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Connecting the Dots

In: Disorganized Crimes

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  • Bernard E. Munk

Abstract

At the end of the Great Inflation (the end of the 1970s), there was a burst of activity in the market for corporate control. These efforts centered on breaking up the conglomerates and energizing complacent managements. In the view of many business analysts, there had been gross underinvestment in existing public companies and the actual capital invested was not creating adequate rates of return to shareholders. Economic theorists recognized this as part of the agency problem that inevitably arose from the division of decision-making and ownership in the modern corporation. The cure was said to be making managers behave more like equity owners. The device to accomplish this goal was that a significant portion of total managerial compensation should be paid in common stock.

Suggested Citation

  • Bernard E. Munk, 2013. "Connecting the Dots," Palgrave Macmillan Books, in: Disorganized Crimes, chapter 0, pages 100-117, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33027-7_8
    DOI: 10.1057/9781137330277_8
    as

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