Gestão & Produção
https://www.gestaoeproducao.com/article/doi/10.1590/0104-530x2542-18
Gestão & Produção
Artigo Original

Reinventando o campo organizacional do Management: da construção social do Shareholder Value à emergência do CEO Celebridade

Reinventing the Management organizational field: from the social construction of Shareholder Value to the emergence of the Celebrity CEO

Patrícia Saltorato; Glauco Benatti

http://dx.doi.org/10.1590/0104-530x2542-18 Gest. Prod., vol.25, n2, p.251-268, 2018
Downloads: 0
Views: 802

Resumo

Resumo Este artigo visa explorar a ideologia do Shareholder Value (SHV) como uma construção social marcada pela reorientação do discurso do management americano após a institucionalização das formulações da Teoria da Agência, a partir da segunda década de 1970. Tal construção social pode ser explicada segunda a noção bourdiesiana de um campo organizacional descrito em termos de um subsistema social estruturado segundo a manipulação de diversas formas de capital, por diferentes atores formadores do mercado, aqui identificados. O engajamento desses atores na construção social do SHV legitimou um conjunto de valores e crenças compartilhados e reproduzidos no interior do campo que culminou na materialização da Gestão Baseada em Valor (GBV), a partir da década de 1990, ensejando um novo modo de perceber e medir as corporações sob essa ideologia. Porém, apesar do impulso antigerencial da ideologia do SHV, a partir de 2000, um novo rearranjo social interno à construção do campo expõe a emergência de um ator cuja performatividade das ações gerenciais o alça à condição de CEO celebridade, ao mesmo tempo em que revela o potencial de reinvenção do campo do management e o simbolismo associado à ideologia do SHV.

Palavras-chave

Shareholder Value, Construção social, Teoria de campo, Gestão baseada em valor, CEO celebridade

Abstract

Abstract This paper explores the Shareholder Value (SHV) ideology as a social construction process marked by a reorganization of the business Management discourse as of the 1970s, after the institutionalization of the Agency Theory formulations. Such social construction can be explained according to the Bourdieusian notion of an organizational field portrayed in terms of a social subsystem, structured under diverse forms of capital, handled by each actor present in the organizational field construction here identified. These actors’ engagement to the SHV field construction legitimized a new set of shared values and beliefs, materialized within Value Based Management (VBM) as of the 1990s, celebrating a new way of perception, experience, and acting in firms under such an ideology. Therefore, despite the anti-managerial impulse of the SHV ideology, as of the 2000s, a new social arrangement within the organizational field revealed the emergence of the Celebrity CEO, whose performativity of managerial actions simultaneously unveils the potential of the Management field to reinvent, as well as the symbolism associated with the SHV ideology.

Keywords

Shareholder Value, Social construction, Field theory, Value based management, Celebrity CEO

Referências

High performance: delivered. 2014.

Aglietta M., Rébérioux A. Du capitalisme financier au renouveau de la social-démocratie. 2004.

Altman E. Corporate restructuring. 2003.

Ansoff I. Corporate strategy. 1965.

Appelbaum E., Batt R. Private equity at work: when wall street manages main street. 2014.

Assaf No. A. . 2012.

Batsch L. Le capitalisme financier. 2002.

Benatti G. O ato performático da reestruturação: dissonâncias entre o discurso e os resultados em um estudo de caso brasileiro sobre financeirização. 2016.

Bergson L. The CFO as corporate strategist. The Institutional Investor. 1980;14:81-8.

Berle Jr. A., Means G. C. The modern corporation and private property. 1932.

Blaydon C. Notes on leveraged buyouts. 2003.

Boden D. The business of talk: organizations in action. 1994.

Boncori A. L. A genealogy of the shareholder value ideology: ideal type, founding fathers and theoretical fate. 2013.

Bonen A. J. G. Outside-inside: the relationship between financial deregulation and shareholder primacy. The BSIS Journal of International Studies. 2008;5.

Bourdieu P. O Poder Simbólico. 1989.

Bourdieu P. Questões de Sociologia. 1993.

