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Aktiv påverkan: Framtidens investeringsstrategi?
Örebro University, Örebro University School of Business.
Örebro University, Örebro University School of Business.
2013 (Swedish)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

The aim of this study is to clarify the concept of shareholder activism with regard to ethical and environmental issues, and to map out and compile the methods used by Swedish mutual fund managers to achieve a higher level of awareness and engagement in social issues amongst portfolio companies. Ethical mutual funds are on the rise and fund managers’ engagement in portfolio companies’ operations grow stronger each day. With today’s information opportunities ethical, social and environmental issues get a lot of attention and a growing part of the population are making these issues a priority when choosing how to invest their money. Ethics is an indistinct and controversial subject to which there is no clear answer to how to act or prioritize, which also makes the concept of shareholder activism somewhat diffuse. Transparency also plays an important role in the understanding and clarification of the concept, and fund managers have a long way to go in this area.

This study is conducted with a qualitative approach, where both document study and interviews are used. The document study helps us map the extent and contents of the official information fund managers provide on their web sites, and lay the ground for the questions used at the interviews. Since only few fund managers provide substantial information about their sustainability work and their use of shareholder activism, interviews are used to obtain more detailed and extensive information about how this strategy is used in practice.

The results suggest that the concept of shareholder activism is complex and hard to explain on a general level, and varies depending on the situation. Despite this, we were able to see some patterns in which methods are used to influence companies. Fund managers often use letter writing, dialog with management and voting at annual meetings, where dialog is the most common way. The dialog can be carried out by phone or through formal and informal meetings. Most fund companies agree that dialog at formal meetings is the far most effective approach, and the other forms of dialog are mostly used as introduction conversations or as follow-up.

A problem with shareholder activism is the possibility of showing results. Even though effects are hard to point out in the short-term, most fund companies are convinced that this is the way to go and that effects will be visible in the long run. Collaboration with other fund managers and consulting companies will help strengthen these efforts and as more and more investors make these questions a priority and make demands, effects will show in the long-term.

Place, publisher, year, edition, pages
2013.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:oru:diva-28520ISRN: ORU-HHS/FEK-AS-2013/0037--SEOAI: oai:DiVA.org:oru-28520DiVA, id: diva2:613828
Subject / course
Företagsekonomi
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2013-04-12 Created: 2013-04-02 Last updated: 2017-10-17Bibliographically approved

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CiteExportLink to record
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Cite
Citation style
  • apa
  • 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
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