Jensen and Meckling Nightmare: The 1960s Merger Wave
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Managers in the 1960s sought to diversify their firms into unrelated industries, causing a wave of mergers.
The 1980s saw the rise of agency logic as a rationale for firm actions, replacing managerial logic.
The 1960s merger wave was a power play by managers to increase their reach over the business world.
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Manne’s article preceded the 1960s merger wave, and that wave dominated by managers seeking to diversify their firms into what were often unrelated industries, was, if anything, a Jensen and Meckling nightmare, a management power play to increase the CEOs' reach over broad swaths of the business world. It was not until the 1980s that the movement that paid homage to Jensen and Meckling―even if inadvertently―developed, as agency logic replaced managerial logic as a rationale for firm actions.
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