IDEAS home Printed from https://ideas.repec.org/a/bpj/aelcon/v8y2018i3p18n1.html
   My bibliography  Save this article

Doxa of Shareholders and Owners: On the Threshold of Financialization

Author

Listed:
  • Jonnergård Karin

    (School of Business and Economics, Linneuniversitet Ekonomihogskolan, Växjö, Sweden)

  • Larsson-Olaison Ulf

    (School of Business and Economics, Linneuniversitet Ekonomihogskolan, Växjö, Sweden)

Abstract

Following financialization, there has emerged an understanding of what it implies to be a shareholder based on the shareholder value perception. However, as this shareholder value perception spreads internationally, it clashes with traditional perceptions. In this paper, we apply the language developed by Bourdieu to a Swedish public debate on equal treatment of shareholders in connection with the reform of the Swedish market for corporate control. Using Bourdieu’s conceptual framework, we describe how a global development interacts with the persistence of national practices. We conclude that in Sweden, local institutional investors have allied themselves with international institutional investors to enhance their positions in the restricted field of Swedish corporate control. Shareholder value is then used by these local actors as an argument to strengthen their position. At the same time, some of the controlling shareholders depart from their traditional position as industrial entrepreneurs and embrace a more financial approach to ownership, thereby altering both the power constellations and the capital, in Bourdieu’s sense, of the field.

Suggested Citation

  • Jonnergård Karin & Larsson-Olaison Ulf, 2018. "Doxa of Shareholders and Owners: On the Threshold of Financialization," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 8(3), pages 1-18, December.
    • Handle: RePEc:bpj:aelcon:v:8:y:2018:i:3:p:18:n:1
    DOI: 10.1515/ael-2016-0011
    as

