Financial policy, internal control, and performance Sealed Air Corporation's leveraged special dividend
Identifieur interne : 002729 ( Istex/Checkpoint ); précédent : 002728; suivant : 002730Financial policy, internal control, and performance Sealed Air Corporation's leveraged special dividend
Auteurs : RBID : ISTEX:862286BE4186422AC7117EFFF91FF36D098CC31EAbstract
This paper examines the role of financial policy as a catalyst for organizational change. The subject is Sealed Air Corporation, a company with substantial free cash flow that undertakes a leveraged special dividend. While the stock price response to announcement is typical, Sealed Air exhibits dramatic, sustained, post-dividend performance improvement. Evidence indicates this performance results from managers' conscious and successful use of financial leverage as a tool to disrupt the status quo and promote internal change, including establishing a new objective, changing compensation systems, and reorganizing manufacturing and capital budgeting processes.
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DOI: 10.1016/0304-405X(94)90023-X
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<record><TEI><teiHeader><fileDesc><titleStmt><title>Financial policy, internal control, and performance Sealed Air Corporation's leveraged special dividend</title><author><name sortKey="Wruck, Karen Hopper" uniqKey="Wruck K">Karen Hopper Wruck</name><affiliation wicri:level="2"><mods:affiliation>Harvard Business School, Boston, MA 02163, USA</mods:affiliation><country xml:lang="fr">États-Unis</country><wicri:regionArea>Harvard Business School, Boston, MA 02163</wicri:regionArea><placeName><region type="state">Massachusetts</region></placeName></affiliation></author></titleStmt><publicationStmt><idno type="RBID">ISTEX:862286BE4186422AC7117EFFF91FF36D098CC31E</idno><date when="1994">1994</date><idno type="doi">10.1016/0304-405X(94)90023-X</idno><idno type="url">https://api.istex.fr/document/862286BE4186422AC7117EFFF91FF36D098CC31E/fulltext/pdf</idno><idno type="wicri:Area/Istex/Corpus">003D10</idno><idno type="wicri:Area/Istex/Curation">003D10</idno><idno type="wicri:Area/Istex/Checkpoint">002729</idno></publicationStmt><seriesStmt><idno type="ISSN">0304-405X</idno></seriesStmt></fileDesc><profileDesc><textClass></textClass></profileDesc></teiHeader><front><div type="abstract" xml:lang="eng">This paper examines the role of financial policy as a catalyst for organizational change. The subject is Sealed Air Corporation, a company with substantial free cash flow that undertakes a leveraged special dividend. While the stock price response to announcement is typical, Sealed Air exhibits dramatic, sustained, post-dividend performance improvement. Evidence indicates this performance results from managers' conscious and successful use of financial leverage as a tool to disrupt the status quo and promote internal change, including establishing a new objective, changing compensation systems, and reorganizing manufacturing and capital budgeting processes. </div></front></TEI><istex><corpusName>elsevier</corpusName><copyrightdate>1994</copyrightdate><author><json:item><name>Karen Hopper Wruck</name><affiliations><json:string>Harvard Business School, Boston, MA 02163, USA</json:string></affiliations></json:item></author><subject><json:item><lang>und</lang><value>Leverage</value></json:item><json:item><lang>und</lang><value>Dividends</value></json:item><json:item><lang>und</lang><value>Organizations</value></json:item><json:item><lang>und</lang><value>Restructing</value></json:item><json:item><lang>und</lang><value>Financial policy</value></json:item><json:item><lang>und</lang><value>G31</value></json:item><json:item><lang>und</lang><value>G32</value></json:item><json:item><lang>und</lang><value>G34</value></json:item><json:item><lang>und</lang><value>G35</value></json:item></subject><language></language><abstract>This paper examines the role of financial policy as a catalyst for organizational change. The subject is Sealed Air Corporation, a company with substantial free cash flow that undertakes a leveraged special dividend. While the stock price response to announcement is typical, Sealed Air exhibits dramatic, sustained, post-dividend performance improvement. Evidence indicates this performance results from managers' conscious and successful use of financial leverage as a tool to disrupt the status quo and promote internal change, including establishing a new objective, changing compensation systems, and reorganizing manufacturing and capital budgeting processes.