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1、±±±±±±±±±±±±±±±±±±±SOCIALFORCESAT±±±±±±CHAPTER±±±±12±±±±WORK:THECOLLAPSEOF±ANAMERICANCORPORATION12.1INTRODUCTIONDuringthe1990s,investorswitnessedsoaringstockpricesforsomecorporations.Whilevaluationsseemedtobedisconnectedfromunderlyingfundamentals,manyarguedtheywere
2、warrantedbecauseitwasa“neweconomy.”Hereishowthear-gumentwent.ThestructureoftheworldeconomywasfundamentallychangedbytheInternetrevolutionsothatlongperiodsofgrowthweretobeexpected.Assooftenoccurswhenitseemstoogoodtobetrue,adownturnintheeconomybegin-ningin2000ledtomor
3、erealisticexpectations.Someofthefirmsthatexperiencedthemostastoundinggrowthlaterexperi-encedevenmoreastoundingfalls.OneparticularlynotoriousriseandfallwasthatofEnron.InDecember2000,Enron’smarketcapitalizationwasmorethan$60bil-lion,andFortunemagazinerateditthemostin
4、novativelargecompanyinthe1UnitedStates.JustoneyearlaterinDecemberof2001,thefirmfiledforbank-ruptcy.ThischapterfocusesonthesocialforcesthatimpactedthebehavioroftwogroupsofveryimportantplayersinthecollapseofEnron:thecorporation’sboardandthefinancialanalystswhofollowe
5、dthefirm.ThechapterbeginsinSection12.2withadiscussionofwhythecorporateformofownershipisprevalentaroundtheworld.Optimalboardsizeandcomposition,aswellasdirectors’incentivestructureandcompensation,areexamined.Next,inSec-tion12.3,weconsiderfinancialanalysts’roleasinfor
6、mationintermediaries,theirperformance,andbehavior.Section12.4focusesontheriseandfallofEnron.Thebehaviorofitsdirectors,financialanalysts,andotherplayersareexamined.Thefinalsectionnotestheimportanceofretainingapersonalidentityinanyorganizationandbeingawareofthepotent
7、iallymesmerizingeffectofsocialinfluences.202SOCIALFORCESATWORK:THECOLLAPSEOFANAMERICANCORPORATION20312.2CORPORATEBOARDSIntermsofsize,thecorporateformofownershipisdominant.Whatissogoodaboutthecorporation?Thecorporationisalegalentityseparatefromitsfoundersorowners.Ac
8、orporation’slifeisnotlimitedanditsownershipsharescanbeeasilytransferred.Thoughacorporationcanbesued,theshareholdershavelimitedliabil-ityandcanonl
