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The Control of Corporate Europe$
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Fabrizio Barca and Marco Becht

Print publication date: 2002

Print ISBN-13: 9780199257539

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0199257531.001.0001

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Strong Managers and Passive Institutional Investors in the UK

Strong Managers and Passive Institutional Investors in the UK

Chapter:
(p.259) 10 Strong Managers and Passive Institutional Investors in the UK
Source:
The Control of Corporate Europe
Author(s):

Marc Goergen (Contributor Webpage)

Luc Renneboog (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199257531.003.0010

In contrast to most Continental European countries, the UK has had stringent rules on ownership disclosure for more than 50 years. However, despite this, we show that the corporate governance system in the UK still needs to be improved. The way ownership of listed companies is concentrated in the hands of corporate directors and of passive institutional investors creates its own type of agency problems, i.e., high managerial discretion. Furthermore, there is mounting evidence that hostile takeovers do not necessarily discipline badly performing managers.

Keywords:   control, corporate governance, ownership, regulation, United Kingdom

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