The role of institutional investors in corporate governance: an empirical study
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York, NY [u.a.]
Palgrave Macmillan
2013
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| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVII, 285 S. graph. Darst. |
| ISBN: | 9781137327024 |
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Record in the Search Index
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| adam_text | Titel: The role of institutional investors in corporate governance
Autor: Nix, Petra
Jahr: 2013
Contents
List of Figures and Tables ix
Acknowledgements xv
List of Abbreviations xvi
1 Introduction 1
1 Research background 1
2 Corporate governance in general 3
3 Corporate governance in Germany 4
4 Institutional investors 4
5 Framework of research 5
6 Objectives of research 7
7 Limitations 8
8 Structure 8
2 Fundamentals of Corporate Governance 10
1 Definitions and scope 10
2 Corporate governance frameworks - a theoretical review 13
2.1 Principal-agency theory 13
2.2 Stewardship theory 15
2.3 Stakeholder theory 17
3 Developments in academic research -
an empirical review 17
3.1 Developments of corporate governance research
between 2005 and 2009 18
3.2 Principal-agency theory 21
3.3 Stewardship theory 22
3.4 Stakeholder theory 22
3.5 General appreciation and critical evaluation of the
theories 23
4 Trust 25
5 Board structures and board responsibilities 28
5.1 One-tier and two-tier systems 28
5.2 Responsibilities 30
6 Guidelines of corporate governance 30
6.1 OECD guidelines 32
6.2 Dow Jones Sustainability Index 33
6.3 Global reporting initiative 33
7 Countries matter 35
8 Corporate governance in Germany 37
8.1 The development 37
8.2 The German system 41
8.3 The structure of ownership 43
9 Institutional investors 43
9.1 Definition and classification 43
9.2 Ownership, control and relationship 44
9.3 Role and responsibilities 48
10 Research gaps 50
3 Methodology 52
1 Research paradigms 52
1.1 Positivist approach 52
1.2 Interpretativist approach 53
1.3 Constructivist approach 53
2 Research methods 54
2.1 Quantitative research 55
2.2 Qualitative research 55
3 Research strategy and design 56
3.1 Research paradigm 56
3.2 Research method 58
3.3 Research process 59
3.4 Research objective and question 61
4 Research model and variables 63
5 Data analysis and interpretation 66
5.1 Correlation 66
5.2 Grounded theory 68
5.3 Data types 70
5.4 Pilot test 70
6 Data sampling 72
7 Exploratory in-depth interviews 73
8 Questionnaire 75
9 Reliability and validity of the methodology 75
4 Description of Interview Partners and Categories 77
1 Semi-structured interviews 77
1.1 Selection criteria 77
2 Profile of interviewees and their companies 78
3 General information about the participating companies 81
4 Data collection process and protocol 83
5 Data analysis 85
6 Validity and reliability 88
5 Study Results 90
1 General picture of the results 90
2 The six variables of the research model 91
2.1 Board oversight 91
2.2 Nomination 100
2.3 Identification of weaknesses/improvement of
company value 111
2.4 Recommendations to company 122
2.5 Inducing changes in corporate strategy 133
2.6 Execution of institutional power 144
3 Future role of institutional investors 152
4 Relationship with institutional investors 155
5 Various statistical tests to explore relationships,
check reliability and compare groups 165
5.1 Distribution of the results 165
5.2 Reliability of the research model 166
5.3 Correlation 167
5.4 Differences between members of the supervisory
board and IROs 168
6 Study Findings and Analysis 170
1 The role of institutional investors - summarized findings 170
2 The role of institutional investors according to each variable 173
2.1 Board oversight 173
2.2 Supervisory board nomination 175
2.3 Improvement of company value 178
2.4 Recommendations to company 179
2.5 Inducing changes in corporate strategy 181
2.6 Exercise of institutional power 182
3 Type of institutional investor matters 184
3.1 Added value and understanding 184
3.2 Impact on corporate governance 185
4 Shareholder engagement in German
companies - some examples 187
4.1 Deutsche Borse versus TCI/Atticus 188
4.2 Merck versus various institutional investors 189
4.3 Demag Cranes versus Cevian Capital 189
4.4 Heidelberger Cement - failure of AGM approval 189
4.5 Infineon versus Hermes 189
5 Comparison with the literature 189
7 Conclusions and Implications 193
1 Main findings 193
2 Contributions of this study 194
3 Policy and managerial implication of this study 195
3.1 Measures for institutional investors to engage
in corporate governance 196
3.2 Criticisms and solutions regarding German
corporate governance 199
3.3 Prerequisites for improving company value 201
3.4 Prerequisites for institutional investors to induce
change and exercise power 203
4 Limitations of the study and further research direction 205
Appendix 206
Notes 269
References 270
Index 280
|
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| isbn | 9781137327024 |
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| spelling | Nix, Petra 1962- Verfasser (DE-588)137001274 aut The role of institutional investors in corporate governance an empirical study Petra Nix and Jean Jinghan Chen 1. publ. New York, NY [u.a.] Palgrave Macmillan 2013 XVII, 285 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Investmentgesellschaft (DE-588)4027581-4 gnd rswk-swf Investmentgesellschaft (DE-588)4027581-4 s DE-604 Chen, Jean Jinghan 1964- Verfasser (DE-588)131893750 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026210761&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Nix, Petra 1962- Chen, Jean Jinghan 1964- The role of institutional investors in corporate governance an empirical study Investmentgesellschaft (DE-588)4027581-4 gnd |
| subject_GND | (DE-588)4027581-4 |
| title | The role of institutional investors in corporate governance an empirical study |
| title_auth | The role of institutional investors in corporate governance an empirical study |
| title_exact_search | The role of institutional investors in corporate governance an empirical study |
| title_full | The role of institutional investors in corporate governance an empirical study Petra Nix and Jean Jinghan Chen |
| title_fullStr | The role of institutional investors in corporate governance an empirical study Petra Nix and Jean Jinghan Chen |
| title_full_unstemmed | The role of institutional investors in corporate governance an empirical study Petra Nix and Jean Jinghan Chen |
| title_short | The role of institutional investors in corporate governance |
| title_sort | the role of institutional investors in corporate governance an empirical study |
| title_sub | an empirical study |
| topic | Investmentgesellschaft (DE-588)4027581-4 gnd |
| topic_facet | Investmentgesellschaft |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026210761&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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