Pension fund corporate engagement: The fifth stage of capitalism

Relations Industrielles

Volumn 59, Issue 1, 2004, Pages

  Clark, Gordon L ^a   Hebb, Tessa ^a  

^a UNIVERSITY OF OXFORD   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 2442690575     PISSN: 0034379X     EISSN: None     Source Type: Journal    
DOI: 10.7202/009130ar     Document Type: Review

References (90)

1. ABI (ASSOCIATION OF BRITISH INSURERS). 2001. Investing in Social Responsibility. London: ABI.
2. BAUER, Robert, and Nadja GUNSTER. 2003. Response Paper to Understanding Pension Fund Corporate Engagement in a Global Arena. Brussels: ABP Investments and Maastricht University.
3. BAUER, Robert, Kees KOENIJK, and Roger OTTEN. 2002. International Evidence on Ethical Mutual Fund Performance and Investment Style. Brussels: ABP Investments and Maastricht University.
4. BECHT, Marco, and Colin MAYER. 2001. "Corporate Control in Europe." The Control of Corporate Europe. F. Barca and M. Becht, eds. Oxford: Oxford University Press, 149-173.
5. BERLE, Adolf A., and Gardiner C. MEANS. 1933. The Modern Corporation and Private Property. Revised ed. New York: Harcourt, Brace and World.
6. BLAIR, Margaret M. 1995. Ownership and Control: Rethinking Corporate Governance for the Twenty-first Century. Washington: Brookings.
7. BRUDNEY, Victor. 1982. "The Independent Director-Heavenly City or Potemkin Village?" Harvard Law Review, Vol. 95, 597-659.
8. BUSHEE, Brian. 1998. "Institutional Investors, Long Term Investment, and Earnings Management." Harvard Business School Working Paper, No. 98-069.
9. CALPERS. 2002. http://www.calpers-governance.org/. Sacramento: California Public Employees Retirement System (accessed 20 December 2003).
10. CLARK, Gordon L. 1998. "Stylized Facts and Close Dialogue: Methodology in Economic Geography." Annals of Association of American Geographers, Vol. 88, 73-87.
11. CLARK, Gordon L. 2000. Pension Fund Capitalism. Oxford: Oxford University Press.
12. CLARK, Gordon L. 2003. European Pensions and Global Finance. Oxford: Oxford University Press.
13. CLARK, Gordon L., and Dariusz WOJCIK. 2003. "An Economic Geography of Global Finance: Ownership Concentration and Stock Price Volatility in German Firms and Regions." Annals of the Association of American Geographers, Vol. 93, 909-924.
14. CLARK, Robert C. 1981. "The Four Stages of Capitalism." Harvard Law Review, Vol. 94, 561-582.
15. COFFEE, John. 1981. "No Soul to Damn, No Body to Kick: An Unscandalized Inquiry into the Problem of Corporate Punishment." Michigan Law Review, Vol. 79, 386-459.
16. COFFEE, John. 1988. "Shareholders versus Managers: The Strain in the Corporate Web." Knights, Raiders, and Targets. J. Coffee, L. Lowenstein and S. Rose-Ackerman, eds. New York: Oxford University Press.
17. COFFEE, John. 1991. "Liquidity versus Control: The Institutional Investor as Corporate Monitor." Columbia Law Review, Vol. 91, 1277-1368.
18. COFFEE, John. 1997. "The Folklore of Investor Capitalism." Michigan Law Review, Vol. 95, 1970-1989.
19. COLLIER, Robert. 2000. "Pension Fund Tightens Foreign Stock Rules." San Francisco Chronicle, November 14.
20. DAVIS, E. Philip. 2002. Institutional Investors, Corporate Governance and Performance. London: Brunel University.
21. DAVIS, E. Philip, and Benn STEIL. 2001. Institutional Investors. Cambridge, Mass.: MIT Press.
22. DEL GUERCIO, Diane, and Jennifer HAWKINS. 1999. "The Motivation and Impact of Pension Fund Activism." Journal of Financial Economics, Vol. 52, No. 3, 293-340.
23. DRUCKER, Peter F. 1976. The Unseen Revolution: How Pension Fund Socialism Came to America. London: Heinemann.
24. DRUCKER, Peter F. 1991. "Reckoning with the Pension Fund Revolution." Harvard Business Review, Vol. 69, No. 2, 106-115.
25. DUGGAL, Rakesh, and James A. MILLAR. 1999. "Institutional Ownership and Firm Performance: The Case of Bidder Returns." Journal of Corporate Finance, Vol. 5, No. 2, 103-117.
26. ENGEL, D. L. 1979. "An Approach to Corporate Social Responsibility." Stanford Law Review, Vol. 32, 1-98.
27. ENGELEN, Ewald. 2002. Financialization, Pension Restructuring, and the Logic of Funding. Amsterdam: University of Amsterdam.
28. EPA (U.S. ENVIRONMENTAL PROTECTION AGENCY). 2000. Green Dividends: The Relationship Between Firms' Environmental Performance and Financial Performance. Washington D.C.: EPA.
