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Financialization and Strategy : Narrative and Numbers - Julie Froud

Financialization and Strategy

Narrative and Numbers

Hardcover Published: 2nd February 2006
ISBN: 9780415334174
Number Of Pages: 392

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Considering the recent impact of the capital market on corporate strategy, this text analyzes, through argument and supportive case studies, how pressures from the capital bull market of the 1990s and bear market of the early 2000s, have reshaped management action and calculation in large, publicly quoted US and UK corporations.

Beginning with the dissatisfaction with classical strategy and its limited engagement with the processes of financialization, the book moves on to cover three detailed company case studies (General Electric, Ford and GlaxoSmithKline) which use long run financial data and analysis of company and industry narratives to illustrate and explore key themes. The book emphasizes the importance of company and industry narrative, while also analyzing long term financial results, and helps to explain the limits of management action and the burden of expectations placed on corporate governance.

Presenting financial and market information on trajectory in an accessible way, this book provides a distinctive, critical social science account of management in large UK and US corporations, and it is a valuable resource for students, scholars and researchers of business, management, political economy and non-mainstream economics.

short listed for the 2007 IPEG Book Prize

'Financialization and Strategy will be of considerable interest to scholars, managers and policy makers concerned with effects of capital markets on corporate strategy.' - Michael Power, London School of Economics and Political Science, UK

List of exhibits and tablesp. vii
Acknowledgementsp. xiii
List of abbreviationsp. xv
Giant-firm strategy and present-day capitalism: general argument and evidencep. 1
Overviewp. 3
Object and approach of this bookp. 3
Structure and argumentp. 6
US and UK giant firmsp. 13
Giant firms and classical strategyp. 21
A classical lineagep. 22
Firm in product marketp. 26
Illustration and proofp. 29
Systematic empirics and refutation by eventsp. 33
Shareholder value: the intrusion of the capital marketp. 36
When was shareholder value?p. 37
Value-based management (VBM)p. 44
Corporate governancep. 49
Value skimming and top managementp. 54
Financialization and corporate performancep. 65
Political and cultural economyp. 66
Giant-firm value creationp. 74
Many moves and few leversp. 94
New interventions: sector matrix, restructuring, narrative and numbersp. 99
Sector matrixp. 100
'Restructuring'p. 109
Narrative and numbersp. 122
References for Part Ip. 137
Casesp. 147
GlaxoSmithKline: keeping it going?p. 149
Introductionp. 149
Industry frame: pharma's contested reputationp. 152
The pharma business model and the drugs pipelinep. 168
Glaxo: keeping it goingp. 180
Company narrative: making promisesp. 195
Between the future and the past: unresolved issuesp. 201
Referencesp. 204
Appendixp. 210
Ford: effort and rewardp. 224
Introductionp. 224
Industry frame: visions of transformationp. 226
Analysts on car companies: how to beat the marketp. 234
CEOs, strategized difference and enactmentp. 247
Trucks and credit: innovation and financial resultsp. 257
Ford after Fordismp. 277
Referencesp. 281
Appendixp. 285
General Electric: the conditions of successp. 299
Introductionp. 299
Industry frame: 'not a conglomerate'p. 303
Company narrative in media and business booksp. 311
Deconstructing the numbers: a tale of two businessesp. 323
GE's undisclosed business modelp. 336
Immelt: a new chapterp. 358
(Limits of) the GE wayp. 364
Referencesp. 366
Appendixp. 369
Indexp. 389
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780415334174
ISBN-10: 0415334179
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 392
Published: 2nd February 2006
Country of Publication: GB
Dimensions (cm): 23.88 x 15.88  x 2.46
Weight (kg): 0.82
Edition Number: 1