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The Public Company Transformed$
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Brian Cheffins

Print publication date: 2018

Print ISBN-13: 9780190640323

Published to Oxford Scholarship Online: November 2018

DOI: 10.1093/oso/9780190640323.001.0001

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The 1980s

The 1980s

Managerial Capitalism Taken Over

(p.155) 4 The 1980s
The Public Company Transformed

Brian R. Cheffins

Oxford University Press

This chapter focuses on the 1980s, a market-oriented decade that marked the demise of managerial capitalism. Entrepreneurial ability became more highly prized than managerial competence, and, primarily due to increased takeover activity, a managerial comfort zone from which public company executives had benefitted was substantially eroded. During “the Deal Decade” takeover bids, most conspicuously ones launched by flamboyant corporate “raiders,” provided executives eager to forestall an unwelcome approach with a potent incentive to bolster shareholder returns. Deregulation and liberalized access to capital simultaneously expanded the discretion available to public company executives and intensified competitive pressure on large firms formerly insulated by substantial barriers to entry.

Keywords:   entrepreneurs, corporate raiders, leveraged buyouts, takeover defenses, boards of directors, shareholder value, deregulation, junk bonds

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