29. FACCIO, Mara, and M. Ameziane LASFER. 2000. "Do Occupational Pension Funds Monitor Companies in which they Hold Large Stakes?" Journal of Corporate Finance, Vol. 6, No. 1, 71-110.
30. FAMA, E. F. 1965. "The Behavior of Stock Market Prices." Journal of Business, Vol. 38, 34-105.
31. FRIEDMAN, Milton. 1970. "The Social Responsibility of Business is to Increase its Profits." New York Times Magazine, September 13.
32. FUNG, Archon, Tessa HEBB, and Joel ROGERS, eds. 2001. Working Capital: The Power of Labor's Pensions. Ithaca: ILR Press, Cornell University Press.
33. GALBRAITH, John Kenneth. 1967. The New Industrial State. Second, Revised Ed. London: Andre Deutsch.
34. GHILARDUCCI, Teresa. 1992. Labor's Capital: The Economics and Politics of Private Pensions. Cambridge, Mass.: MIT Press.
35. GLASSMAN, James K., and Kevin A. HASSETT. 1999. Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market. Three Rivers, Mich.: Three Rivers Press.
36. GRIFFIN, Jennifer J., and John F. MAHON. 1997. "The Corporate Social Performance and Corporate Financial Performance Debate: Twenty-Five Years of Incomparable Research." Business and Society, Vol. 36, No. 1, 5-31.
37. GUERARD, John B. 1997. "Is There a Cost to Being Socially Responsible in Investing?" Journal of Investing, Vol. 6, Summer, 11-18.
38. HAWLEY, James P., and Andrew T. WILLIAMS. 2000. The Rise of Fiduciary Capitalism. Philadelphia: University of Pennsylvania Press.
39. HEBB, Tessa. 2004. "The Economic Inefficiency of Secrecy." Oxford: Working Paper, School of Geography and the Environment, University of Oxford.
40. HEBB, Tessa, and Dariusz WOJCIK. 2004. "The Institutional Investment Value Chain: CalPERS' Emerging Markets Strategy." Oxford: Working Paper, School of Geography and the Environment, University of Oxford.
41. HENDERSON, Hazel. 2000. "Transnational Corporations and Global Citizenship." American Behavioural Scientist, Vol. 43, No. 8, 1231-1261.
42. HERMAN, Edward S. 1982. Corporate Control and Corporate Power. Cambridge: Cambridge University Press.
43. HIRSCHMAN, Albert O. 1970. Exit, Voice, and Loyalty. Cambridge, Mass.: Harvard University Press.
44. HOFFMAN, Andrew J. 1996. "A Strategic Response to Investor Activism." Sloan Management Review, Winter, 51-64.
45. HOUTHAKKER; Hendrik S., and Peter J. WILLIAMSON. 1996. The Economics of Financial Markets. New York: Oxford University Press.
46. JARRELL, Greg, Ken LEHN, and Wayne MARR. 1985. Institutional Ownership, Tender Offers, and Long-Term Investments. New York The Office of the Chief Economist, Securities and Exchange Commission.
47. JENSEN, Michael, and William MECKLING. 1976. "Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure." Journal of Financial Economics, Vol. 3, No. 4, 305-360.
48. JORGENSON, Dale. 2000. "Raising the Speed Limit: U.S. Economic Growth in the Information Age." Brookings Papers on Economic Activity, No. 1.
49. KANG, David L. 1999. "The Impact of Activist Institutional Investors on Performance in Public Corporations: A Study of the U.S. Fortune 500, 1982-1994." Cambridge, Mass.: Harvard Business School Working Papers 00-049.
50. KARPOFF, Jonathan M., Paul H. MALATESTA, and Ralph A. WALKLING. 1996. "Corporate Governance and Shareholder Initiatives: Empirical Evidence." Journal of Financial Economics, Vol. 42, No. 3, 365-395.
51. KIERNAN, Matthew, and Jonathan LEVINSON. 1998. "Environment Drives Financial Performance: The Jury Is In," Environmental Quality Management, Vol. 7, 1-7.
52. KOSTANT, Peter C. 1999. "Exit, Voice and Loyalty in the Course of Corporate Governance and Counsel's Changing Role." Journal of Socio-Economics, Vol. 28, No. 3, 203-246.
53. LANGBEIN, J. 1995. "The Contractarian Basis of the Law of Torts." Yale Law Journal, Vol. 105, 655-675.
54. LA PORTA, Rafael, Florencio LOPEZ-DE-SILANES, Andrei SHLEIFER, and Robert W. VISHNY. 1998. "Law and Finance." Journal of Political Economy, Vol. 106, 1113-1155.
55. LA PORTA, Rafael, Florencio LOPEZ-DE-SILANES, and Andrei SHLEIFER. 1999. "Corporate Ownership around the World." Journal of Finance, Vol. 54, No. 2, 471-517.
56. LEVIS, M. 1989. "Stock Market Anomalies; A Reassessment Based on U.K. Data." Journal of Banking and Finance, Vol. 13, 675-696.
