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Autor
Campbell Kevin (University of Stirling, United Kingdom)
Tytuł
Responsible Capitalism and the Culture of Investment
Źródło
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
Uwagi
summ., załączniki
Abstrakt
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
Pokaż
Bibliografia
Pokaż
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  2. Department for Business Innovation and Skills (2012), Ensuring Equity Markets Support Long-term Growth: The Government Response to the Kay Review, November 2012. http://www.bis.gov.uk/assets/biscore/business-law/docs/e/12-1188-equity-markets-support-growth-responseto-kay-review, accessed 04.04.2013.
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  6. Financial Reporting Council (2012), The UK Corporate Governance Code, London, September.
  7. Financial Reporting Council (2012), The UK Stewardship Code, London, September.
  8. Financial Services Authority (2009), The Turner Review: A regulatory response to the global banking crisis, London, March.
  9. Grossman S.J., Hart, O.D. (1980), Takeover bids, the free-rider problem, and the theory of the corporation', "Bell Journal of Economics", Vol. 11.
  10. Grossman S.J., Hart O.D. (1988), One share-one vote and the market for corporate control, "Journal of Financial Economics", Vol. 20.
  11. Hart O.D. (1983), The market mechanism as an incentive system, "Bell Journal of Economics", Vol. 14.
  12. Hilton, A. (2012), Culture shift must come from within, "London Evening Standard", November 22.
  13. Holderness C.G., Sheehan D.P. (1988), The role of majority shareholders in publicly held corporations', "Journal of Financial Economics", Vol. 20.
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  16. Kay Review (2012a), Kay Review of UK Equity Markets and Long-term Decision Making: Interim Report, February. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/31685/12-631-kay-review-of-equity-markets-interim-report.pdf, accessed 04.04.2013.
  17. Kay Review (2012b), Kay Review of UK Equity Markets and Long-term Decision Making: Final Report, July. http://www.bis.gov.uk/assets/biscore/business-law/docs/k/12-917-kay-review-of-equity-markets-finalreport.pdf, accessed 04.04.2013.
  18. Keynes J.M. (1936), The General Theory of Employment, Interest and Money, Harcourt Brace and Co., New York.
  19. Lattman, P. (2011), Galleon Chief Sentenced to 11-Year Term in Insider Case, "New York Times", October 13.
  20. Murphy J.K. (1985), Corporate performance and managerial remuneration: an empirical analysis, "Journal of Accounting and Economics", Vol. 7.
  21. Shleifer A., Vishny R.W. (1997), A survey of corporate governance, "Journal of Finance", Vol. 52.
  22. UK Parliament (2006), Companies Act 2006. Cabinet Office. http://www.legislation.gov.uk/ukpga/2006/46/contents, accessed 04.04.2013.
  23. Walker D. (2009), A Review of Corporate Governance in UK Banks and Other Financial Industry Entities. Final Recommendations, (Walker Review). London: HM Treasury. http://webarchive.nationalarchives.gov.uk/+/http:/www.hm-treasury.gov.uk/d/walker_review_261109.pdf, accessed 04.04.2013.
Cytowane przez
Pokaż
ISSN
2084-5189
Język
eng
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