Ruth V. Aguilera, Kurt A. Desender, Monica LopezPuertas‐Lamy
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引用次数: 0
摘要
研究问题/议题三大资产管理公司(即贝莱德(BlackRock)、先锋(Vanguard)和道富环球顾问公司(State Street Global Advisors))在全球许多领先公司中的显著所有权地位引发了一场关于其权力集中对公司治理(CG)是有利还是有害的激烈辩论。我们对现存的实证研究进行了全面的文献综述,考察了三巨头与公司治理各方面之间的联系。研究结果/见解我们提供了有关三巨头全球地位的新证据,并对其对公司治理四个关键方面(董事会结构、财务报告和信息披露、企业社会责任(CSR)和外部公司治理机制)的影响的实证研究进行了系统综述。理论/学术启示我们建立了一个概念框架,阐明了有关三巨头监管角色的主要论点,该框架建立在界定三巨头的两个明显特征之上:三巨头的投资风格及其投资组合规模和覆盖范围。我们的框架探讨了大型被动型基金的不同动机和实质性共同所有权的影响,强调了形成 CG 的不同动机和新渠道。我们提出了未来研究的议程,其基础是三巨头并不是孤立地、不受其他投资者、治理机构或制度环境影响地运作。
From Universal Owners to Owners of the Universe? How the Big Three Are Reshaping Corporate Governance
Research Question/IssueThe prominent ownership position of the Big Three asset management firms (i.e., BlackRock, Vanguard, and State Street Global Advisors) in many leading companies around the world has sparked a lively debate regarding whether their concentration of power is beneficial or detrimental for corporate governance (CG). We conduct a comprehensive literature review of extant empirical research examining the link between the Big Three and CG dimensions.Research Findings/InsightsWe provide novel evidence on the Big Three's global positions and present a systematic review of empirical research on their impact on four key CG dimensions: board structure, financial reporting and disclosure, corporate social responsibility (CSR), and external CG mechanisms. Our analysis reveals nuanced influences varying across specific CG dimensions.Theoretical/Academic ImplicationsWe develop a conceptual framework which articulates the main arguments on the Big Three's stewardship role, building on two distinct characteristics that define them: their investment style and their portfolio size and coverage. Exploring the large passive funds' distinct incentives and the implications of substantial common ownership, our framework underscores varied motivations and new channels to shape CG. We develop an agenda for future research, building on the idea that the Big Three do not work in isolation, independently of other investors, governance agents, or the institutional environment.Practitioner/Policy ImplicationsUnderstanding the Big Three's influence on various CG dimensions provides novel insights on the broader debate about their influence and allows for targeted and effective policymaking.
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.