</abstract><title>Financial policy, internal control, and performance Sealed Air Corporation's leveraged special dividend</title><pii><json:string>0304-405X(94)90023-X</json:string></pii><genre></genre><serie><genre><json:string>Book</json:string></genre><language></language><title>Bradley Policy Research Center working paper no. FR93-04</title></serie><host><pii><json:string>S0304-405X(00)X0107-9</json:string></pii><issn><json:string>0304-405X</json:string></issn><genre></genre><language></language><title>Journal of Financial Economics</title><pubdate>199410</pubdate></host><pubdate>1994</pubdate><doi><json:string>10.1016/0304-405X(94)90023-X</json:string></doi><id>862286BE4186422AC7117EFFF91FF36D098CC31E</id><fulltext><json:item><original>true</original><mimetype>application/pdf</mimetype><extension>pdf</extension><uri>https://api.istex.fr/document/862286BE4186422AC7117EFFF91FF36D098CC31E/fulltext/pdf</uri></json:item><json:item><original>true</original><mimetype>text/plain</mimetype><extension>txt</extension><uri>https://api.istex.fr/document/862286BE4186422AC7117EFFF91FF36D098CC31E/fulltext/txt</uri></json:item><json:item><original>false</original><mimetype>application/zip</mimetype><extension>zip</extension><uri>https://api.istex.fr/document/862286BE4186422AC7117EFFF91FF36D098CC31E/fulltext/zip</uri></json:item><istex:fulltextTEI uri="https://api.istex.fr/document/862286BE4186422AC7117EFFF91FF36D098CC31E/fulltext/tei"><teiHeader type="text"><fileDesc><titleStmt><title level="a" type="alt" xml:lang="">Financial policy, internal control, and performance Sealed Air Corporation's leveraged special dividend</title></titleStmt><publicationStmt><authority>ISTEX</authority><publisher>ELSEVIER</publisher><date>1994</date></publicationStmt><notesStmt><note>I would like to thank Sealed Air Corporation, especially Mary Coventry, Dermot Dunphy, and Bill Hickey, for providing cooperation and assistance over the last four years. I have benefited additionally from the comments and suggestions of George Baker, Mike Beer, Susan Chaplinsky, Harry DeAngelo, Linda DeAngelo, David Denis, Diane Denis, Jay Dial, Robert Eccles, Donna Feinberg, Paul Healy, Michael Jensen, Robert Kaplan, Wayne Marr, Wayne Mikkelson, Krishna Palepu, Rick Ruback, Bill Sahlman, Ben Shapiro, Howard Stevenson, Dick Walton, Eric Wruck, Jerry Zimmerman, participants at Harvard Business School's seminar on Financial Decisions and Control, Doctoral Seminar on Field-Based Research, and Baker West Seminar, Boston College's Finance Seminar, USC's Finance Seminar, the Maryland Symposium on Compensation and Institutional Design, Northwestern's Finance Seminar, and Virginia Tech's Finance Seminar. Support for this project from the Division of Research, Harvard Business School, is gratefully acknowledged. Thanks also to Chris Allen, Brian Barry, Donna Feinberg, and Philip Hamilton for research assistance, and to Susan Brumfield for proofreading and editorial assistance.</note></notesStmt><sourceDesc><biblStruct type="inbook"><analytic><title level="a" type="main" xml:lang="">Financial policy, internal control, and performance Sealed Air Corporation's leveraged special dividend</title><author><persName><forename type="first">Karen Hopper</forename><surname>Wruck</surname></persName><affiliation>Harvard Business School, Boston, MA 02163, USA</affiliation></author></analytic><monogr><title level="j">Journal of Financial Economics</title><title level="j" type="abbrev">FINEC</title><idno type="pISSN">0304-405X</idno><idno type="PII">S0304-405X(00)X0107-9</idno><imprint><publisher>ELSEVIER</publisher><date type="published" when="1994"></date><biblScope unit="vol">36</biblScope><biblScope unit="issue">2</biblScope><biblScope unit="page" from="157">157</biblScope><biblScope unit="page" to="192">192</biblScope></imprint></monogr><idno type="istex">862286BE4186422AC7117EFFF91FF36D098CC31E</idno><idno type="DOI">10.1016/0304-405X(94)90023-X</idno><idno type="PII">0304-405X(94)90023-X</idno></biblStruct></sourceDesc></fileDesc><profileDesc><creation><date>1994</date></creation><langUsage><language ident=""></language></langUsage><abstract xml:lang="en"><p>This paper examines the role of financial policy as a catalyst for organizational change. The subject is Sealed Air Corporation, a company with substantial free cash flow that undertakes a leveraged special dividend. While the stock price response to announcement is typical, Sealed Air exhibits dramatic, sustained, post-dividend performance improvement. Evidence indicates this performance results from managers' conscious and successful use of financial leverage as a tool to disrupt the status quo and promote internal change, including establishing a new objective, changing compensation systems, and reorganizing manufacturing and capital budgeting processes.