Doxa of Shareholders and Owners: On the Threshold of Financialization

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Abstract

Following financialization, there has emerged an understanding of what it implies to be a shareholder based on the shareholder value perception. However, as this shareholder value perception spreads internationally, it clashes with traditional perceptions. In this paper, we apply the language developed by Bourdieu to a Swedish public debate on equal treatment of shareholders in connection with the reform of the Swedish market for corporate control. Using Bourdieu’s conceptual framework, we describe how a global development interacts with the persistence of national practices. We conclude that in Sweden, local institutional investors have allied themselves with international institutional investors to enhance their positions in the restricted field of Swedish corporate control. Shareholder value is then used by these local actors as an argument to strengthen their position. At the same time, some of the controlling shareholders depart from their traditional position as industrial entrepreneurs and embrace a more financial approach to ownership, thereby altering both the power constellations and the capital, in Bourdieu’s sense, of the field.

Details

Authors
Organisations
External organisations
  • Linnaeus University
Research areas and keywords

Subject classification (UKÄ) – MANDATORY

  • Business Administration

Keywords

  • shareholder value, financialization, corporate governance, Sweden, market for corporate control
Original languageEnglish
Number of pages17
JournalAccounting, Economics, and Law: A Convivium
Volume8
Issue number3
Early online date2017 Mar 1
Publication statusPublished - 2018
Publication categoryResearch
Peer-reviewedYes

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