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Institutional Shareholders and Corporate Governance: The Case of UK Pension Funds

Author

Listed:
  • Mara Faccio

    (Owen Graduate School of Management, Vanderbilt University)

  • A. Meziane Lasfer

    (Cass Business School, City University, London)

Abstract

We analyze the monitoring role of occupational pension funds, the largest category of shareholders in the UK. Our hypothesis is that, unlike other financial institutions, occupational pension funds are expected to monitor companies in which they hold large stakes because of their objectives, structure and overall share holding. After controlling for size and industry, we find that the value added by these funds is negligible and their holdings do not lead companies to comply with the Code of Best Practice or outperform their industry counterparts despite their long-term holding strategies.

Suggested Citation

  • Mara Faccio & A. Meziane Lasfer, 2001. "Institutional Shareholders and Corporate Governance: The Case of UK Pension Funds," CeRP Working Papers 11, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    • Handle: RePEc:crp:wpaper:11
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    Citations

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    Cited by:

    1. Jana P. Fidrmuc & Marc Goergen & Luc Renneboog, 2006. "Insider Trading, News Releases, and Ownership Concentration," Journal of Finance, American Finance Association, vol. 61(6), pages 2931-2973, December.
    2. Mehdi Nekhili & Afifa Wali Siala & Dhikra Chebbi-Nehkili, 2009. "Free Cash Flow, gouvernance et politique financière des entreprises françaises," Revue Finance Contrôle Stratégie, revues.org, vol. 12(1), pages 5-31, March.
    3. Yuwei Hu, 2012. "Growth of Asian Pension Assets: Implications for Financial and Capital Markets," Working Papers id:5025, eSocialSciences.
    4. Hu, Yuwei, 2012. "Growth of Asian Pension Assets: Implications for Financial and Capital Markets," ADBI Working Papers 360, Asian Development Bank Institute.

    More about this item

    Keywords

    Corporate governance; Pension funds; Board structure; Performance;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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