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The Impact of Institutional Investors on Corporate Governance: A View of Swiss Pension Funds in a Changing Financial Environment

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Abstract

Theories on corporate governance have developed in line with the development of the financial markets and the increasing power of institutional investors. Indeed, the financial markets' power can be measured by the ability of shareholders, and of institutional investors in particular, to influence businesses and their managers. A number of reforms have been implemented in several countries, Switzerland included, in order to strengthen shareholders' powers. Making specific reference to Swiss case studies, this paper aims to create a better understanding of the role of institutional investors in corporate governance. Indeed, Switzerland is paradoxical in that it is generally considered Rhenish, with banks and families taking a leading role in controlling big business (David et al. 2004; Windolf & Nollert 2001), whilst developing a pension fund system which, since the mid-1980s, has attracted considerable funds and is still experiencing strong growth. How do these two approaches, traditionally at opposite ends of the spectrum as far as the subject's literature is concerned, reconcile themselves in the Swiss market?

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File URL: http://dx.doi.org/10.1179/102452908X357284
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Bibliographic Info

Paper provided by GRET Group of Research in Territorial Economy, University of Neuchâtel in its series GRET Publications and Working Papers with number 12-08.

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Length: 22 pages
Date of creation: Dec 2008
Date of revision:
Publication status: Published in Competition & Change, December 2008, Volume 12, Number 4, Pages 307-327
Handle: RePEc:nct:wpaper:12-08

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Keywords: Finance Industry; Territorial Economy; Swiss Pension Funds; Institutional Investors; Corporate Governance;

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References

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  1. Thierry Theurillat & José Corpataux & Olivier Crevoisier, 2010. "Property Sector Financialization: The Case of Swiss Pension Funds (1992–2005)," GRET Publications and Working Papers, GRET Group of Research in Territorial Economy, University of Neuchâtel 01-10, GRET Group of Research in Territorial Economy, University of Neuchâtel.
  2. repec:nct:journl:v:18:y:2010:i:2:p:189-212 is not listed on IDEAS
  3. Andreas Hackethal & Reinhard H. Schmidt & Marcel Tyrell, 2006. "The transformation of the German financial system," Revue d'économie politique, Dalloz, vol. 0(4), pages 431-456.
  4. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(4), pages 305-360, October.
  5. José Corpataux & Olivier Crevoisier, 2005. "Increased Capital Mobility/Liquidity and its Repercussions at Regional Level," GRET Publications and Working Papers, GRET Group of Research in Territorial Economy, University of Neuchâtel 10-05, GRET Group of Research in Territorial Economy, University of Neuchâtel.
  6. Andreas Hackethal & Reinhard H. Schmidt & Marcel Tyrell, 2005. "Banks and German Corporate Governance: on the way to a capital market-based system?," Corporate Governance: An International Review, Wiley Blackwell, Wiley Blackwell, vol. 13(3), pages 397-407, 05.
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Cited by:
  1. Christian Livi & Hugues Jeannerat & Olivier Crevoisier, 2013. "Mobility of Knowledge. The Photovoltaic Industry in Western Switzerland : The Emergence of a Multi-Local Valuation Milieu," GRET Publications and Working Papers, GRET Group of Research in Territorial Economy, University of Neuchâtel 04-13, GRET Group of Research in Territorial Economy, University of Neuchâtel.

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