| 1. |
- Becker, Bo, et al.
(author)
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Scania and Volkswagen
- 2015
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Patent (other academic/artistic)abstract
- Volkswagen, which owns a majority of truck manufacturer Scania has bid for outstanding minority, at a 35% premium. Shareholders must now decide whether to tender or not, considering offer price and other factors.
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| 2. |
- Kallifatides, Markus, et al.
(author)
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Awakening Giants? : The Politically Contested Modification of Institutional Investors
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Other publication (other academic/artistic)abstract
- Purpose – The purpose of this paper is to offer a political perspective on modifications in corporate governance regulation. In the wake of the financial crisis, the investment rationale of institutional investors is being pushed away from a focus on financial market liquidity and short-term trading. From a political perspective, this modification entails consideration both of investment horizon and of the definition of corporate value. Design/methodology/approach – The paper narrates the historical policy debate on institutional investors as corporate governors. Building on this point, a conceptual framework is developed to further the understanding of the current shifts in policy debate of institutional investors as governors. Findings – The authors find a strong policy impetus to move away from certain liberal market assumptions of efficient financial markets and the positive effects of privatization, toward viewing markets as institutionally embedded. Based on their knowledge of corporate governance regimes’ political economy, the authors argue that this shift brings intensified engagement of institutional investors in corporate affairs. The reasons for why and how this might be politically contested are specified. In conclusion, propositions regarding the outcome of such contestation in different national corporate governance regimes are offered. Originality/value – Pointing to the predominantly European stakeholder value versus shareholder value discussion, the authors claim that the corporate governance policy debate related to intensified engagement of institutional investors in corporate affairs is still in its infancy. Their political perspective, including propositions for further elaboration, offers a contribution to further academic debate.
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| 3. |
- Kallifatides, Markus, et al.
(author)
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Awakening giants? The politically contested modification of institutional investors
- 2016
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In: Corporate Governance. - : Emerald. - 1472-0701. ; 16:2, s. 278-294
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Journal article (peer-reviewed)abstract
- Purpose: The purpose of this paper is to offer a political perspective on modifications in corporate governance regulation. In the wake of the financial crisis, the investment rationale of institutional investors is being pushed away from a focus on financial market liquidity and short-term trading. From a political perspective, this modification entails consideration both of investment horizon and of the definition of corporate value. Design/methodology/approach: The paper narrates the historical policy debate on institutional investors as corporate governors. Building on this point, a conceptual framework is developed to further the understanding of the current shifts in policy debate of institutional investors as governors. Findings: The authors find a strong policy impetus to move away from certain liberal market assumptions of efficient financial markets and the positive effects of privatization, toward viewing markets as institutionally embedded. Based on their knowledge of corporate governance regimes’ political economy, the authors argue that this shift brings intensified engagement of institutional investors in corporate affairs. The reasons for why and how this might be politically contested are specified. In conclusion, propositions regarding the outcome of such contestation in different national corporate governance regimes are offered. Originality/value: Pointing to the predominantly European stakeholder value versus shareholder value discussion, the authors claim that the corporate governance policy debate related to intensified engagement of institutional investors in corporate affairs is still in its infancy. Their political perspective, including propositions for further elaboration, offers a contribution to further academic debate.
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| 4. |
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| 5. |
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| 6. |
- Nachemson-Ekwall, Sophie
(author)
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A Swedish Market for Sustainability-Related and Socially Labelled Bonds. Institutional Investors as Drivers
- 2019
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In: SSRN Electronic Journal. - Stockholm : Stockholm School of Economics. - 1556-5068.
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Other publication (other academic/artistic)abstract
- The report examines the role that Swedish institutional investors might play in the development of a Swedish market for sustainability-related and socially labelled bonds. Engagement by the financial sector is seen as a necessity for society’s ability to cope with the growing stress on welfare systems and the demands presented in the 17 United Nations Sustainable Development Goals (SDGs). While Sweden has been in the foreground with green bonds, the country is lagging behind many other western liberal market economies on social bonds.
