Behavioural Economics in European Corporate Governance – Much Ado about Nudging?

Q2 Social Sciences

European Business Law Review Pub Date : 2021-04-01 DOI:10.54648/eulr2021011

Marina B. Madsen

引用次数: 1

Abstract

Shareholder engagement from institutional investors remains a topic on the agenda of both legislators and in the public debate. The recent amendment of the SRD can be seen as a token of a pan-European ‘hardening of shareholder norms’. The arising question is if this hardening is sufficient to change the behaviour of institutional investors. Using insights from behavioural economics, the article discusses if the European Union and national Member States can apply nudging or other insights from behavioural economics to increase shareholder engagement and argues that in order to follow a behaviourally informed strategy, a distinct justification of both the applied means and the pursued purposes is required. Corporate governance, European Union, shareholder engagement, active ownership, institutional investors, behavioural economics, choice architecture, nudging, biases, libertarian paternalism

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欧洲公司治理中的行为经济学——对轻推小题大做?

机构投资者的股东参与仍然是立法者和公众辩论议程上的一个话题。最近对SRD的修订可以被视为泛欧“强化股东规范”的标志。出现的问题是，这种强硬态度是否足以改变机构投资者的行为。本文利用行为经济学的见解，讨论了欧盟和成员国是否可以应用行为经济学的推动或其他见解来增加股东参与，并认为为了遵循行为知情的战略，需要对应用手段和追求的目的进行明确的论证。公司治理、欧盟、股东参与、主动所有权、机构投资者、行为经济学、选择架构、轻推、偏见、自由主义家长式作风

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

European Business Law Review Social Sciences-Law

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The mission of the European Business Law Review is to provide a forum for analysis and discussion of business law, including European Union law and the laws of the Member States and other European countries, as well as legal frameworks and issues in international and comparative contexts. The Review moves freely over the boundaries that divide the law, and covers business law, broadly defined, in public or private law, domestic, European or international law. Our topics of interest include commercial, financial, corporate, private and regulatory laws with a broadly business dimension. The Review offers current, authoritative scholarship on a wide range of issues and developments, featuring contributors providing an international as well as a European perspective. The Review is an invaluable source of current scholarship, information, practical analysis, and expert guidance for all practising lawyers, advisers, and scholars dealing with European business law on a regular basis. The Review has over 25 years established the highest scholarly standards. It distinguishes itself as open-minded, embracing interests that appeal to the scholarly, practitioner and policy-making spheres. It practices strict routines of peer review. The Review imposes no word limit on submissions, subject to the appropriateness of the word length to the subject under discussion.