IDEAS home Printed from https://ideas.repec.org/a/sae/envira/v37y2005i11p1995-2013.html
   My bibliography  Save this article

Shifting Ground: Emerging Global Corporate-Governance Standards and the Rise of Fiduciary Capitalism

Author

Listed:
  • James P Hawley
  • Andrew T Williams

Abstract

In this paper we examine the long-term interests that large institutional owners (for example, the California Public Employees' Retirement System, Hermes, and the Universities Superannuation Scheme) have in the development of global corporate governance standards, especially as governance standards increasingly become intertwined with other standards and regime parameters involved in the globalization debates. We argue that institutional owners have a unique perspective and voice with which to contribute to the formulation of global standards in a variety of areas on the basis of their long-term financial interests. This conclusion is supported by an analytic review of the current state of global corporate governance, including multilateral initiatives (for example, the Organisation for Economic Co-operation and Development, the World Bank); an analysis of significant institutional investors, the role of various rating agencies (for example, Fitch, Moody's), the International Corporate Governance Network, and the growing role of various nongovernmental organizations (for example, the Coalition for Environmentally Responsible Economics, the Carbon Disclosure Project) in relation to corporate governance.

Suggested Citation

  • James P Hawley & Andrew T Williams, 2005. "Shifting Ground: Emerging Global Corporate-Governance Standards and the Rise of Fiduciary Capitalism," Environment and Planning A, , vol. 37(11), pages 1995-2013, November.
    • Handle: RePEc:sae:envira:v:37:y:2005:i:11:p:1995-2013
    DOI: 10.1068/a3791
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1068/a3791
    Download Restriction: no
    File URL: https://libkey.io/10.1068/a3791?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Capaul, Mierta & Fremond, Olivier, 2002. "The state of corporate governance - experience from country assessments," Policy Research Working Paper Series 2858, The World Bank.
    2. Clark, Gordon, 2000. "Pension Fund Capitalism," OUP Catalogue, Oxford University Press, number 9780199240487.
    3. Charles P. Oman & Daniel Blume, 2005. "Corporate Governance: A Development Challenge," OECD Development Centre Policy Insights 3, OECD Publishing.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Colby Dailey & Ben Thornley, 2010. "Building scale in community impact investing through nonfinancial performance measurement," Community Development Innovation Review, Federal Reserve Bank of San Francisco, issue 01, pages 01-46.
    2. Gordon L Clark & Tessa Hebb, 2005. "Why Should They Care? The Role of Institutional Investors in the Market for Corporate Global Responsibility," Environment and Planning A, , vol. 37(11), pages 2015-2031, November.
    3. Taylor R Gray, 2011. "Channels of Convergence: Investor Engagement and Interlocked Directorates," Environment and Planning A, , vol. 43(9), pages 2202-2216, September.
    4. Daniel C. Matisoff & Douglas S. Noonan & John J. O'Brien, 2013. "Convergence in Environmental Reporting: Assessing the Carbon Disclosure Project," Business Strategy and the Environment, Wiley Blackwell, vol. 22(5), pages 285-305, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gordon L Clark & Ashby H B Monk, 2014. "The Geography of Investment Management Contracts: The UK, Europe, and the Global Financial Services Industry," Environment and Planning A, , vol. 46(3), pages 531-549, March.
    2. Gordon L Clark & Ashby H B Monk, 2013. "Financial Institutions, Information, and Investing-At-A-Distance," Environment and Planning A, , vol. 45(6), pages 1318-1336, June.
    3. Horacio Ortiz, 2012. "Anthropology – of the Financial Crisis," Chapters, in: James G. Carrier (ed.), A Handbook of Economic Anthropology, Second Edition, chapter 35, Edward Elgar Publishing.
    4. Riikka Sievänen & Hannu Rita & Bert Scholtens, 2017. "European Pension Funds and Sustainable Development: Trade‐Offs between Finance and Responsibility," Business Strategy and the Environment, Wiley Blackwell, vol. 26(7), pages 912-926, November.
    5. Benjamin Braun, 2016. "From performativity to political economy: index investing, ETFs and asset manager capitalism," New Political Economy, Taylor & Francis Journals, vol. 21(3), pages 257-273, May.
    6. Kate Gasparro & Ashby Monk, 2020. "Demystifying “localness†of infrastructure assets: Crowdfunders as local intermediaries for global investors," Environment and Planning A, , vol. 52(5), pages 878-897, August.
    7. Ewald Engelen, 2007. "‘Amsterdamned’? The Uncertain Future of a Financial Centre," Environment and Planning A, , vol. 39(6), pages 1306-1324, June.
    8. John Henneberry & Fotis Mouzakis, 2014. "Familiarity and the Determination of Yields for Regional Office Property Investments in the UK," Regional Studies, Taylor & Francis Journals, vol. 48(3), pages 530-546, March.
    9. Mr. Adolfo Barajas & Mr. Mario Catalan, 2011. "Market Discipline and Conflicts of Interest Between Banks and Pension Funds," IMF Working Papers 2011/282, International Monetary Fund.
    10. Taylor R Gray, 2011. "Channels of Convergence: Investor Engagement and Interlocked Directorates," Environment and Planning A, , vol. 43(9), pages 2202-2216, September.
    11. Ewald Engelen, 2003. "The Logic of Funding European Pension Restructuring and the Dangers of Financialisation," Environment and Planning A, , vol. 35(8), pages 1357-1372, August.
    12. Ortiz, Horacio, 2009. "Investors and efficient markets: The everyday imaginaries of investment management," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 11(1), pages 34-40.
    13. Mario, Cuevas, 2007. "A Practical Guide to the Assessment of the Vulnerability of the Non-Financial Private Sector," MPRA Paper 1375, University Library of Munich, Germany.
    14. John Henneberry & Claire Roberts, 2008. "Calculated Inequality? Portfolio Benchmarking and Regional Office Property Investment in the UK," Urban Studies, Urban Studies Journal Limited, vol. 45(5-6), pages 1217-1241, May.
    15. Natacha Aveline-Dubach, 2022. "Financializing nursing homes? The uneven development of health care REITs in France, the United Kingdom and Japan [Financiariser les maisons de retraite médicalisées ? Le développement inégal des f," Post-Print halshs-03549729, HAL.
    16. Philip Ashton & Marc Doussard & Rachel Weber, 2016. "Reconstituting the state: City powers and exposures in Chicago’s infrastructure leases," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1384-1400, May.
    17. Yaser Shaheen & Nasser Jaradat, 2019. "Corporate Governance Impact on Insurance Firm's Performance. The Case of Palestine," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 9(3), pages 201-210, July.
    18. Ntim, collins g & Opong, kwaku k & Danbolt, jo, 2010. "Corporate governance, affirmative action and firm value: evidence from post-apartheid South African firms," MPRA Paper 32297, University Library of Munich, Germany, revised 04 Aug 2011.
    19. Thierry Theurillat & Jose Corpataux & Olivier Crevoisier, 2008. "Property Sector Financialization: The Case of Swiss Pension Funds (1992--2005)," European Planning Studies, Taylor & Francis Journals, vol. 18(2), pages 189-212, December.
    20. Mahadeo, Jyoti Devi & Oogarah-Hanuman, Vanisha & Soobaroyen, Teerooven, 2011. "Changes in social and environmental reporting practices in an emerging economy (2004–2007): Exploring the relevance of stakeholder and legitimacy theories," Accounting forum, Elsevier, vol. 35(3), pages 158-175.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:envira:v:37:y:2005:i:11:p:1995-2013. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.