Boyer R. From shareholder power to CEO power: the paradox of 90s. 2005.

Brookman J., Chang S., Rennie C. CEO cash and stock-based compensation changes, layoff decisions, and shareholder value. Financial Review. 2007;42(1):99-119.

Burrough B., Helyar J. Barbarians at the gate: the fall of RJR Nabisco. 2009.

Campbell J. L. Neoliberalism in crisis: regulatory roots of the u.s. financial meltdown. Markets on trial: the economic sociology of the US financial crisis: part B. Research in the sociology of organizations. 2010;30B:65-101.

Capelli P. Examining the incidence of downsizing and its effect on organizational performance. On the job: is long-term employment a thing of the past?. 2000:463-516.

Chandler Jr. A. D. Strategy and structure: chapters in the history of the american industrial enterprise. 1962.

Chandler Jr. A. D. The emergence of managerial capitalism. Business History Review. 1984;58(4):473-503.

Four faces of the CFO. 2016.

Dias A. V. C., Zilbovicius M. A produção face à financeirização: quais as consequências para a organização da produção e do trabalho? Uma proposta de agenda de pesquisa para a Engenharia de Produção brasileira. 2006.

Dinardo J., Hallock K., Pischke J. S. Unions and managerial pay. 1997.

Dobbin F., Jung J. The misapplication of the Mr. Michael Jensen: how agency theory brought down the economy and why it might again. Markets on trial: the economic sociology of the US financial crisis: part B. Research in the sociology of organizations. 2010;30B:29-64.

Dobbin F., Zorn D. Corporate malfeasance and the myth of shareholder value. Political Power and Social Theory. 2005;17:179-98.

Donadone J. C. Os Hunos já chegaram! Dinâmica organizacional, difusão de conceitos gerenciais e a atuação das consultorias. 2001.

Donadone J. C. O mercado internacional de consultorias nas últimas décadas: crescimento, diversificação e formas de disputa. Caderno de Pesquisas em Administração. 2003;10(2):1-15.

Donadone J. C. A difusão de conceitos gerenciais, imprensa de negócios e o mercado de consultoria nos anos 90. Revista Eletrônica de Gestão Organizacional. 2005;3(1):26-38.

Donadone J. C., Grün R. Participar é preciso! Mas de que maneira?. Revista Brasileira de Ciências Sociais. 2001;16(47):111-25.

Drucker P. Prática de administração de empresas. 1954.

Views, vision, insights: the evolving role of today’s CFO. 2013.

Fama E. F., Jensen M. C. Separation of ownership and control. The Journal of Law & Economics. 1983;26(2):301.

Fligstein N. The transformation of corporate control. 1990.

Fligstein N. The end of (shareholder value) ideology?. Political Power and Social Theory. 2005;17:228-33.

Fligstein N., McAdam D. A theory of fields. 2012.

Fox J. Learn to play the earnings game (and Wall Street will love you). Fortune. 1997;6:76-80.

Froud J., Haslam C., Johal S., Williams K. Shareholder value and financialisation: consultancy promisses, management moves. Economy and Society. 2000;29(1):80-110.

Froud J., Johal S., Leaver A., Williams K. Financialisation, strategy and governance: or what management has become. 2002.

Froud J., Johal S., Leaver A., Williams K. Financialization and strategy. 2006.

Goldstein A. Revenge of the managers: labor cost-cutting and the paradoxical resurgence of managerialism in the shareholder value era, 1984 to 2001. American Sociological Review. 2012;77(2):268-94.

Grün R. Modelos de mundo, modelos de empresa: sobre algumas características culturais da nova ordem econômica e da resistência a ela. Revista Brasileira de Ciências Sociais. 1999;14(41):121-40.

Grün R. Atores e ações na construção da governança corporativa brasileira. Revista Brasileira de Ciências Sociais. 2003;18(52):139-62.

Grün R. A sociologia das finanças e a nova geografia do poder no Brasil. Tempo Social. 2004;16(2):151-76.

Hallock K. A descriptive analysis of layoffs in large U.S. firms using archival and interview data: 1970-2002. 2003.

