The Impact of Institutional Investors on Corporate Governance: A View of Swiss Pension Funds in a Changing Financial Environment
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?
|Date of creation:||Dec 2008|
|Date of revision:|
|Publication status:||Published in Competition & Change, December 2008, Volume 12, Number 4, Pages 307-327|
|Contact details of provider:|| Postal: Faubourg de l'Hôpital 27, 2000 Neuchâtel, Switzerland|
Phone: +41 (0)32 718 1420
Fax: +41 (0)32 718 1421
Web page: http://www2.unine.ch/socio/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Andreas Hackethal & Reinhard H. Schmidt & Marcel Tyrell, 2006. "The transformation of the German financial system," Revue d'économie politique, Dalloz, vol. 116(4), pages 431-456.
- José Corpataux & Olivier Crevoisier, 2005. "Increased Capital Mobility/Liquidity and its Repercussions at Regional Level," GRET Publications and Working Papers 10-05, GRET Group of Research in Territorial Economy, University of Neuchâtel.
- 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.
- Thierry Theurillat & José Corpataux & Olivier Crevoisier, 2010. "Property Sector Financialization: The Case of Swiss Pension Funds (1992–2005)," GRET Publications and Working Papers 01-10, GRET Group of Research in Territorial Economy, University of Neuchâtel.
- repec:nct:journl:v:18:y:2010:i:2:p:189-212 is not listed on IDEAS
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- 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, vol. 13(3), pages 397-407, 05.
When requesting a correction, please mention this item's handle: RePEc:nct:wpaper:12-08. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Alain Paul Segessemann)
If references are entirely missing, you can add them using this form.