Corporate Governance, Corporate Ownership, and the Role of Institutional Investors: A Global Perspective
University of Georgia - Department of Finance
Laura T. Starks
University of Texas at Austin - Department of Finance
Journal of Applied Finance, Vol. 13, No. 2, Fall/Winter 2003
We examine the relation between corporate governance and ownership structure, focusing on the role of institutional investors. In many countries, institutional investors have become dominant players in the financial markets. We discuss the theoretical basis for, history of, and empirical evidence on institutional investor involvement in shareholder monitoring. We examine cross-country differences in ownership structures and the implications of these differences for institutional investor involvement in corporate governance. Although there may be some convergence in governance practices across countries over time, the endogenous nature of the interrelation among governance factors suggests that variation in governance structures will persist.
Number of Pages in PDF File: 19
JEL Classification: G30, G34, G22, G23Accepted Paper Series
Date posted: January 10, 2005
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