A Historical Analysis on Boards of Directors and Corporate Governances of Giant Corporations in the United States

本研究的目的是通过对1900年至2000年这100年间美国大公司董事和管理人员职业生涯的考察，了解美国大公司公司治理的历史变迁。为了做到这一点，从1899年开始，每20年编制一个关于25家最大公司的职业生涯的数据库。对董事的分析表明，从20世纪初的所有者控制到通过管理革命的管理控制，再到股东主权的恢复。然而，目前的情况需要更多的研究。其次，对警员进行分析。因为在第二次世界大战之前，绝大多数军官已经被内部晋升的经理占据，所以说军官的管理革命在那之前几乎已经完成了，这是没有错的。军官的服务年限和学术背景是第二次世界大战后军官的主要问题。对服务期限的分析表明，1959年以前通过内部晋升制度已经建立了管理人员的内部劳动力市场。但是，1999年的数据显示，比起内部市场，外部劳动力市场开始被积极利用。第二次世界大战后，几乎所有的军官都有学士学位，他们开始有更高的学位。最近，军官被要求的学位似乎变成了硕士。这意味着拥有专业知识而不是公司特定知识的经理和管理人员已经开始在外部市场上积极行动。最终，可以说，最近的上述变化正在动摇公司治理中占主导地位的管理控制。

The purpose of this research is to understand the historical transition of corporate governances of giant corporations in the United States through the examination of careers of their directors and officers for 100 years from 1900 to 2000. In order to do so, a data base on their careers of the 25 largest corporations was compiled for every 20 years from 1899.Analyses on directors show transitions from the owners control in the early 20^<th> Century to the management control through the managerial revolution, and to the restoration of stockholder sovereignty. However, what is now going on is requiring more research.Next, analyses on officers were conducted. Because the overwhelming majority of officers had already been occupied by internally-promoted managers before World War II, it would not be wrong to say that the managerial revolution in officers had almost completed before then.The lenth of service and academic background of officers are main issues on officers after World War II. Analyses on service term make it clear that the internal labor market for managers and officers had been established through internal promotion systems before 1959. However, data in 1999 shows the external labor market has begun to be used actively instead of the internal one.After World War II, almost all officers had bachelor's degrees, and they began to have higher degrees. Recently, the degree that officers were required seems to become master. This imply that managers and officers armed with professional knowledge instead of firm-specific one have began to behave actively in the external market.Ultimately, it can be said that the recent change above mentioned is shaking the management control which has been prevail in corporate governances.