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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
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
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Fidrmucova, J. & Goergen, M. & Renneboog, L.D.R., 2005.
"Insider Trading, News Releases and Ownership Concentration,"
2005-025, Tilburg University, Tilburg Law and Economic Center.
- Jana P. Fidrmuc & Marc Goergen & Luc Renneboog, 2006. "Insider Trading, News Releases, and Ownership Concentration," Journal of Finance, American Finance Association, vol. 61(6), pages 2931-2973, December.
- 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.
- Renneboog, L.D.R. & Trojanowski, G., 2005.
"Control Structures and Payout Policy,"
2005-014, Tilburg University, Tilburg Law and Economic Center.
- Mehdi Nekhili & Afifa Wali Siala & Dhikra Chebbi, 2009.
"Free cash flow, gouvernance et politique financière des entreprises françaises,"
Working Papers CREGO
1090102, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
- Mehdi Nekhili & Afifa Wali Siala & Dhikra Chebbi-Nehkili, 2009. "Free Cash Flow, gouvernance et politique financière des entreprises françaises," Revue Finance Contrôle Stratégie, revues.org, vol. 12(1), pages 5-31, March.
- Yuwei Hu, 2012. "Growth of Asian Pension Assets: Implications for Financial and Capital Markets," Working Papers id:5025, eSocialSciences.
- Fidrmuc Jana P. & Goergen Marc & Renneborg Luc, 2005. "Insider Trading, News Releases and Ownership Concentration," Working Papers wpn05-03, Warwick Business School, Finance Group.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Silvia Maero) The email address of this maintainer does not seem to be valid anymore. Please ask Silvia Maero to update the entry or send us the correct address.
If references are entirely missing, you can add them using this form.