Beyond Ownership: The Role of Institutional Investors in International Corporate Governance

IF 5.5 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review Pub Date : 2025-01-10 DOI:10.1111/corg.12635

Wolfgang Drobetz, Sadok El Ghoul, Omrane Guedhami, Xinya Yu

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引用次数: 0

Abstract

Research Question/Issue

This paper reviews key theories on the governance role of institutional investors, examines institutional ownership trends globally, and highlights recent research on their evolving impact on corporate governance. The paper also incorporates insights from select Special Issue articles dedicated to understanding the role of institutional investors worldwide.

Research Findings/Insights

We show that while most existing research focuses on the United States, recent evidence highlights significant global growth in institutional ownership. However, research examining the role of institutional investors outside the United States remains limited, despite some recent progress.

Theoretical/Academic Implications

Institutional investors are increasingly shaping global capital markets and corporate governance through growing ownership, increased shareholder activism, and rising passive investment strategies. We provide recommendations for relevant topics to guide future research, including the governance preferences of institutional investors (i.e., voice vs. exit) across different investor types and international settings, as well as the collective influence of multiple institutional investors on corporate governance practices and outcomes.

Practitioner/Policy Implications

There is a meaningful need for future studies to address the influence and effectiveness of institutional investors on corporate governance practices around the world. A better understanding of their role in different settings should improve their impact on corporations and, more broadly, on society.

JEL Classification

G32, G34

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超越所有权：机构投资者在国际公司治理中的作用

本文回顾了关于机构投资者治理作用的主要理论，考察了全球机构所有权的趋势，并重点介绍了最近关于机构投资者对公司治理影响的研究。本文还结合了精选特刊文章的见解，致力于理解全球机构投资者的作用。研究结果/见解我们表明，虽然大多数现有研究都集中在美国，但最近的证据表明，全球机构所有权的显著增长。然而，尽管最近取得了一些进展，但对美国以外机构投资者作用的研究仍然有限。通过不断增长的所有权、股东积极主义和被动投资策略，机构投资者正日益塑造全球资本市场和公司治理。我们为相关主题提供了建议，以指导未来的研究，包括机构投资者在不同投资者类型和国际环境下的治理偏好（即声音与退出），以及多个机构投资者对公司治理实践和结果的集体影响。从业者/政策影响未来有必要研究机构投资者对世界各地公司治理实践的影响和有效性。更好地理解它们在不同环境中的作用，应该会提高它们对企业乃至更广泛意义上的社会的影响。JEL分类G32、G34

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Corporate Governance-An International Review Multiple-

CiteScore

7.00

自引率

11.30%

发文量

期刊介绍： The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.