After half a century of consolidation, managerial control of many large corporations came under increasing attack during the 1980s. Spearheaded by management buyouts and hostile takeovers, ownership groups and interests came to exercise greater influence on company policies and practices. Drawing on a range of sources, this article argues that the reemergence of ownership power and the demand for enhanced shareholder value is redirecting company political action toward more narrowly defined issues of specific company interest. The turnover in ownership is also serving to undercut general business consensus and to demobilize aggregate political action. Continued turbulence in the market for corporate control is reducing action in the market for political control.
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