</p></abstract><textClass xml:lang=""><keywords scheme="keyword"><list><head>Keywords</head><item><term>Leverage</term></item><item><term>Dividends</term></item><item><term>Organizations</term></item><item><term>Restructing</term></item><item><term>Financial policy</term></item></list></keywords></textClass><textClass xml:lang=""><keywords scheme="keyword"><list><head>JEL classification</head><item><term>G31</term></item><item><term>G32</term></item><item><term>G34</term></item><item><term>G35</term></item></list></keywords></textClass></profileDesc><revisionDesc><change when="1994">Published</change></revisionDesc></teiHeader></istex:fulltextTEI></fulltext><metadata><istex:metadataXml wicri:clean="Elsevier converted-article found"><istex:xmlDeclaration>version="1.0" encoding="utf-8"</istex:xmlDeclaration><istex:docType PUBLIC="-//ES//DTD journal article DTD version 4.5.2//EN//XML" URI="art452.dtd" name="istex:docType"></istex:docType><istex:document><converted-article version="4.5.2" docsubtype="fla"><item-info><jid>FINEC</jid><aid>9490023X</aid><ce:pii>0304-405X(94)90023-X</ce:pii><ce:doi>10.1016/0304-405X(94)90023-X</ce:doi><ce:copyright type="unknown" year="1994"></ce:copyright></item-info><head><ce:article-footnote><ce:label>☆</ce:label><ce:note-para>I would like to thank Sealed Air Corporation, especially Mary Coventry, Dermot Dunphy, and Bill Hickey, for providing cooperation and assistance over the last four years. I have benefited additionally from the comments and suggestions of George Baker, Mike Beer, Susan Chaplinsky, Harry DeAngelo, Linda DeAngelo, David Denis, Diane Denis, Jay Dial, Robert Eccles, Donna Feinberg, Paul Healy, Michael Jensen, Robert Kaplan, Wayne Marr, Wayne Mikkelson, Krishna Palepu, Rick Ruback, Bill Sahlman, Ben Shapiro, Howard Stevenson, Dick Walton, Eric Wruck, Jerry Zimmerman, participants at Harvard Business School's seminar on Financial Decisions and Control, Doctoral Seminar on Field-Based Research, and Baker West Seminar, Boston College's Finance Seminar, USC's Finance Seminar, the Maryland Symposium on Compensation and Institutional Design, Northwestern's Finance Seminar, and Virginia Tech's Finance Seminar. Support for this project from the Division of Research, Harvard Business School, is gratefully acknowledged. Thanks also to Chris Allen, Brian Barry, Donna Feinberg, and Philip Hamilton for research assistance, and to Susan Brumfield for proofreading and editorial assistance.</ce:note-para></ce:article-footnote><ce:title>Financial policy, internal control, and performance Sealed Air Corporation's leveraged special dividend</ce:title><ce:author-group><ce:author><ce:given-name>Karen Hopper</ce:given-name><ce:surname>Wruck</ce:surname></ce:author><ce:affiliation><ce:textfn>Harvard Business School, Boston, MA 02163, USA</ce:textfn></ce:affiliation></ce:author-group><ce:abstract><ce:section-title>Abstract</ce:section-title><ce:abstract-sec><ce:simple-para>This paper examines the role of financial policy as a catalyst for organizational change. The subject is Sealed Air Corporation, a company with substantial free cash flow that undertakes a leveraged special dividend. While the stock price response to announcement is typical, Sealed Air exhibits dramatic, sustained, post-dividend performance improvement. Evidence indicates this performance results from managers' conscious and successful use of financial leverage as a tool to disrupt the status quo and promote internal change, including establishing a new objective, changing compensation systems, and reorganizing manufacturing and capital budgeting processes.