阅读材料26
Corporate Governance, Corporate Ownership,
and the Role of Institutional Investors:
A Global Perspective

Stuart L. Gillan and Laura T. Starks

Abstract
We examine the relation between corporate governance and ownership
structure, focusing on the role of institutional investors. In many countries, institutional
investors have become dominant players in the financial markets. We discuss the
theoretical basis for, history of, and empirical evidence on institutional investor
involvement in shareholder monitoring. We examine cross-country differences in
ownership structures and the implications of these differences for institutional investor
involvement in corporate governance. Although there may be some convergence in
governance practices across countries over time, the endogenous nature of the
interrelation among governance factors suggests that variation in governance structures
will persist.