Hamilton J. T., Zeckhauser R. Media coverage of CEOs: who? what? where? when? why?. 2004.

Hayward M. L. A., Rindova V., Pollock T. Believing one’s own press: the causes and consequences of CEO Celebrity. Strategic Management Journal. 2004;25(7):637-53.

Huczynski A. A. Explaining the succession of management fads. International Journal of Human Resource Management. 1993;4(2):443.

America’s Best CFOs. 2006.

Jacoby S. M. Melting into air: downsizing, job stability, and the future of work. 2000;76.

Jensen M. C., Meckling W. H. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics. 1976;3(4):305-60.

Jönsson S. Relate management accounting research to managerial work!. Accounting, Organizations and Society. 1998;23(4):411-34.

Kaplan N., Strömberg P. Leveraged buyouts and private equity. The Journal of Economic Perspectives. 2008;22(4).

Ketchen Jr. D. J., Adams G. L., Shook C. L. Understanding and managing CEO celebrity. Business Horizons. 2008;51(6):529-34.

Lazonick W. Sustainable prosperity in the new economy? Business organization and high-tech employment in the United States. 2009.

Lazonick W., O’Sullivan M. Maximizing shareholder value: a new ideology for corporate governance. Economy and Society. 2000;29(1):13-35.

Performance and culture champion. 2015.

MacDuffie J. P. Automotive white-collar. Broken ladders: managerial careers in the new economy. 1996:81-125.

Montalban M., Sakinç M. E. How financialization shapes productive models in pharmaceutical industry: the domination and contradictions of the blockbuster productive model. 2011.

Morin F. Le nouveau mur de l’argent: essai sur la finance globalisée. 2006.

Pérez R. La gouvernance de l’entreprise. 2003.

Powell W. W. The capitalist firm in the twenty-first century: emerging patterns in western enterprise. The twenty-first century firm: changing economic organization in international perspective. 2001.

Prakash C., Saylee W. Leveraged buyout: ‘it’s positioning through time’. Orion The Research Journal. 2013;1(1).

Quinn M., Stuart A. Not just bean counters. 2012.

Roe M. Strong managers, weak owners: the political roots of american corporate finance. 1994.

Saltorato P., Benatti G. O ato performático da reestruturação organizacional sob a ideologia da gestão baseada em valor. Revista Brasileira de Gestão de Negócios. 2017;19(64):263-88.

The superstar CFO: after the crisis. 2011.

Sheppard D., Hume N. A prison ID in one hand: and a CFO award in the other. 2015.

Sinha P. N., Inkson K., Barker J. R. Committed to a failing strategy: celebrity CEO, intermediaries, media and stakeholders in a co-created drama. Organization Studies. 2012;33(2):223-45.

Stancill J. M. LBOs for Small Companies. 1988.

Useem M. Executive defense: shareholder power and corporate reorganization. 1993.

Useem M. Investor capitalism: how money managers are changing the face of corporate America. 1996.

Wade J. B., Porac J. F., Pollock T. G., Graffin S. D. The burden of celebrity: the impact of CEO certification contests on CEO pay and performance. Academy of Management Journal. 2006;49(4):643-60.

Westphal J., Zajac E. The symbolic management of stockholders: corporate governance reforms and shareholder reactions. Administrative Science Quarterly. 1998;43(1):127-53.

Westphal J., Zajac E. Decoupling policy from practice: the case of stock repurchase programs. Administrative Science Quarterly. 2001;46(2):202-28.

Zajac E., Westphal J. The social construction of market value: institutionalization and learning perspectives on stock market reactions. American Sociological Review. 2004;69(3):433-57.

Zorn D. M. Here a chief, there a chief: the rise of the cfo in the american firm. American Sociological Review. 2004;69(3):345-64.

5df2557c0e8825e736b5f734 gp Articles
Links & Downloads
1806-9649 (Eletrônico) 0104-530X (Impresso)
Gest. Prod. ©2024 Todos os direitos reservados.

Gest. Prod.

Share this page
Page Sections