</ce:simple-para></ce:abstract-sec></ce:abstract><ce:keywords><ce:section-title>Keywords</ce:section-title><ce:keyword><ce:text>Leverage</ce:text></ce:keyword><ce:keyword><ce:text>Dividends</ce:text></ce:keyword><ce:keyword><ce:text>Organizations</ce:text></ce:keyword><ce:keyword><ce:text>Restructing</ce:text></ce:keyword><ce:keyword><ce:text>Financial policy</ce:text></ce:keyword></ce:keywords><ce:keywords class="jel"><ce:section-title>JEL classification</ce:section-title><ce:keyword><ce:text>G31</ce:text></ce:keyword><ce:keyword><ce:text>G32</ce:text></ce:keyword><ce:keyword><ce:text>G34</ce:text></ce:keyword><ce:keyword><ce:text>G35</ce:text></ce:keyword></ce:keywords></head></converted-article></istex:document></istex:metadataXml><mods version="3.5"><titleInfo><title>Financial policy, internal control, and performance Sealed Air Corporation's leveraged special dividend</title></titleInfo><titleInfo type="alternative"><title></title></titleInfo><name type="personal"><namePart type="given">Karen Hopper</namePart><namePart type="family">Wruck</namePart><affiliation>Harvard Business School, Boston, MA 02163, USA</affiliation><role><roleTerm type="text">author</roleTerm></role></name><typeOfResource>text</typeOfResource><originInfo><publisher>ELSEVIER</publisher><dateIssued encoding="w3cdtf">1994</dateIssued><copyrightDate encoding="w3cdtf">1994</copyrightDate></originInfo><physicalDescription><internetMediaType>text/html</internetMediaType></physicalDescription><abstract lang="eng">This paper examines the role of financial policy as a catalyst for organizational change. The subject is Sealed Air Corporation, a company with substantial free cash flow that undertakes a leveraged special dividend. While the stock price response to announcement is typical, Sealed Air exhibits dramatic, sustained, post-dividend performance improvement. Evidence indicates this performance results from managers' conscious and successful use of financial leverage as a tool to disrupt the status quo and promote internal change, including establishing a new objective, changing compensation systems, and reorganizing manufacturing and capital budgeting processes. </abstract><note>I would like to thank Sealed Air Corporation, especially Mary Coventry, Dermot Dunphy, and Bill Hickey, for providing cooperation and assistance over the last four years. I have benefited additionally from the comments and suggestions of George Baker, Mike Beer, Susan Chaplinsky, Harry DeAngelo, Linda DeAngelo, David Denis, Diane Denis, Jay Dial, Robert Eccles, Donna Feinberg, Paul Healy, Michael Jensen, Robert Kaplan, Wayne Marr, Wayne Mikkelson, Krishna Palepu, Rick Ruback, Bill Sahlman, Ben Shapiro, Howard Stevenson, Dick Walton, Eric Wruck, Jerry Zimmerman, participants at Harvard Business School's seminar on Financial Decisions and Control, Doctoral Seminar on Field-Based Research, and Baker West Seminar, Boston College's Finance Seminar, USC's Finance Seminar, the Maryland Symposium on Compensation and Institutional Design, Northwestern's Finance Seminar, and Virginia Tech's Finance Seminar. Support for this project from the Division of Research, Harvard Business School, is gratefully acknowledged. Thanks also to Chris Allen, Brian Barry, Donna Feinberg, and Philip Hamilton for research assistance, and to Susan Brumfield for proofreading and editorial assistance.</note><subject lang=""><genre>Keywords</genre><topic>Leverage</topic><topic>Dividends</topic><topic>Organizations</topic><topic>Restructing</topic><topic>Financial policy</topic></subject><subject lang=""><genre>JEL classification</genre><topic>G31</topic><topic>G32</topic><topic>G34</topic><topic>G35</topic></subject><relatedItem type="host"><titleInfo><title>Journal of Financial Economics</title></titleInfo><titleInfo type="abbreviated"><title>FINEC</title></titleInfo><originInfo><dateIssued encoding="w3cdtf">199410</dateIssued></originInfo><identifier type="ISSN">0304-405X</identifier><identifier type="PII">S0304-405X(00)X0107-9</identifier><part><date>1994</date><detail type="volume"><number>36</number><caption>vol.</caption></detail><detail type="issue"><number>2</number><caption>no.</caption></detail><extent unit="issue pages"><start>155</start><end>284</end></extent></part></relatedItem><relatedItem type="references" displayLabel="BIB1"><titleInfo><title>Production, information costs, and economic organizations</title></titleInfo><name type="personal"><namePart type="given">Armen</namePart><namePart type="family">Alchian</namePart><role><roleTerm type="text">author</roleTerm></role></name><name type="personal"><namePart type="given">Harold</namePart><namePart type="family">Demsetz</namePart><role><roleTerm type="text">author</roleTerm></role></name><note>Alchian and Demsetz, 1972</note><note>Dec.</note><relatedItem type="host"><titleInfo><title>American Economic Review</title></titleInfo><part><date>1972</date></part></relatedItem><part><extent unit="pages"><start>777</start><end>795</end></extent></part></relatedItem><relatedItem type="references" displayLabel="BIB2"><titleInfo><title>Organizational changes and value creation in leveraged buyouts: The case of The O.M. 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