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Corporate Governance Implications of the Growth in Indexing

Author

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  • Alon Brav
  • Nadya Malenko
  • Andrey Malenko

Abstract

Passively managed funds have grown to become some of the largest shareholders in publicly traded companies, but there is considerable debate about the effects of this growth on corporate governance. The goal of this paper is to review the literature on the governance implications of passive fund growth and discuss directions for future research. In particular, we present a framework to understand the incentives of passive and actively managed funds to engage in governance, review the empirical evidence in the context of this framework, and highlight the questions that remain unanswered.

Suggested Citation

  • Alon Brav & Nadya Malenko & Andrey Malenko, 2022. "Corporate Governance Implications of the Growth in Indexing," NBER Working Papers 30718, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:30718
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    Cited by:

    1. Li, Xuan, 2023. "Home bias in shareholder voting," Discussion Papers 2023/21, Norwegian School of Economics, Department of Business and Management Science.

    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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