Pension Management between Financial Market Development and Intergenerational Solidarity: A Socio-Economic Analysis and a Comprehensive Model

Biondi, Yuri; Sierra, Marion

doi:10.2139/ssrn.2661718

Cited by 1 publication

(1 citation statement)

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“…In 1999, a switch from a pay-as-you-go (PAYG) defined benefit program to a pay-as-you-go defined contribution plan was implemented (Biondi & Boisseau, 2015;Laun & Wallenius, 2015). This implies that earned pension benefits which were formerly paid by current employees to cover payments to current pensioners are now invested on the market during the individual's working life, giving (hopefully) pension benefits when the payee reaches retirement.…”

Section: The Financialization Of the Swedish Market For Corporate Conmentioning

confidence: 99%

Doxa of Shareholders and Owners: On the Threshold of Financialization

Jonnergård

Larsson-Olaison

2017

Accounting, Economics, and Law: A Convivium

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Abstract:Following financialization, there has emerged an understanding of what it implies to be a shareholder based on the shareholder value perception. However, as this shareholder value perception spreads internationally, it clashes with traditional perceptions. In this paper, we apply the language developed by Bourdieu to a Swedish public debate on equal treatment of shareholders in connection with the reform of the Swedish market for corporate control. Using Bourdieu's conceptual framework, we describe how a global development interacts with the persistence of national practices. We conclude that in Sweden, local institutional investors have allied themselves with international institutional investors to enhance their positions in the restricted field of Swedish corporate control. Shareholder value is then used by these local actors as an argument to strengthen their position. At the same time, some of the controlling shareholders depart from their traditional position as industrial entrepreneurs and embrace a more financial approach to ownership, thereby altering both the power constellations and the capital, in Bourdieu's sense, of the field.

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Section: The Financialization Of the Swedish Market For Corporate Conmentioning

confidence: 99%