Analyse af institutionelle investorer påvirkning på selskabernes governance

I et forskningspapir med titlen ”Behind the Scenes: The Corporate Governance Preferences of Institutional Investors” tages pulsen på institutionelle investorers påvirkning af selskaber: ”We survey institutional investors to better understand their role in the corporate governance of firms. Consistent with a number of theories we document widespread behind‐the‐scenes intervention as well as governancemotivated exit. Both governance mechanisms are viewed as complementary devices, in which intervention typically will occur prior to a potential exit. We find that long‐term investors and investors that are less concerned about stock liquidity intervene more intensively. Finally, most investors use proxy advisors and believe that their information improves their own voting decisions.”