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Vol 22 No 7 July/August 2017

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Understanding Institutional Shareholder Activism: A Comparative Study of the UK and China


ISBN13: 9781138937567
Published: August 2015
Publisher: Routledge
Country of Publication: UK
Format: Paperback (Hardback in 2013)
Price: £32.99
Hardback edition , ISBN13 9780415640336



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Institutional shareholder participation has long been considered as vital to good corporate governance yet its potential does not seem to have been realized.

The recent banking crisis exposed the passivity of some institutional shareholders, many of whom appear to have chosen to sell their stakes in the banks rather than intervene or challenge the board when they realized the strategies followed by the banks were excessively risky. Institutional shareholders' role to scrutinize and monitor the decisions of boards and executive management in the banking sector in the UK is considered by many to be a failure, resulting in the phenomenon of 'ownerless corporations', as described by Lord Myners.

In China, despite the fast rising of institutional investment in the securities market, institutional shareholders have not yet played a contributory role in monitoring corporate managers in listed companies. Drawing on empirical evidence this book seeks to systematically analyses institutional shareholders' incentives to activism to explain when and why shareholder activism will occur.

The book puts forward a model which explains the factors that determine institutional shareholders' propensity for activism. The model both elaborates the collective benefits of activism as a means of achieving managerial accountability asks whether and when shareholder activism is rational for any individual shareholder. The book then goes to on to apply these finding to both the UK and China in order to explain the varying levels of shareholder activism in each jurisdiction.

The book is the first to take an in-depth look at institutional share-holder activism in China providing prescriptions to promote greater shareholder engagement and exploring the potential it holds for improving corporate governance in the region.

Subjects:
Company Law, Other Jurisdictions , China
Contents:
Part 1: A Model for Shareholder Activism: In Outline
1. A Theoretical Framework for Shareholder Activism

Part 2: Shareholder Activism in the UK
2. The Framework of UK Corporate Governance
3. The Landscape of Institutional Investment in the UK
4. Developing the Model for Institutional Investor Activism
5. Applying the Model to the Typology of Activism

Part 3: Institutional Shareholder Activism in China
6. The Framework of Chinese Corporate Governance
7. The Landscape of Institutional Investment
8.Chinese Shareholder Activism: Empirical Evidence
9. Application of the Model in China

Part 4: Comparisons and (Modest) Prescription for Reform
10. The Way Forward in China: Some Implications from UK Experience

Series: Routledge Research in Corporate Law

Corporate Law and Financial Instability ISBN 9781138289130
To be published December 2017
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Board Accountability in Corporate Governance ISBN 9781138702127
Published January 2017
Routledge
£37.99
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£33.32 + £6.66 VAT
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Rethinking Corporate Governance in Financial Institutions ISBN 9780415535465
Published November 2015
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£110.00
£32.99
Board Accountability in Corporate Governance ISBN 9780415725538
Published June 2015
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£110.00
Board Accountability in Corporate Governance (eBook) ISBN 9781317910695
Published June 2015
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£33.32 + £6.66 VAT
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Progressive Corporate Governance for the 21st Century ISBN 9781138805200
Published June 2014
Routledge
£37.99
£28.99
Directors' Decisions and the Law: Promoting Success (eBook) ISBN 9781134445295
Published February 2014
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£33.32 + £6.66 VAT
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Directors' Decisions and the Law: Promoting Success ISBN 9780415671934
Published February 2014
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£110.00
£33.32 + £6.66 VAT
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£33.32 + £6.66 VAT
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The Political Determinants of Corporate Governance in China ISBN 9780415730587
Published October 2013
Routledge
£28.99
£115.00
Progressive Comparative Corporate Governance for the 21st Century ISBN 9780415563826
Published September 2012
Routledge
£110.00
£33.32 + £6.66 VAT
(ePub)
Buy
£33.32 + £6.66 VAT
(ePub)
Buy
£110.00
£33.32 + £6.66 VAT
(ePub)
Buy
The Political Determinants of Corporate Governance in China ISBN 9780415574013
Published March 2012
Routledge
£110.00