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.

Detaljer

Författare
Enheter & grupper
Externa organisationer
  • Linnaeus University
Forskningsområden

Ämnesklassifikation (UKÄ) – OBLIGATORISK

  • Företagsekonomi

Nyckelord

Originalspråkengelska
Antal sidor17
TidskriftAccounting, Economics, and Law: A Convivium
Volym8
Utgåva nummer3
Tidigt onlinedatum2017 mar 1
StatusPublished - 2018
PublikationskategoriForskning
Peer review utfördJa

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