Governing through ESG and the green spirit of asset manager capitalism

IF 4.6 1区社会学 Q1 ENVIRONMENTAL STUDIES

Environment and Planning A-Economy and Space Pub Date : 2023-05-07 DOI:10.1177/0308518x231156611

Matthew Archer

引用次数: 0

Abstract

The outsize influence of asset managers raises important questions about the relationship between fund managers and the companies in which they are invested, with recent theorists of asset manager capitalism suggesting an emergent disinterest in the performance of individual firms among large asset managers. Investors’ growing focus on environmental, social, and governance (ESG) data in financial decisions offers one window into this relationship. Drawing on interviews with the ESG team and a group of portfolio managers at a large European bank, I argue that ESG analysis is seen as valuable not because of some unique social, environmental, or even financial benefits, but because it helps asset managers more effectively govern the companies in which they are invested by objectifying and depoliticizing their interventions in the governance of invested companies. This contributes to emerging theories of asset manager capitalism by calling attention to the strategies asset managers develop to exercise control over invested companies.

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通过ESG和资产管理资本主义的绿色精神进行治理

资产管理公司的巨大影响力，引发了有关基金管理公司与其所投资公司之间关系的重要问题。最近，资产管理资本主义理论家提出，大型资产管理公司中出现了一种对单个公司业绩不感兴趣的现象。投资者越来越关注财务决策中的环境、社会和治理(ESG)数据，这为了解这种关系提供了一个窗口。通过对ESG团队和一家大型欧洲银行的一组投资组合经理的采访，我认为ESG分析之所以有价值，不是因为它有一些独特的社会、环境甚至经济效益，而是因为它通过客观化和非政治化地干预被投资公司的治理，帮助资产管理公司更有效地治理他们所投资的公司。这有助于新兴的资产管理资本主义理论，引起人们对资产管理公司为控制被投资公司而制定的策略的关注。

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

Environment and Planning A-Economy and Space Multiple-

CiteScore

9.50

自引率

9.50%

发文量

100

期刊介绍： Environment and Planning A: Economy and Space is a pluralist and heterodox journal of economic research, principally concerned with questions of urban and regional restructuring, globalization, inequality, and uneven development. International in outlook and interdisciplinary in spirit, the journal is positioned at the forefront of theoretical and methodological innovation, welcoming substantive and empirical contributions that probe and problematize significant issues of economic, social, and political concern, especially where these advance new approaches. The horizons of Economy and Space are wide, but themes of recurrent concern for the journal include: global production and consumption networks; urban policy and politics; race, gender, and class; economies of technology, information and knowledge; money, banking, and finance; migration and mobility; resource production and distribution; and land, housing, labor, and commodity markets. To these ends, Economy and Space values a diverse array of theories, methods, and approaches, especially where these engage with research traditions, evolving debates, and new directions in urban and regional studies, in human geography, and in allied fields such as socioeconomics and the various traditions of political economy.