Shareholder activism and institutional investors, Working Paper Series: no. 50
The paper builds a picture of the motivation for, and impediments to, individual and institutional shareholder activism. We consider shareholder activism within agency theory and discuss the limitations of the annual general meeting (AGM) as a site for activism. We note that retail share ownership h...
| Main Authors: | , |
|---|---|
| Format: | Working Paper |
| Published: |
Curtin University of Technology
2005
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| Online Access: | http://hdl.handle.net/20.500.11937/32517 |
| _version_ | 1848753685390163968 |
|---|---|
| author | Nowak, Margaret McCabe, Margaret |
| author_facet | Nowak, Margaret McCabe, Margaret |
| author_sort | Nowak, Margaret |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | The paper builds a picture of the motivation for, and impediments to, individual and institutional shareholder activism. We consider shareholder activism within agency theory and discuss the limitations of the annual general meeting (AGM) as a site for activism. We note that retail share ownership holdings are characteristically small. Institutional investor activism as a substitute for retail shareholder activism, to achieve informative prices, increased liquidity and lower monitoring costs, is discussed. We report Australian data on the practices of funds managers. We discuss a perceived dichotomy among institutional investors between those who are ‘relational investors’ and those who opt for a ‘hold’ or ‘exit’ strategy. |
| first_indexed | 2025-11-14T08:28:27Z |
| format | Working Paper |
| id | curtin-20.500.11937-32517 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T08:28:27Z |
| publishDate | 2005 |
| publisher | Curtin University of Technology |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-325172017-01-30T13:31:20Z Shareholder activism and institutional investors, Working Paper Series: no. 50 Nowak, Margaret McCabe, Margaret The paper builds a picture of the motivation for, and impediments to, individual and institutional shareholder activism. We consider shareholder activism within agency theory and discuss the limitations of the annual general meeting (AGM) as a site for activism. We note that retail share ownership holdings are characteristically small. Institutional investor activism as a substitute for retail shareholder activism, to achieve informative prices, increased liquidity and lower monitoring costs, is discussed. We report Australian data on the practices of funds managers. We discuss a perceived dichotomy among institutional investors between those who are ‘relational investors’ and those who opt for a ‘hold’ or ‘exit’ strategy. 2005 Working Paper http://hdl.handle.net/20.500.11937/32517 Curtin University of Technology fulltext |
| spellingShingle | Nowak, Margaret McCabe, Margaret Shareholder activism and institutional investors, Working Paper Series: no. 50 |
| title | Shareholder activism and institutional investors, Working Paper Series: no. 50 |
| title_full | Shareholder activism and institutional investors, Working Paper Series: no. 50 |
| title_fullStr | Shareholder activism and institutional investors, Working Paper Series: no. 50 |
| title_full_unstemmed | Shareholder activism and institutional investors, Working Paper Series: no. 50 |
| title_short | Shareholder activism and institutional investors, Working Paper Series: no. 50 |
| title_sort | shareholder activism and institutional investors, working paper series: no. 50 |
| url | http://hdl.handle.net/20.500.11937/32517 |