    Download full text from publisher

    File URL: https://doi.org/10.1515/ael-2016-0011
    Download Restriction: For access to full text, subscription to the journal or payment for the individual article is required.
    File URL: https://libkey.io/10.1515/ael-2016-0011?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-795, December.
    2. Robert Boyer, 2005. "How and why capitalisms differ," Post-Print halshs-00754052, HAL.
    3. Boyer, Robert, 2005. "How and Why Capitalisms Differ," MPIfG Discussion Paper 05/4, Max Planck Institute for the Study of Societies.
    4. Weinstein Olivier, 2012. "Firm, Property and Governance: From Berle and Means to the Agency Theory, and Beyond," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 2(2), pages 1-57, June.
    5. Robert Boyer, 2005. "How and why capitalisms differ," Post-Print hal-00812971, HAL.
    6. 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.
    7. Nölke Andreas & Perry James, 2008. "The Power of Transnational Private Governance: Financialization and the IASB," Business and Politics, De Gruyter, vol. 9(3), pages 1-27, January.
    8. repec:dgr:rugsom:98a01 is not listed on IDEAS
    9. Laun, Tobias & Wallenius, Johanna, 2015. "A life cycle model of health and retirement: The case of Swedish pension reform," Journal of Public Economics, Elsevier, vol. 127(C), pages 127-136.
    10. Yuri Biondi, 2009. "The Governance and disclosure of the Firm as an Enterprise Entity," Post-Print hal-00441527, HAL.
    11. Olivier Weinstein, 2012. "Firm, Property and Governance: From Berle and Means to the Agency Theory, and Beyond," Post-Print hal-01361182, HAL.
    12. Sven‐Olof Collin, 1998. "Why are these Islands of Conscious Power Found in the Ocean of Ownership? Institutional and Governance Hypotheses Explaining the Existence of Business Groups in Sweden," Journal of Management Studies, Wiley Blackwell, vol. 35(6), pages 719-746, November.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Michael Carney & Eric Gedajlovic & Sujit Sur, 2011. "Corporate governance and stakeholder conflict," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 15(3), pages 483-507, August.
    2. Ashby H. B. Monk, 2008. "The Knot of Contracts: The Corporate Geography of Legacy Costs," Economic Geography, Clark University, vol. 84(2), pages 211-235, April.
    3. Styhre Alexander, 2018. "The Making of the Shareholder Primacy Governance Model: Price Theory, the Law and Economics School, and Corporate Law Retrenchment Advocacy," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 8(3), pages 1-31, December.
    4. Butzbach Olivier & von Mettenheim Kurt E., 2015. "Alternative Banking and Theory," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 5(2), pages 105-171, July.
    5. Clarke Thomas, 2013. "Deconstructing the Mythology of Shareholder Value: A Comment on Lynn Stout’s “The Shareholder Value Myth”," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 3(1), pages 15-42, January.
    6. Veldman, Jeroen, 2019. "Inequality, Inc," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 63(C).
    7. Leonardo Becchetti & Rocco Ciciretti & Pierluigi Conzo, 2020. "Legal Origins and Corporate Social Responsibility," Sustainability, MDPI, vol. 12(7), pages 1-34, March.
    8. Veldman, Jeroen, 2018. "Inequality, Inc," MPRA Paper 86644, University Library of Munich, Germany.
    9. Beckert, Jens & Ebbinghaus, Bernhard & Hassel, Anke & Manow, Philip (ed.), 2006. "Transformationen des Kapitalismus: Festschrift für Wolfgang Streeck zum sechzigsten Geburtstag," Schriften aus dem Max-Planck-Institut für Gesellschaftsforschung Köln, Max Planck Institute for the Study of Societies, volume 57, number 57.
    10. David Neilson, 2021. "Beyond Regressive Nationalism and the Neoliberal Model of Development," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(1), pages 17-34, March.
    11. Almeida, Renan P. & Hungaro, Lucas, 2021. "Water and sanitation governance between austerity and financialization," Utilities Policy, Elsevier, vol. 71(C).
    12. ten Brink, Tobias, 2010. "Strukturmerkmale des chinesischen Kapitalismus," MPIfG Discussion Paper 10/1, Max Planck Institute for the Study of Societies.
    13. Fritz, Martin & Koch, Max, 2014. "Potentials for prosperity without growth: Ecological sustainability, social inclusion and the quality of life in 38 countries," Ecological Economics, Elsevier, vol. 108(C), pages 191-199.
    14. Naoise McDonagh, 2021. "Credit Guidance for a Desired Economy: An Original Institutional Economics Critique of Financialization," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(4), pages 675-693, December.
    15. Reale, Filippo, 2019. "Governing innovation systems: A Parsonian social systems perspective," Technology in Society, Elsevier, vol. 59(C).
    16. Céline Gainet, 2010. "Exploring the Impact of Legal Systems and Financial Structure on Corporate Responsibility," Journal of Business Ethics, Springer, vol. 95(2), pages 195-222, September.
    17. Rachael Gibson & Harald Bathelt, 2014. "Proximity relations and global knowledge flows: specialization and diffusion processes across capitalist varieties," Chapters, in: André Torre & Frédéric Wallet (ed.), Regional Development and Proximity Relations, chapter 9, pages 291-314, Edward Elgar Publishing.
    18. Alexander Ebner, 2010. "Varieties of Capitalism and the Limits of Entrepreneurship Policy: Institutional Reform in Germany’s Coordinated Market Economy," Journal of Industry, Competition and Trade, Springer, vol. 10(3), pages 319-341, September.
    19. Vladimír Baláž, 2006. "Politická ekonómia slovenského kapitalizmu: inštitucionálna a evolučná perspektíva [Political economy of the slovak capitalism from perspective of the institutional and evolutionary economics]," Politická ekonomie, Prague University of Economics and Business, vol. 2006(5), pages 610-631.
    20. Lisa Rustico & Ramona David & Antonio Ranieri, 2020. "‘Apprenticeship’ in the Italian approach to the dual system," Transfer: European Review of Labour and Research, , vol. 26(1), pages 91-103, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bpj:aelcon:v:8:y:2018:i:3:p:18:n:1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.degruyter.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.