mary.Maximizing Shareholder Value: A New Ideology for Corporate Governance.Economy and Society. 2000;29:13-35.
46. Littler Craig,Innes Peter.The Paradox of Managerial Downsizing.Organization Studies. 2004;25:1159-84.
47. MacDuffie J. P.Broken Ladders: Managerial Careers in the New Economy. edited by P. Osterman. New York: Oxford University Press; 1996:81-125.
48. McCall LeslieThe Inequality Economy: How New Corporate Practices Redistribute Income to the Top. Demos: A Network for Ideas and Action; 2004:.
49. Mendenhall Ruby,Kalil Ariel,Spindel Laurel,Hart Cassandra.Job Loss at Mid-life: Managers and Executives Face the 'New Risk Economy.'".Social Forces. 2008;87:187-209.
50. Meyer John,Rowan Brian.Institutionalized Organizations: Formal Structure as Myth and Ceremony.American Journal of Sociology. 1977;83:340-63.
51. Meyer MarshallSourcebook on Labor Markets: Evolving Structures. edited by I. Berg and A. Kalleberg. New York: Kluwer Academic; 2001:449-66.
52. Morgan Stephen,Tang Zan.Social Class and Workers' Rent, 1983-2001.Research in Social Stratification and Mobility. 2007;25:273-93.
53. O'Neill Hugh,Pouder Richard,Buchholtz Ann.Patterns in the Diffusion of Strategies across Organizations: Insights from the Innovation Diffusion Literature.Academy of Management Review. 1998;23:98-114.
54. Osterman PaulBroken Ladders: Managerial Careers in the New Economy. New York: Oxford University Press; 1996:.
55. Osterman PaulAmerica at Work: Choices and Challenges. Lawler E.O'Toole J., ed. New York: Palgrave-Macmillan; 2006:193-209.
56. Osterman PaulThe Truth about Middle Managers: Who They Are, How They Think, Why They Matter. Cambridge, MA: Harvard Business School Press; 2008:.
57. Oyer Paul,Schaefer Scott.Why Do Some Firms Give Stock Options to All Employees? An Empirical Examination of Alternative Theories.Journal of Financial Economics. 2005;76:99-133.
58. Porac Joseph,Wade James,Pollock Timothy.Industry Categories and the Politics of the Comparable Firm in CEO Compensation.Administrative Science Quarterly. 1999;44:112-44.
59. Roe MarkStrong Managers, Weak Owners: The Political Roots of American Corporate Finance. Princeton, NJ: Princeton University Press; 1994:.
60. Rosen Sherwin.Authority, Control, and the Distribution of Earnings.Bell Journal of Economics. 1982;13:311-23.
61. Scott Elizabeth,O'Shaughnessy K. C.,Cappelli PeterBroken Ladders: Managerial Careers in the New Economy. edited by P. Osterman. New York: Oxford University Press; 1996:126-54.
62. Compustat North America Database. Philadelphia, PA: Wharton Research Data Services [distributor]; 2008:.
63. Tomaskovic-Devey Donald,Lin Ken-Hou.Income Dynamics, Economic Rents, and the Financialization of the U.S. Economy.American Sociological Review. 2011;76:538-59.
64. University of California Committee on Planning and Budget. 2010. "The Choices Report." Retrieved July 1, 2011 (http://www.universityofcalifornia.edu/senate/reports/ucpb.choices.pdf).
65. U.S. Bureau of Economic Analysis. 2010. National Income and Product Accounts. [Machine-readable database]. Retrieved January 2010 (http://www.bea.gov/itable/).
66. U.S. Bureau of Labor Statistics. 2002. "Worker Displacement, 1999-2001." Retrieved March 5, 2010 (http://www.bls.gov/news.release/history/disp_08212002.txt).
67. U.S. Bureau of Labor Statistics. 2010a. Current Employment Statistics. [Machine-readable database]. Retrieved January 2010 (http://www.bls.gov/ces/data.htm).
68. U.S. Bureau of Labor Statistics. 2010b. Current Population Survey. [Machine-readable database]. Retrieved January 2010 (http://www.bls.gov/cps/data.htm).
69. Useem MichaelExecutive Defense: Shareholder Power and Corporate Reorganization. Cambridge, MA: Harvard University Press; 1993:.
70. Useem MichaelInvestor Capitalism: How Money Managers Are Changing the Face of Corporate America. New York: Basic Books; 1996:.
71. Wade James,O'Reilly Charles,Pollock Timothy.Overpaid CEOs and Underpaid Managers: Fairness and Executive Compensation.Organization Science. 2006;17:527-44.
72. Wallace Michael,Leicht Kevin,Raffalovich Lawrence.Unions, Strikes, and Labor's Share of Income: A Quarterly Analysis of the United States, 1949-1992.Social Science Research. 1999;28:265-88.
73. Weber MaxEconomy and Society: An Outline of Interpretive Sociology. Berkeley: University of California Press; 1978:.
74. Administrative Science Quarterly. Westphal JamesZajac Edward, ed. 1998:127-53.
75. Administrative Science Quarterly. Westphal JamesZajac Edward, ed. 2001:202-228.
76. American Sociological Review. Zajac EdwardWestphal James, ed. 2004:433-57.
77. Zorn Dirk,Dobbin Frank,Dierkes Julian,Kwok Man-ShanThe Sociology of Financial Markets. edited by K. Knorr Cetina and A. Preda. New York: Oxford University Press; 2005:269-89.