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Clashing Paradigms? Total Quality, Financial Restructuring and Theories of the Firm

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  • Goldstein, Don

Abstract

The American corporate sector saw major reform movements during the 1980s. Despite frequent admixture in practice, two key movements can be singled out as analytically distinct: financial restructuring (generally debt-financed, often involving mergers), and total quality management (a particular approach to productive restructuring). Unfortunately the precepts and practices of these movements often clashed. This paper examines these tension and explores them by reference to economic theories of the firm associated with each movement. While financial restructuring has been interpreted through the lens of neoclassical agency theory, total quality management has strong links with alternative approaches that can be grouped under the heading 'capabilities theory'. Copyright 1997 by Oxford University Press.

Suggested Citation

  • Goldstein, Don, 1997. "Clashing Paradigms? Total Quality, Financial Restructuring and Theories of the Firm," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 6(3), pages 665-700, September.
    • Handle: RePEc:oup:indcch:v:6:y:1997:i:3:p:665-700
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    Cited by:

    1. Bodas Freitas, Isabel Maria, 2008. "Sources of differences in the pattern of adoption of organizational and managerial innovations from early to late 1990s, in the UK," Research Policy, Elsevier, vol. 37(1), pages 131-148, February.
    2. Gopesh Anand & John Gray & Enno Siemsen, 2012. "Decay, Shock, and Renewal: Operational Routines and Process Entropy in the Pharmaceutical Industry," Organization Science, INFORMS, vol. 23(6), pages 1700-1716, December.
    3. Markus C. Becker & Nathalie Lazaric & Richard R. Nelson & Sidney G. Winter, 2005. "Applying organizational routines in understanding organizational change," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 14(5), pages 775-791, October.

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