Leveraging on Home Bias: Large Stakes and Long-termism by Swedish Institutional Investors

Nachemson-Ekwall, SophieStockholm School of Economics,Handelshögskolan i Stockholm (författare)

LIBRIS-ID:oai:hhs.se:1160791960006056
https://research.hhs.se/esploro/outputs/journalArticle/Leveraging-on-Home-Bias-Large-Stakes/991001516798606056URI

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.

Ingår i:Nordic Journal of Business: Association of Business Schools Finland66:3, s. 128-1572342-90112342-9003

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