Governing institutional investor engagement: from activism to stewardship to custodianship?

Johnston, Andrew; Belinga, Rachelle; Segrestin, Blanche

doi:10.1080/14735970.2021.1965338

Cited by 5 publications

(3 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Third, similarly to other studies (Johnston et al, 2021), in which three broad patterns of behaviour of institutional investors are proposed, our paper contributes to the understanding of the approach (or behaviour) of pension funds (Tilba and McNulty, 2013). Indeed, our conceptual framework extends beyond a dyadic focus on engagement, as "yes or no", respectively, to attend to a broader examination of the approaches to engagement and the positive or negative aspects involved in the processes.…”

Section: Discussionmentioning

confidence: 61%

Sinergie-SIMA 2022 Management Conference Boosting knowledge & trust for a sustainable business

NOSI¹

2022

Sinergie Italian Journal of Management

View full text Add to dashboard Cite

The resource-based view (RBV) has been one of the most cited streams of research in the management literature. This theory has been one of the few theories completely developed within the management disciplines. Since the initial pioneering research in the 80s and 90s, the study of knowledge-and trust-based resources has interested many theoretical and empirical works concerning many issues: company strategies, mergers and acquisitions, alliances and partnerships, organization and HR, innovation, marketing, consumer behavior, channel relationships, entrepreneurship, internationalization, and more. Today the post-pandemic world presents new challenges for managers, organizations, and researchers on which a deeper understanding of knowledge-and trust-based resources can help and shed a new light.Sustainability and a fast digital transformation are nowadays considered key goals for many companies, managers, public organizations, and governments under the umbrella of EU Next Generation Recovery Plan. The real challenge now is to enhance and leverage the intangible resources heritage -namely knowledge and trust -to get a more sustainable, inclusive and digital world and, as a consequence, for building a better society. In this perspective, also the long-term goals of the firm and its finalism have to be totally re-shaped.Sinergie Italian Journal of Management dedicated a special issue to this topic more than 20 years ago and many scholars have studied and deepened this multi-faced topic with original approaches in our community.

show abstract

Section: Discussionmentioning

confidence: 61%

Sinergie-SIMA 2022 Management Conference Boosting knowledge & trust for a sustainable business

NOSI¹

2022

Sinergie Italian Journal of Management

View full text Add to dashboard Cite

show abstract

“…As their collective holdings in many companies are substantially increasing, the law shall also be forced to recognize their inevitable role in corporate control. The institutional investment intermediaries engage with the investee portfolio companies in three different patterns of behavior such as agency, trusteeship and ownership (Johnston et al, 2022). Among these, they will take the safest route of channeling their control mandate under trusteeship as a bulwark for protecting the interest of the company, other stakeholders, and their investee beneficiaries.…”

Section: Growth Of Institutional Investment Intermediariesmentioning

confidence: 99%

Papel Dos Intermediários De Investimento Institucional No Controle Corporativo: Uma Análise Crítica

Hameed,

Renganathan

2024

RGSA

View full text Add to dashboard Cite

Purpose: The study aims to critically analyse the role of institutional investment intermediaries in the corporate control of their investee companies in Anglo-Saxon jurisdictions. Theoretical framework: Critical analysis of the role of institutional investment intermediaries derived out of the theoretical basis of classical theory of separation of ownership from management, agency theory, agency cost, stewardship theory and the modern corporate governance. Method: This is theoretical research using the analogy of the different accepted theories of corporate law on corporate management and control into the underlying utility of emerging institutional investment intermediaries in corporate control. Result and Conclusion: The result of the study shows major inferences that the suitable engagement in corporate control by institutional investment intermediaries is the stewardship relationship with its investee companies. However, their stewardship role can be converted to agency role to protect their private interests, which can also be resulted in the threat of corporate control monopolization as well as horizontal corporate control. Research implications: The research indicates the need for prevention of stewardship relationship transposing to agency relationship for preventing corporate control monopolization as well as horizontal corporate control. Originality/value: The current legal framework so far didn’t expect the possibility for transposition of stewardship relationship to agency relationship and its adverse impacts. Hence, corporate law and its allied laws shall take precautionary deterrence measures to avoid such transposition.

show abstract

“…This could be attributed in part to the fact that firms' sustainability strategies themselves are a growing trend [31,32]. Furthermore, only a few studies [33][34][35][36] have looked at the role assumed by activist investors, while studies that research the impact of carbon pricing policies are close to non-existent. To the best of our knowledge, researchers have yet to analyze the impact of all the attributes combined in-depth, other than [4,9].…”

Section: Introductionmentioning

confidence: 99%

Firm-Level Attributes, Industry-Specific Factors, Stakeholder Pressure, and Country-Level Attributes: Global Evidence of What Inspires Corporate Sustainability Practices and Performance

Gold

Taib

2022

Sustainability

View full text Add to dashboard Cite

This study examined differing attributes that motivate corporate sustainability practices and performance (CSP&P) in the global economy. Utilizing publicly disclosed information from the Carbon Disclosure Project (CDP), data were gathered for publicly listed companies operating in high carbon-intensive and less carbon-intensive sectors on a global scale, and a panel ordered probit regression model analysis was conducted to arrive at the findings. The rigorous reliability and validity of the scales were ensured. Firm-level attributes, industry-specific factors, stakeholder pressure, and country-level attributes were the variables examined for each context. The findings reveal that the firm-level attributes showed that board size, board independence, sustainability committee, and firm size were linked to positive motivation, while firm age was found to negatively influence the response level. The study discovered that the industry-specific factors variable has a negative significant influence because industry leaders (firms in high carbon-intensive sectors) exhibit poor sustainability performance, suggesting a negative attitude towards environmental issues. The study discovered a positive and highly significant influence of stakeholder pressure, while country-level attributes partially played a significant role. Overall, the findings show that a disparity exists in the level of response between the different global economies. The justification for the findings is based on the theory of interested parties, political theory, and legitimacy concerns that shape the strategic choices made by companies.

show abstract

Governing institutional investor engagement: from activism to stewardship to custodianship?

Cited by 5 publications

References 0 publications

Sinergie-SIMA 2022 Management Conference Boosting knowledge & trust for a sustainable business

Sinergie-SIMA 2022 Management Conference Boosting knowledge & trust for a sustainable business

Papel Dos Intermediários De Investimento Institucional No Controle Corporativo: Uma Análise Crítica

Firm-Level Attributes, Industry-Specific Factors, Stakeholder Pressure, and Country-Level Attributes: Global Evidence of What Inspires Corporate Sustainability Practices and Performance

Contact Info

Product

Resources

About