Financialization And Strategy Narrative And Numbers

This innovative book is about the consequences of financialization, or increasing capital market pressure on giant firms, initially represented by 1990s demands for 'shareholder value'. It criticizes classical strategy literature for its preoccupation with firms in product market, before presenting novel argument and evidence about how capital market pressure has re-shaped what American and British giant firm managements say and do, as they struggle to deliver the financial numbers against a background of unrealistic expectations about corporate governance. The analysis is then developed through three extended, twenty-year case studies of GE, GlaxoSmithKline and Ford which explore relations between long-run financial results and company and industry narratives. Financialization and Strategy changes how we think about strategy and governance in a business world where the narrative and performance are more important, so that every giant firm now needs a story of purpose and achievement backed by initiatives which seldom deliver increased financial returns but do not change the world for management and labour. These arguments will challenge managers, practitioners, policy makers and business school academics, whose students will appreciate a distinctive, narrative and numbers form of business analysis.Froud, Julie is the author of 'Financialization And Strategy Narrative And Numbers', published 2006 under ISBN 9780415334181 and ISBN 0415334187.