The implications of reform-oriented investment for regulation and governance |
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| Authors: | Matthew Haigh Frank Jan de Graaf |
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| Institution: | 1. Department of Business Studies, Aarhus School of Business, University of Aarhus, Fuglesangs Allé 4, Aarhus V, 8210, Denmark;2. International Business School, Hanze University of Applied Sciences, Groningen; Universiteit van Amsterdam Business School, Amsterdam, Netherlands;1. Institute of Biomedical Research (IBSAL), Salamanca, Spain;2. Neuroscience Institute of Castilla and Leon, University of Salamanca, Spain;3. Basic Psychology, Psychobiology and Methodology Department, School of Psychology, University of Salamanca, Spain;4. Nuclear Medicine, University Hospital of Salamanca, Spain;5. Radiophysics, University Hospital of Salamanca, Spain;6. Psychiatry Service, University Hospital of Valladolid, Spain;7. Psychiatry Department, School of Medicine, University of Valladolid, Spain;1. Medical Physics, San Raffaele Scientific Institute, Milano, Italy;2. Istituto di Bioimmagini e Fisiologia Molecolare, CNR, Segrate, Milano, Italy;3. Radiotherapy, San Raffaele Scientific Institute, Milano, Italy;4. Medical Physics, San Martino–IST Scientific Institute, Genova, Italy;1. Laboratorio de Inmunotoxicología, Universidad Autónoma de Nayarit, Secretaría de Investigación y Posgrado, Laboratorio de Inmunotoxicología, Boulevard Tepic-Xalisco s/n, Cd de la Cultura Amado Nervo, C.P. 63190, Tepic Nayarit, Mexico;2. Departmento de Psicoimmunología, Instituto Nacional de Psiquiatría “Ramón de la Fuente”, Calzada México-Xochimilco 101, Col. San Lorenzo Huipulco, Tlalpan, 14370 Mexico City, DF, Mexico;3. Laboratorio de Contaminación y Toxicología Ambiental, Universidad Autónoma de Nayarit, Secretaría de Investigación y Posgrado, Laboratorio de Inmunotoxicología, Boulevard Tepic-Xalisco s/n, Cd de la Cu ltura Amado Nervo, C.P. 63190, Tepic Nayarit, Mexico;1. DeFiMS, School of Oriental and African Studies, University of London, WC1H 0XG, UK;2. African Department, International Monetary Fund, Washington, D.C. 20431, USA;3. Poverty Reduction and Economic Management, World Bank, Washington, D.C. 20433, USA;1. Syntax, Typology, and Information Structure Group, Max-Planck-Institute for Psycholinguistics, Wundtlaan 1, 6525 XD Nijmegen, The Netherlands;2. Department of Linguistics, School of Oriental and African Studies, University of London, Thornhaugh Street, Russell Square, London WC1H 0XG, United Kingdom;1. Department of Accounting and Finance, Leicester Business School, De Montfort University, Leicester LE1 9BH, United Kingdom;2. Department of Accounting, Economics and Finance Bristol Business School, Faculty of Business and Law, University of West England, Bristol BS16 1QY, United Kingdom;3. Department of Economics Finance and Accounting, Coventry Business School Faculty of Business Environment and Society, Coventry University, Coventry CV1 5FB, United Kingdom;4. Coventry Business School, Faculty of Business Environment and Society, Coventry University, Coventry CV1 5FB, United Kingdom |
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| Abstract: | Emergent practices of reform-oriented shareholder engagement are characterised as a professional social movement which gains credibility by influencing the institutional networks imbricating investors. The limitations of structuralist and atomistic tendencies in social movement analysis are resolved with an inductive, dialectical approach which is used to illustrate two cases of internal attempts to change investment policy at pension funds. Linkages are identified between organizational responses to pressure for change, and mobilization strategies of embedded proponents of change. The paper urges the involvement of governing boards in vehicles that promulgate reformist engagement, and identifies institutional networks as warranting greater regulatory attention. |
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