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| 7. |
- Nachemson-Ekwall, Sophie
(author)
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An institutional analysis of cross-border hostile takeovers : shareholder value, short-termism and regulatory arbitrage on the Swedish stock market during the sixth takeover wave
- 2012
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Doctoral thesis (other academic/artistic)abstract
- Taking a sociological perspective on the market for corporate control this thesis calls into question financial capitalism with its preference for clear shareholder-value governance of the corporation. The institutional setting chosen to show this is Sweden, with its particularly shareholder friendly governance regime and its very active takeover market. To this is added three longitudinal case studies of cross-border hostile takeover processes during the sixth takeover wave in Europe. These reveal that the success of cross-border hostile bids has little to do with the theory of the market for corporate control, as a market where contests enable “good managers” to win over “bad managers”, with the overarching goal of enhancing wealth creation for society at large. Instead the most successful actors on a market for corporate control are those who best understand that market’s power dynamics including the use of regulatory and moral arbitrage between different national frameworks and the leveraging of short-termism of institutional investors. The case studies are then analyzed in relation to the revised Swedish takeover rules of 2009. This shows that the revision did not address the problems detected, focusing instead on enhancing deal making and further limiting the board’s ability to work for long term value creation. As a whole this thesis calls for a development of a theory of a market for corporate control that in a more sustainable way will enable board of directors to focus on the corporation as value accretive entity. Sophie Nachemson-Ekwall has conducted her PhD work at the Stockholm School of Economics and is today a researcher
at the Center for Management and Organization at the Stockholm School of Economics Institute for Research (SIR). She has a background as a prize winning financial journalist for over 20 years and has co-authored three books about delicate issues in large Swedish corporations.
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| 8. |
- Nachemson-Ekwall, Sophie
(author)
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Dags att bry sig: så kan civilsamhället och den idéburna sektorn lyfta Sverige
- 2021. - 1
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Book (other academic/artistic)abstract
- Ett vitalt civilsamhälle och en idéburen sektor, ibland kallad den tredje sektorn, behövs för att lyfta Sveriges utveckling framöver. Det kommer bra ske om vi bryr oss. För att lösa dagens komplexa samhällsutmaningar behövs ett helt nytt engagemang från näringslivet, den offentliga sektorn och den tredje sektorn. Den tredje sektorn, med dess blandning av organisationer, erbjuder en uppsjö av möjligheter att delta i utveckling som är socialt hållbar, inkluderande och innovativ. I formandet av vad som kan beskrivas som ett förnyat samhällskontrakt i välfärden, kan den tredje sektorn spela en ny roll som jämbördiga part ock samskapare tillsammans med näringslivet och den offentliga sektorn.
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| 9. |
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| 10. |
- Nachemson-Ekwall, Sophie
(author)
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Leveraging on Home Bias: Large Stakes and Long-termism by Swedish Institutional Investors
- 2017
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In: Nordic Journal of Business. - : Association of Business Schools Finland. - 2342-9011 .- 2342-9003. ; 66:3, s. 128-157
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Journal article (peer-reviewed)abstract
- This paper focuses on the domestic institutional investors’ ability to refocus their investments strategy in the direction of more of long-term committed capital. Suggesting a reconceptualization of domestic institutions in the sense that they can leverage on information asymmetries connected to home bias, we take an institutional approach to domestic investor rationale. We conduct qualitative and descriptive research to illuminate how Swedish institutions relate to expectations to engage in investee companies. The detected more focused investment strategies can primarily be explained through a (i) refocusing of risk-allocation mandates related to longer investments horizons, (ii) leveraging on home bias, and (iii) an owner-friendly governance model. By highlighting the embedded character of domestic institutions’ engagement, our research complements conventional ideas on institutional investors’ rational disinterest in engagement. With new norms, behavior changes.
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