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Accounting, Finance and Economics
Oxford Brookes Business School
According to the Office for National Statistics (2014), the ownership of UK institutional investors stood at around 34%, making them the second largest group of shareholders after foreign investors. The occurrence of the financial crisis in 2008 criticised institutional investors, the major shareholders in financial institutions, as absentee landlords’ (Mallin, 2010; Myners, 2009). Following the crisis, Finanacial Reporting Council published the Stewardship Code (2010), asking institutional investors to perform their stewardship responsibilities effectively including exercising their voting rights, monitoring and having a purposeful dialogue with their investee corporates.
The Stewardship Code, despite its importance for corporate governance (CG), has received limited academic attention. Therefore, the aim of this study is to close the existing gap through investigating the real impact of applying the Stewardship Code on the ownership behaviour of the UK asset managers as well as their financial performance.
150 Research Studentship