Institutional Shareholders and Corporate Governance: The Case of UK Pension Funds
AbstractWe 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 InfoPaper provided by Center for Research on Pensions and Welfare Policies, Turin (Italy) in its series CeRP Working Papers with number 11.
Length: 44 pages
Date of creation: Aug 2001
Date of revision:
Corporate governance; Pension funds; Board structure; Performance;
Find related papers by JEL classification:
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
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