Institutional investors as stewards of the corporation: Exploring the challenges to the monitoring hypothesis

Mila Ivanova

42 citations0/0 files storedBusiness Ethics A European Review

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Corporate Finance and Governance Corporate Social Responsibility Reporting Political Influence and Corporate Strategies

Abstract

Abstract The study explores the challenges UK‐based institutional investors face when trying to monitor investee companies and influence their social, environmental, and governance practices. Consistent with previous research, I find that misalignment of interests within the investment chain and dispersed ownership are factors which inhibit investor activism. However, other underexplored challenges include lack of investee company transparency and investor experience in activism, as well as low client demand for engagement and internal conflicts of interest. The results contribute to the literature on institutional investor activism by using direct empirical evidence to systematically discuss the challenges to stewardship. Given the intensification of media and regulatory attention on shareholders in the post‐global financial crisis era, coupled with investors’ growing awareness and practice of stewardship, the research opens new avenues for enquiry which go beyond the on‐going debate about the monitoring versus short‐termism roles of institutional investors.

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References

1994Qualitative Data Analysis: An Expanded Sourcebook 1992Basics of Qualitative Research: Grounded Theory Procedures and Techniques.2003Research design: qualitative, quantitative, and mixed methods approaches 1998Law and Finance 1993Basics of Qualitative Research: Grounded Theory Procedures and Techniques 1997A Survey of Corporate Governance 2003Qualitative research practice: a guide for social science students and researchers 1986Large Shareholders and Corporate Control

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