Investor Influence On Company Management
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Investor Influence On Company Management
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Author :
language : en
Publisher:
Release Date : 2007
Investor Influence On Company Management written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Investments categories.
Investor Engagement
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Author : Roderick Martin
language : en
Publisher: OUP Oxford
Release Date : 2007-07-05
Investor Engagement written by Roderick Martin and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-07-05 with Business & Economics categories.
The growth of shareholder value has been a major change in Western economies since the 1980s. This growth has reignited debates concerning relations between investors and managers. This book argues that investors are more than passive providers of finance, on whose behalf managers seek to maximize shareholder returns. Instead, many investors directly influence management practice, through investor engagement. The book examines the role of institutional investors and private equity firms, two types of investors with overlapping but different reasons for engagement. Questions addressed include: What are the incentives, and disincentives, for investment engagement? How is investor engagement organized? What areas of management practice are of particular concern to investors? The discussion shows in detail how private equity firms play a major role in developing new companies, beyond the provision of finance, especially in the IT, biotechnology, and pharmaceutical sectors. The discussion is primarily based on British and US research. The debate has wider international relevance, because there are strong pressures for establishing shareholder value as the international 'norm' for systems of corporate governance. Following a detailed discussion of Germany, the authors conclude that there is no inevitable trend to shareholder value: shareholder value depends upon complementary institutional arrangements in national business systems, which are far from universal. The book concludes with a critical analysis of the justifications for shareholder value and investor engagement, highlighting the weaknesses of both efficiency and equity justifications.
The Influence Of Institutional Investors On Corporate Management And Corporate Governance In Germany
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Author : Sebastian Sturm
language : en
Publisher: GRIN Verlag
Release Date : 2009-05
The Influence Of Institutional Investors On Corporate Management And Corporate Governance In Germany written by Sebastian Sturm and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05 with Business & Economics categories.
Diploma Thesis from the year 2008 in the subject Business economics - Law, grade: 1,3, Technical University of Chemnitz, language: English, abstract: Corporate management and corporate governance are becoming more and more crucial in today's successful economies. With the increasing relevance of capital markets this subject comes more into the focus of the public. Particularly, the fast growing importance of institutional investors is a key factor which helps to explain the changing attitude of managers towards shareholders and corporate governance. In conjunction with the German capital market, a wide variety of mismanagement in German public limited companies has revealed shortfalls of German top-management and corporate control in the last decade. This development was of fundamental importance for the development of the German Corporate Governance Code. Hence, the basic underlying of corporate governance can be attributed to a conflict between the management of a listed corporation and its owners. More precisely, this conflict arises because the management does not adequately comprise the interests of shareholders. In Germany, assets under management of professional investors have increased at 92 percent from 1990 to 2001.1 In addition, a growing administration of private savings by professional fund managers as well as the intensified exercise of influence by institutional investors on corporate governance and corporate management respectively corporate strategy is observable. Similarly, a growing importance of institutional investors could be observed in the United Kingdom as well as in the United States. Within academic literature, the issue of activism by institutional investors in Germany is analyzed little, so far. Furthermore, there are only a few surveys on the outcome of the influence by institutional investors on corporate management. Therefore, this thesis aims to answer the following questions: 1. How was the development of shareholder activism in Ger
The Influence Of Institutional Investors On Corporate Management And Corporate Governance In Germany
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Author : Sebastian Sturm
language : en
Publisher: GRIN Verlag
Release Date : 2009-04-14
The Influence Of Institutional Investors On Corporate Management And Corporate Governance In Germany written by Sebastian Sturm and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-04-14 with Business & Economics categories.
Diploma Thesis from the year 2008 in the subject Business economics - Law, grade: 1,3, Technical University of Chemnitz, language: English, abstract: Corporate management and corporate governance are becoming more and more crucial in today’s successful economies. With the increasing relevance of capital markets this subject comes more into the focus of the public. Particularly, the fast growing importance of institutional investors is a key factor which helps to explain the changing attitude of managers towards shareholders and corporate governance. In conjunction with the German capital market, a wide variety of mismanagement in German public limited companies has revealed shortfalls of German top-management and corporate control in the last decade. This development was of fundamental importance for the development of the German Corporate Governance Code. Hence, the basic underlying of corporate governance can be attributed to a conflict between the management of a listed corporation and its owners. More precisely, this conflict arises because the management does not adequately comprise the interests of shareholders. In Germany, assets under management of professional investors have increased at 92 percent from 1990 to 2001.1 In addition, a growing administration of private savings by professional fund managers as well as the intensified exercise of influence by institutional investors on corporate governance and corporate management respectively corporate strategy is observable. Similarly, a growing importance of institutional investors could be observed in the United Kingdom as well as in the United States. Within academic literature, the issue of activism by institutional investors in Germany is analyzed little, so far. Furthermore, there are only a few surveys on the outcome of the influence by institutional investors on corporate management. Therefore, this thesis aims to answer the following questions: 1. How was the development of shareholder activism in Germany and how can it be characterized and explained? 2. Is shareholder activism a superior tool in relation to the market of corporate control to solve the principal-agent problem? 3. What do institutional investors demand from German corporations and in particular from corporate management? 4. Which options do institutional investors have to influence corporate management? 5. How are these options for activism covered by the German Corporate Governance Code and the German legal framework? 6. What is the optimum corporate governance from an institutional investor’s angle? 7. What is the empirical outcome?
