The influence of financialization on corporate governance: the role of institutional investors

The aim of this paper is to analyze how the financialization of the world
economy during the last decades –in particular, the growth and expansion
of international financial markets– has modified corporate governance of
large non financial companies in OECD countries. To study the influence of
international financial markets on corporate governance, we analyze the
prominent role achieved by institutional investors, as well as their growing
presence on the capital structure of large non financial companies. The
massive presence of institutional investors in companies’ capital structure
has implied the adoption and extension of corporate governance principles.
The adoption of these principles has permitted –by means of the controlling
capacity exerted by liquidity– the preeminence of financial objectives within
non financial companies.
Nacho Álvarez Peralta
Bibiana Medialdea García
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