Browse by author
Lookup NU author(s): Dr Anna Tilba, Professor John Wilson
Full text for this publication is not currently held within this repository. Alternative links are provided below where available.
The paper examines the contextual factors that shape pension fund behaviour vis-à-vis investee corporations. The analysis is based on thirty-five in-depth, semi-structured interviews and round table discussions with pension fund trustees, executives, investment officers and financial intermediaries. We develop a framework of related contextual drivers that shape pension fund investment and ownership behaviour, detailing how two primary drivers act as the core influences, alongside four secondary drivers associated with the broad socio-economic context. We show how changes in the context of pension funds (e.g. recession, unstable markets, deficits) and pension fund ownership (i.e. complexity) are contributing to short-term behaviours by pension fund managers, which is inconsistent with the long-term orientation of pension fund owners. Our findings challenge the perspective that institutional investors behave as principals. Finally, the paper has significant policy implications that advocate managerial accountability, offering a more realistic assessment of institutional investors’ willingness and ability to act as ‘engaged owners’.
Author(s): Tilba A, Wilson JF
Editor(s): Goergen, M
Publication type: Conference Proceedings (inc. Abstract)
Publication status: Unpublished
Conference Name: Corporate Governance, Shareholder Types and Ownership Forms Conference
Year of Conference: 2014