57. MARSH, Paul. 1990. Short-termism on Trial. London: Institutional Fund Managers Association.
58. MCCONNELL, John, and Chris MUSCARELLA. 1985. "Corporate Capital Expenditure Decisions and the Market Value of the Firm." Journal of Financial Economics, Vol. 14, 399-422.
59. MILES, David. 1993. Testing for Short Termism in the U.K. Stock Market. London: Bank of England.
60. MONKS, Robert A. G. 2001. The New Global Investors. Oxford: Capstone Publishing.
61. MONKS, Robert A. G., and Nell MINOW. 1995. Corporate Governance. Oxford: Blackwell.
62. NADER, Ralph, and Mark J. GREEN. 1973. Corporate Power in America. New York: Grossman.
63. O'BARR, William M., and John M. CONLEY. 1992. Fortune and Folly: The Wealth and Power of Institutional Investing. Irwin: Business One.
64. PARKINSON, John. 1993. Corporate Power and Responsibility. Oxford: Clarendon Press.
65. PAVA, Moses L., and Joshua KRAUSZ. 1995. The Association Between Corporate Social Responsibility and Financial Performance: The Paradox of Social Cost. Westport, Conn.: Quorum Books.
66. PORTER, Michael. 1995. "Green and Competitive: Ending the Stalemate." Harvard Business Review, Vol. 73, No. 5, 120-134.
67. POSNER, Richard A. 1981. The Economics of Justice. Cambridge, Mass.: Harvard University Press.
68. POTERBA, James M., and Lawrence H. SUMMERS. 1992. Time Horizons of American Firm: New Evidence from a Survey of CEOs. Cambridge, Mass.: Harvard Business.
69. ROE, Mark. 1994. Strong Managers, Weak Owners: The Political Roots of American Corporate Finance. Princeton: Princeton University Press.
70. ROMANO, Roberta. 1993. "Public Pension Fund Activism in Corporate Governance Reconsidered." Columbia Law Review, Vol. 93, No. 4, 795-853.
71. ROMANO, Roberta. 2000. Less is More: Making Shareholder Activism a Valued Mechanism of Corporate Governance. New Haven: Yale Law School, Yale International Center for Finance and NBER.
72. th ed. Tokyo: McGraw-Hill.
73. SEN, Amartya. 1985. "The Moral Standing of the Market." Ethics and Economics. F. Paul, F. D. Miller and J. Paul, eds. Oxford: Oxford University Press, Chapter 1.
74. SEIDMAN, Gay W. 2003. "Monitoring Multinationals: Lessons from the Anti-Apartheid Era." Politics and Society, Vol. 31, No. 3, 381-406.
75. SHILLER, Robert. 2000. Irrational Exuberance. Princeton: Princeton University Press.
76. Shiller, Robert. 2001. "Bubbles, Human Judgment, and Expert Opinion." Cowles Foundation Discussion Paper No. 1303, Cowles Foundation for Research in Economics, Yale University, New Haven, Connecticut.
77. SHLEIFER, Andrei. 2000. Inefficient Markets. Oxford: Oxford University Press.
78. SHLEIFER, Andrei, and Robert W. VISHNY. 1986. "Large Shareholders and Corporate Control." Journal of Political Economy, Vol. 94, June, 461-465.
79. SHLEIFER, Andrei, and Robert W. VISHNY. 1988. "Value Maximization and the Acquisition Process." Journal of Economic Perspectives, Vol. 2, No. 1, 7-20.
80. SHLEIFER, Andrei, and Robert W. VISHNY. 1997. "A Survey of Corporate Governance." Journal of Finance, Vol. 52, June, 737-783.
81. SMITH, Michael P. 1996. "Shareholder Activism by Institutional Investors: Evidence from CalPERS." Journal of Finance, Vol. 51, 227-252.
82. SMITH, N. Craig. 1990. Morality and the Market. London: Routledge.
83. STIGLITZ, Joseph. 2002. Globalization and its Discontents. New York: W.W. Norton and Co.
84. nd ed. Thousand Oaks, Calif.: Sage.
85. STRICKLAND, Deon, Kenneth W. WILES, and Marc ZENNER. 1996. "A Requiem for the USA: Is Small Shareholder Monitoring Effective?" Journal of Financial Economics, Vol. 40, No. 2, 319-338.
86. UNEP. 2001. Buried Treasure: Uncovering the Business Case for Corporate Sustainability. London: UNEP.
87. UNITED KINGDOM. 1999. The Occupational Pension Schemes (Investment, and Assignment, Forfeiture, Bankruptcy, etc.) Amendment 1999. Statute No. 1849.
88. U.S. DOL. 1994. "Interpretive Bulletin 94-2 on Proxy Voting" (The Avon Letter).
89. WAHAL, Sunil, and John J. MCCONNELL. 2000. "Do Institutional Investors Exacerbate Managerial Myopia?" Journal of Corporate Finance, Vol. 6, No. 3, 307-329.
90. WILLIAMS, Cynthia. 1999. "The Securities and Exchange Commission and Corporate Social Transparency." The Harvard Law Review, Vol. 112, 1199-1307.