Institutional investors as owners : who are they and what do they do? / Serdar Çelik; Mats Isaksson

Çelik, Serdar ; Isaksson, Mats

Englisch

Paris : OECD, 2013

Online-Ressource (36 S.) : graph. Darst.

Systemvoraussetzungen: Acrobat Reader

DOI: 10.1787/5k3v1dvmfk42-en

*Finance and Investment ; Governance

Eigentümerstruktur / Institutioneller Investor / Corporate Governance / Aktive Aktionäre

Arbeitspapier / Working paper / Online-Publikation / Online-publication

Journal of Economic Literature: G38

Journal of Economic Literature: G34

Journal of Economic Literature: G30

Journal of Economic Literature: G32

This paper provides a framework for analysing the character and degree of ownership engagement by institutional investors. It argues that the general term institutional investor in itself doesnt say very much about the quality or degree of ownership engagement. It is therefore an evasive shorthand for policy discussions about ownership engagement. The reason is that there are large differences in ownership engagement between different categories of institutional investors. There are also differences in ownership engagement within the same category of institutional investors such as hedge funds, investment funds, etc. These differences arise from the fact that the degree of ownership engagement is determined by a number of different features and choices that together make up the institutional investors business model. When ownership engagement is not a central part of the business model, public policies and voluntary standards aiming to improve the quality of ownership engagement among institutional investors are likely to have limited effect. Based on an empirical overview of the relative size of different categories of institutional investors, the paper identifies a set of 7 features and 19 choices that in different combinations define the institutional investors business model. These features and choices are then used to establish a taxonomy for identifying different degrees of ownership engagement ranging from no engagement to inside engagement.

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