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US institutional investors look at corporate governance in the 1990s

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  • Useem, Michael
  • Bowman, Edward H.
  • Myatt, Jennifer
  • Irvine, Craig W.

Abstract

In the US and elsewhere, shareholdings in corporations have become more concentrated in the hands of institutional investors. Paradoxically, the latter have not increased their power over management. But in the US a lively debate has begun on the topic of corporate governance. Michael Useem, Edward Bowman, Jennifer Myatt, and Craig Irvine present the results of an extensive survey of US institutions in three main areas: investor relations with management, shortcomings of the present governance system, and anticipated trends in shareholder activism. In general, institutional investors are expected to redouble their efforts to make company directors more independent of managers and more accountable to owners.

Suggested Citation

  • Useem, Michael & Bowman, Edward H. & Myatt, Jennifer & Irvine, Craig W., 1993. "US institutional investors look at corporate governance in the 1990s," European Management Journal, Elsevier, vol. 11(2), pages 175-189, June.
    • Handle: RePEc:eee:eurman:v:11:y:1993:i:2:p:175-189
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    Cited by:

    1. Yangyang Chen & Rui Ge & Henock Louis & Leon Zolotoy, 2019. "Stock liquidity and corporate tax avoidance," Review of Accounting Studies, Springer, vol. 24(1), pages 309-340, March.
    2. Aymen Ajina & Faten Lakhal & Danielle Sougné, 2015. "Institutional investors, information asymmetry and stock market liquidity in France," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 11(1), pages 44-59, February.
    3. Lars Nordén & Therese Strand, 2011. "Shareholder activism among portfolio managers: rational decisions or 15 minutes of fame?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 15(3), pages 375-391, August.
    4. Marguerite Schneider, 2000. "When Financial Intermediaries are Corporate Owners: An Agency Model of Institutional Ownership," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 4(3), pages 207-237, September.
    5. Appel, Ian R. & Gormley, Todd A. & Keim, Donald B., 2016. "Passive investors, not passive owners," Journal of Financial Economics, Elsevier, vol. 121(1), pages 111-141.
    6. Stuart L. Gillan & Laura T. Starks, 2002. "Institutional Investors, Corporate Ownership, and Corporate Governance: Global Perspectives," WIDER Working Paper Series DP2002-09, World Institute for Development Economic Research (UNU-WIDER).
    7. Wang, Yong & Mao, Connie X., 2015. "Shareholder activism of public pension funds: The political facet," Journal of Banking & Finance, Elsevier, vol. 60(C), pages 138-152.
    8. Motohiro Nakauchi & Margarethe F. Wiersema, 2015. "Executive succession and strategic change in Japan," Strategic Management Journal, Wiley Blackwell, vol. 36(2), pages 298-306, February.
    9. Badar Alshabibi, 2021. "The Role of Institutional Investors in Improving Board of Director Attributes around the World," JRFM, MDPI, vol. 14(4), pages 1-33, April.
    10. Ricart, Joan E. & Alvarez, Jose L. & Gallo, Miguel A., 1998. "Governance mechanisms for effective leadership: The case of Spain," IESE Research Papers D/371, IESE Business School.
    11. Bell, R. Greg & Moore, Curt B. & Filatotchev, Igor, 2012. "Strategic and institutional effects on foreign IPO performance: Examining the impact of country of origin, corporate governance, and host country effects," Journal of Business Venturing, Elsevier, vol. 27(2), pages 197-216.
    12. Marguerite Schneider & Lori Ryan, 2011. "A review of hedge funds and their investor activism: do they help or hurt other equity investors?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 15(3), pages 349-374, August.
    13. Gavin Nicholson & Zoie Cook, 2009. "The Paradox of Transparency, Short-Termism and the Institutionalisation of Australian Capital Markets," Australian Accounting Review, CPA Australia, vol. 19(4), pages 303-313, December.

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