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Why Some Firms Thrive While Others FailGovernance and Management Lessons from the Crisis$
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Thomas H. Stanton

Print publication date: 2012

Print ISBN-13: 9780199915996

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199915996.001.0001

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Governance and Management

Governance and Management

Beyond the Financial Crisis

(p.205) 10 Governance and Management
Why Some Firms Thrive While Others Fail

Thomas H. Stanton

Oxford University Press

Chapter 10 expands the lessons of this book from financial firms to other types of company and their nominal regulators. Case studies include the BP Gulf Oil Spill, the Massey Mining disaster, PG&E’s San Bruno gas pipeline explosion, hospital medical errors, and other examples. These firms too show the need for constructive dialogue, the harmful effects of sociologist Diane Vaughan’s “normalization of deviance,” and sometimes disastrous problems caused by impeded flow of information between front-line employees of an organization and top leaders. The chapter concludes that this book is not only about the financial crisis: it provides lessons about organization, governance and management of private and public organizations more generally and the need to strengthen the institutions upon which all of us depend for our safety and economic well being.

Keywords:   BP Gulf Oil Spill, Massey Mining disaster, hospital medical errors, San Bruno explosion, constructive dialogue, normalization of deviance

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