Esg And Responsible Institutional Investing Around The World A Critical Review
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Author : Pedro Matos
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2020-05-29
Esg And Responsible Institutional Investing Around The World A Critical Review written by Pedro Matos and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.
This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Investor Engagement
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Author : Roderick Martin
language : en
Publisher:
Release Date : 2007
Investor Engagement written by Roderick Martin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
"The growth of shareholder value has been a major change in Western economies since the 1980s. This growth has reignited debates concerning relations between investors and managers. The book argues that investors are more than passive providers of finance, on whose behalf managers seek to maximize shareholder returns. Instead, many investors directly influence management practice, through investor engagement. The book examines the role of institutional investors and private equity firms, two types of investors with overlapping but different reasons for engagement."--Résumé de l'éditeur.
Impact Investment Website
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Author : Keith A. Allman
language : en
Publisher: John Wiley & Sons
Release Date : 2015-03-02
Impact Investment Website written by Keith A. Allman and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-03-02 with Business & Economics categories.
Apply a rigorous investment process and integrate social impact analyses to successfully select and invest in social impact investments Impact Investment: A Practical Guide to Investment Process and Social Impact Analysis is a must-read guide for investors and wealth managers entering the social finance investment space known as "impact investing." This book walks readers through the demanding task of properly executing an impact investment strategy, providing solutions to some of the most vexing challenges that arise when investing for both financial return and social impact. Readers will learn how impact investing is different from other strategies, how the organization's mission affects investment decisions and structures, and what to look for in an organization prior to investing. A running example of a village distribution company illustrates the methods and concepts in action, and a full-fledged case study utilizing downloadable professional level analytical tools consolidates all examples into a real-world setting. Impact investing is generating significant momentum, but many individuals operating in this space come from alternative backgrounds and lack the knowledge to form a rigorous investment process. Disparate funding sources, immature markets, variations in fund economics, and the need to generate and report social impact all complicate the industry even further, creating a barrier for curious investors. This book is a guide to applying standard investment processes and social impact analyses to impact investing, helping readers: Adjust standard analysis techniques to suit the particularities of impact investing Discover how social mission influences the entire investment from entry to exit Plan and execute a robust custom impact investment strategy Understand social impact entities and the management of impact investments Investing with the goal of social impact doesn't remove the need for rigorous investment techniques and diligent processes. Impact Investment: A Practical Guide to Investment Process and Social Impact Analysis is a guide to putting it all together, for a more targeted approach to impact investing.
Institutional Investors Power To Change Corporate Behavior
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Author : Suzanne Young
language : en
Publisher: Emerald Group Publishing
Release Date : 2013-10-24
Institutional Investors Power To Change Corporate Behavior written by Suzanne Young and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-24 with Business & Economics categories.
The aim of the book series is to explore public concerns and practical issues deeply and rethink theoretical debates and institutional policies critically in the broad area of corporate responsibility, corporate governance and sustainability around the world. It examines the social, economic and environmental impacts of corporations, and the real effects of corporate governance, CSR and business sustainability on societies in different regions. It facilitates a better understanding of how value systems, cultures and traditions in different societies may affect the policies and practices of corporate responsibility, governance and sustainability. It identifies the future development trends of corporate responsibility, governance and sustainability in contexts when examining and exploring those key issues.
Achieving Fair Value
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Author : Mark C. Scott
language : en
Publisher: John Wiley & Sons
Release Date : 2005-07-08
Achieving Fair Value written by Mark C. Scott and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-07-08 with Business & Economics categories.
The single biggest preoccupation of senior management of any listed company is its institutional investors. CEOs and CFOs on average spend around 40% of their time dealing with this group, and the implicit goal of most management teams is to maximise share price. Yet the true influences behind movements in share price are poorly understood, and thus many companies do not do a good job of managing their investors. Achieving Fair Value provides the appropriate strategy tools and techniques for management to ensure that their business is valued in a way that accurately reflects its fundamental, sustainable worth for the long term. It is a timely and practical contribution to a topic that should be high on the agenda of any senior management team.
Chains Of Finance
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Author : Diane-Laure Arjaliès
language : en
Publisher: Oxford University Press
Release Date : 2017-06-23
Chains Of Finance written by Diane-Laure Arjaliès and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-23 with Business & Economics categories.
Investment is no longer a matter of individual savers directly choosing which shares or bonds to buy. Rather, most of their money flows through a 'chain': an often extended sequence of intermediaries. What goes on in that chain is of huge importance: The world's investment managers, who are now almost as well paid as top bankers, control assets equivalent in value to around a year of total global economic output. In Chains of Finance, five social scientists discuss the ways in which the intermediaries in the chain influence each other, channel the flows of savers' money, enhance investment decisions, and form audiences for each other's performances of financially competent selves. The central argument of the book is that investment management is fashioned profoundly by the opportunities and constraints this chain creates. Whether chains constrain or enable, however, they always entangle, tying intermediaries to each other - silently and profoundly shaping the investment management industry. Chains of Finance is a novel analysis that will make students, social scientists, financial professionals, and regulators looking at the workings of financial markets in a new light. A must-read for anyone looking for insights into the decision-making processes of investment managers and those influenced by and working for them.
