c This study seeks to estimate the relative importance of free cash pow, corporate governance, and takeover threat in determining financial and portfolio restructuring. The free cash flow hypothesis and agency theory prescriptions are used as the basis for developing a model of restructuring. A simple analysis of variance method i s used to decompose restructuring transactions and outcomes into the three effects. The results support the hypothesis that financial and portfolio restructuring are motivated, in part, by agency costs. Decomposition of variances indicates that restructuring is equally explained by free cash p o w and interaction of governance and takeover threat with free cash fiow

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The authors present a case study of how Hezvlett-Packard is changing its culture under the direction of its new chief executive Carly Fiorina. Fiorina says her challenge is "to make sure HP represents the next century rather than the last one." To prepare for the future, company leaders saw the need to create a "New HP Way." Under the new way, all HP employees -but especially managers -must be leaders who generate enthusiasm and respond with extra effort to meet customer needs. They must personally accept responsibility and are encouraged to upgrade their skills and capabilities through ongoing training and development.

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Organizations have been seeking new ways to satisfy the requirement for continuous learning. It is argued that a blend of on‐the‐job education, skill development and action learning will be required to fuse individual development with corporate development. Some corporations are adopting corporate universities to ensure that education is relevant and to help them become learning organizations. The development of such institutions is considered and a number are described.

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