Institutional Shareholder Activism: The Changing Face of Corporate Ownership

Portada
Taylor & Francis, 1999 - 182 páginas
This book examines the shareholder activism of institutional investors, and the effect of this activism on portfolio performance. By focusing on 118 institutional investors headquartered in the United States, the book is unique in addressing the shareholder activism of a large sample. Institutional shareholder activism is defined to include both traditional mechanisms of influence (i.e. filing shareholder proposals) and relationship investing. Institutional owners included private and public pension funds, mutual funds, bank trusts, insurance companies, endowments, and foundations. These institutional owners differ substantially, and these differences lead institutions to use their ownership power to pursue different philosophies and actions. Some institutions follow a passive governance policy, While others adopt an activist role. This book seeks to answer four questions: (1) Are institutional owners actively involved in the strategic affairs of companies in their portfolios? (2)Which formsof activism do institutional owners employ (either confrontational mechanisms, such as filing shareholder proposals, or relationship building mechanisms)? (3)Which forms of activism employed are most effective? and (4) Does the institutional type affect its pursuit of shareholder activism? In answering these questions the author suggests new important results that in many cases are contrary to what prior reports of the activities by a small number of institutional owners may intimate."

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Contenido

Introduction
1
Institutional Ownership and Corporate Governance
7
Heterogeneity of Institutional Owners
19
Institutional Shareholder Activism
29
Research Questions and Hypotheses
43
Research Design and Methodology
57
Results and Analysis
73
Implications for Institutions Corporations
101
Questionnaire
113
List of Institutional Owners for First Surv
135
List of Institutional Owners for Second Survey
150
List of Large Public Pension Plans
159
Index
171
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