Bank Control, Owner Control, or Organizational Dynamics: Who Controls the Large Modern Corporation?

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Abstract
There has been a long-standing debate over who controls the large American corporation. The results presented here indicate that existing power relations within the firm, the conception of control that dominates the firm's actions, and the actions of competitors account for the economic actions undertaken by large firms, while the differences in manager or owner or bank control and the presence of bank interlocks do not. A sociology of markets is therefore more likely to account for the courses of actions of large firms by considering these relations, rather than focusing on the construction of interests by bankers, owners, or board interlocks.