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Campbell Kevin (University of Stirling, United Kingdom)
Responsible Capitalism and the Culture of Investment
Zarządzanie i Finanse, 2013, R. 11, nr 2, cz. 6, s. 5-24, rys., bibliogr. 23 poz.
Journal of Management and Finance
Słowa kluczowe
Presja na wyniki krótkoterminowe, Ład korporacyjny, Teoria agencji, Inwestor instytucjonalny, Kapitalizm
Short-termism, Corporate governance, Agency theory, Institutional investors, Capitalism
summ., załączniki
This paper outlines the background to, and describes the main conclusions of, the government-initiated Kay Review into UK equity markets and long-term decision making published in July 2012. The review, whose conclusions were accepted by the UK government, vividly describes flaws in the relationships between investors and businesses and concludes that short-termism is a key problem. It suggests that the principal causes of the short-term approach to investment are a decline of trust and the misalignment of incentives at the various stages of the equity investment chain. Among its recommendations is that the UK Stewardship Code, which advocates greater engagement by shareholders with the companies in which they invest, should include a more expansive form of stewardship, focusing on strategic as well as corporate governance issues. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej w Warszawie
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Pełny tekst
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