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Author: James J. Kennelly
Publisher: Routledge
ISBN: 1135684812
Category : Business & Economics
Languages : en
Pages : 140
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Book Description
This study represents a rare empirical test of the assertions of critics of multinational corporations (MNCs), who argue that firm-level social and environmental performance suffers as MNCs grow increasingly mobile and subject to the short-term financial demands of institutional investors. Such critics argue that 'footloose' and 'stateless' MNCs have not only divorced themselves from a particular sense of responsibility to their home countries, but have also fallen increasingly under the sway of the 'myopic' demands of institutional investors. Using multiple regression analysis, the study considered the impact of various levels of multinationality and institutional ownership on the social and environmental performance of US-based manufacturing companies. Based on this empirical analysis, the radical critique of MNCs was not supported. Rather, the level of multinationality of firms was positively associated with social and environmental performance in the home country. This is a far cry from the demonized view of MNCs proffered by the critics. These findings suggest the possibility that MNCs may even have a positive influence on the development of a global economy that is consistent with the values and intent of vision of sustainable development. Ultimately, the study suggest that at a minimum, more attention should be paid to utilizing talents and competencies of MNCs in support of furthering positive social and environmental agendas. (Ph.D. dissertation, New York University, 1996; revised with new preface and index)
Author: James J. Kennelly
Publisher: Routledge
ISBN: 1135684812
Category : Business & Economics
Languages : en
Pages : 140
Get Book Here
Book Description
This study represents a rare empirical test of the assertions of critics of multinational corporations (MNCs), who argue that firm-level social and environmental performance suffers as MNCs grow increasingly mobile and subject to the short-term financial demands of institutional investors. Such critics argue that 'footloose' and 'stateless' MNCs have not only divorced themselves from a particular sense of responsibility to their home countries, but have also fallen increasingly under the sway of the 'myopic' demands of institutional investors. Using multiple regression analysis, the study considered the impact of various levels of multinationality and institutional ownership on the social and environmental performance of US-based manufacturing companies. Based on this empirical analysis, the radical critique of MNCs was not supported. Rather, the level of multinationality of firms was positively associated with social and environmental performance in the home country. This is a far cry from the demonized view of MNCs proffered by the critics. These findings suggest the possibility that MNCs may even have a positive influence on the development of a global economy that is consistent with the values and intent of vision of sustainable development. Ultimately, the study suggest that at a minimum, more attention should be paid to utilizing talents and competencies of MNCs in support of furthering positive social and environmental agendas. (Ph.D. dissertation, New York University, 1996; revised with new preface and index)
Author: Glenn Morgan
Publisher:
ISBN: 9780199259298
Category : Business & Economics
Languages : en
Pages : 340
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Book Description
Internationally-distinguished scholars show that multinational firms and the international systems seeking to regulate them are political and precarious.
Author: Yusheng Cen
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In this thesis, I analyze the roles of different institutional investors and how they affect firm performance based on a global dataset of 31 countries (regions) from 2007 to 2016. Breaking down institutions by geographic information (domestic or foreign) and type (such as mutual fund or pension funds), I first find that all institutions share preference for large firms, firms that experienced negative stock returns, and firms with lower leverage and high liquidity. I also find that various types of institutional investors affect firms' operating performance differently. The relation is convex for foreign institutions, while the opposite is true for domestic institutions. This indicates that foreign institutional investors exert better corporate governance when ownership is high, while domestic institutions are subject to business ties with firms when they hold substantial amounts of voting rights. Further analysis reveals a U-shaped relationship between firms' operating performance and the ownership level of investment advisors/bank trusts/pension funds, indicating a monitoring effect with high levels of ownership. However, mutual funds exhibit a concave influence on firm value, signifying negative impact of business ties when ownership is high. The findings for other types of institutions (hedge fund and insurance companies) are inconclusive.
Author: Stuart L. Gillan
Publisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 34
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Book Description
Author: Reena Aggarwal
Publisher: World Bank Publications
ISBN:
Category : Foreign exchange
Languages : en
Pages : 47
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Book Description
Author: James J. Kennelly
Publisher:
ISBN:
Category :
Languages : en
Pages : 240
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Book Description
Author: Narjess Boubakri
Publisher: Emerald Group Publishing
ISBN: 1780522428
Category : Business & Economics
Languages : en
Pages : 402
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Book Description
Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.
Author: Gordon L. Clark
Publisher: Oxford University Press
ISBN: 0198793219
Category : Biography & Autobiography
Languages : en
Pages : 275
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Book Description
This book is about what institutional investors do, how they do it, and when and where they do it; it is about the production of investment returns in the global economy. Being a book about the production process, it also tackles some of the key issues found in the academic literature on the theory of the firm.
Author: Peter Cornelius
Publisher: Oxford University Press, USA
ISBN: 0195167058
Category : Business & Economics
Languages : en
Pages : 527
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Book Description
With global financial markets having become more integrated, the book pays particular attention to the role of corporate governance in emerging-market economies and international capital flows. Rich in facts and ideas, the book is for anyone interested in financial crises, international risk management and global competitiveness.
Author: Sebastian Sturm
Publisher: GRIN Verlag
ISBN: 3640311647
Category : Business & Economics
Languages : en
Pages : 117
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Book Description
Diploma Thesis from the year 2008 in the subject Business economics - Law, grade: 1,3, Technical University of Chemnitz, language: English, abstract: Corporate management and corporate governance are becoming more and more crucial in today’s successful economies. With the increasing relevance of capital markets this subject comes more into the focus of the public. Particularly, the fast growing importance of institutional investors is a key factor which helps to explain the changing attitude of managers towards shareholders and corporate governance. In conjunction with the German capital market, a wide variety of mismanagement in German public limited companies has revealed shortfalls of German top-management and corporate control in the last decade. This development was of fundamental importance for the development of the German Corporate Governance Code. Hence, the basic underlying of corporate governance can be attributed to a conflict between the management of a listed corporation and its owners. More precisely, this conflict arises because the management does not adequately comprise the interests of shareholders. In Germany, assets under management of professional investors have increased at 92 percent from 1990 to 2001.1 In addition, a growing administration of private savings by professional fund managers as well as the intensified exercise of influence by institutional investors on corporate governance and corporate management respectively corporate strategy is observable. Similarly, a growing importance of institutional investors could be observed in the United Kingdom as well as in the United States. Within academic literature, the issue of activism by institutional investors in Germany is analyzed little, so far. Furthermore, there are only a few surveys on the outcome of the influence by institutional investors on corporate management. Therefore, this thesis aims to answer the following questions: 1. How was the development of shareholder activism in Germany and how can it be characterized and explained? 2. Is shareholder activism a superior tool in relation to the market of corporate control to solve the principal-agent problem? 3. What do institutional investors demand from German corporations and in particular from corporate management? 4. Which options do institutional investors have to influence corporate management? 5. How are these options for activism covered by the German Corporate Governance Code and the German legal framework? 6. What is the optimum corporate governance from an institutional investor’s angle? 7. What is the empirical outcome?
