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Board Representation by Large Institutional Investors: A Comparative Study between Family Controlled Firms and Non-family Controlled Firms
Jönköping University, Jönköping International Business School, JIBS, Business Administration.
Jönköping University, Jönköping International Business School, JIBS, Business Administration.
2013 (English)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

Purpose – The purpose of this thesis is to investigate large institutional investors’ representation on boards of Swedish listed companies. Large institutional investors’ board representation is examined in relation to the type of the institutional investor and their control rights. A comparison between family controlled firms and non-family controlled firms is made to investigate whether institutional investors’ board representation is affected by the presence of a controlling family.

Method – To fulfill the purpose a quantitative approach is applied. The sample consists of 148 listed companies on OMX Stockholm. These companies have at least one large institutional investor holding 10 % or more in voting rights.

Findings – A majority of the large institutional investors are represented on boards. There are apparent differences identified in representation by the ten different types of investors. The findings imply that board representation increases as the level of control rights increases. Furthermore, there is no significant difference in institutional investors’ board representation in family controlled and non-family controlled firms, but a controlling family can decrease representation by other institutional investors in the same company.

Research limitations/Implication – This study is limited to large institutional investors in Swedish companies listed on OMX Stockholm. The data is collected in March 2013.

Practical implications – This thesis provides valuable insights on board representation by a key group of shareholders, the institutional investors. The findings can be useful for the different types of institutional investors and companies seeking external funding, both in family controlled and non-family controlled firms.

Originality/Value – There is limited research about institutional investors’ presence on the boards of their investee companies and this area can be further examined. As family controlled firms are common in Sweden the comparative study adds value to the thesis.

Place, publisher, year, edition, pages
2013. , 67 p.
Keyword [en]
Corporate Governance, Institutional Investor, Board Representation, Ownership Structure, Family Controlled Firm
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-21343OAI: oai:DiVA.org:hj-21343DiVA: diva2:625397
Subject / course
IHH, Business Administration
Supervisors
Examiners
Available from: 2013-09-03 Created: 2013-06-04 Last updated: 2013-09-03Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf