F. Webb and . Example, referred to 'a hierarchy culminating in some form of General Manager or Managing Director, and reaching, in some cases, a high degree of complexity': S Webb, The Works Manager Today, pp.4-5, 1918.

E. Urwick, J. Maltby, and M. Matthews, The Making of Scientific Management Volume II: Management in British Industry (London: Management Publications Trust, 1949) p 81. 15 Ibid p 85 For further examples of early organizational diagrams, see O. Sheldon, Philosophy of Management (London: Pitman, 1923) pp 118 and 121. 16 See for example the case studies contained in MJ Lewis, Personal Capitalism and Corporate Governance: British Manufacturing in the First Half of the Twentieth Century, 2011.

M. Richardson, Rapprochement and Retribution: The Divergent Experiences of Workers in Two Large Paper and Print Companies in the 1926 General Strike, Case studies of Britain in the Nineteenth and Twentieth Centuries, p.94, 2011.

. Keeble, The Ability to Manage: A Study of British Management Chapter Four 293; R Khurana, From Higher Aims to Hired Hands: The Social Transformation of American Business Schools and the Unfulfilled Promise of Management as a Profession, pp.1890-1990, 1990.

R. Amdam, The Oxford Handbook of Business History, pp.583-588, 2008.

. Shiman, Managerial Inefficiency and Technological Decline in Britain, 1860.

. Burton, 1899), pp iv and 20. companies' and 'increased the leverage bidders possessed'. 192 Bruner notes that the new rule 'permitted would-be acquirers to achieve substantial governance power through openmarket share purchases'. 193 Moore has gone the furthest in recognising the importance of this right, describing the shareholders' 'shotgun right' as the 'most significant legal-institutional factor underlying the centrality of the so-called " shareholder wealth-maximisation norm, The Commercial Management of Engineering Works, p.194

. Ibid, Efficient directors who have treated their shareholders fairly and frankly should have little to fear from a raider' and should not be allowed to protect themselves against this 'remote risk' by issuing non-voting shares and 'converting themselves into a selfperpetuating oligarchy