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Institutional Shareholders and Corporate Governance: The Case of UK Pension Funds

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Author Info

  • Mara Faccio

    ()
    (Owen Graduate School of Management, Vanderbilt University)

  • A. Meziane Lasfer

    ()
    (Cass Business School, City University, London)

Abstract

We analyze the monitoring role of occupational pension funds, the largest category of shareholders in the UK. Our hypothesis is that, unlike other financial institutions, occupational pension funds are expected to monitor companies in which they hold large stakes because of their objectives, structure and overall share holding. After controlling for size and industry, we find that the value added by these funds is negligible and their holdings do not lead companies to comply with the Code of Best Practice or outperform their industry counterparts despite their long-term holding strategies.

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Bibliographic Info

Paper provided by Center for Research on Pensions and Welfare Policies, Turin (Italy) in its series CeRP Working Papers with number 11.

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Length: 44 pages
Date of creation: Aug 2001
Date of revision:
Handle: RePEc:crp:wpaper:11

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Related research

Keywords: Corporate governance; Pension funds; Board structure; Performance;

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Cited by:
  1. Fidrmuc Jana P. & Goergen Marc & Renneborg Luc, 2005. "Insider Trading, News Releases and Ownership Concentration," Working Papers wpn05-03, Warwick Business School, Finance Group.
  2. Fidrmucova, J. & Goergen, M. & Renneboog, L.D.R., 2005. "Insider Trading, News Releases and Ownership Concentration," Discussion Paper 2005-97, Tilburg University, Center for Economic Research.
  3. Yuwei Hu, 2012. "Growth of Asian Pension Assets: Implications for Financial and Capital Markets," Working Papers id:5025, eSocialSciences.
  4. Renneboog, L.D.R. & Trojanowski, G., 2005. "Control Structures and Payout Policy," Discussion Paper 2005-014, Tilburg University, Tilburg Law and Economic Center.
  5. Mehdi Nekhili & Afifa Wali Siala & Dhikra Chebbi, 2009. "Free cash flow, gouvernance et politique financière des entreprises françaises," Working Papers FARGO 1090102, Université de Bourgogne - Crego EA 7317/Fargo (Research center in Finance,organizational ARchitecture and GOvernance).

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