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Doxa of shareholders and owners: on the threshold of financialization
Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO).
Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO).ORCID iD: 0000-0003-4961-1569
2018 (English)In: Accounting, Economics, and Law: A Convivium, ISSN 2194-6051, E-ISSN 2152-2820, Vol. 8, no 3, article id 20160011Article in journal (Refereed) Published
Abstract [en]

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.

Place, publisher, year, edition, pages
Walter de Gruyter, 2018. Vol. 8, no 3, article id 20160011
Keywords [en]
Shareholder value, Financialization, Corporate governance, Sweden, Market for corporate control
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
URN: urn:nbn:se:hj:diva-46342DOI: 10.1515/ael-2016-0011ISI: 000451097600004Scopus ID: 2-s2.0-85058519275OAI: oai:DiVA.org:hj-46342DiVA, id: diva2:1354664
Funder
The Jan Wallander and Tom Hedelius Foundation, P007-0144:1Available from: 2019-09-25 Created: 2019-09-25 Last updated: 2019-09-25Bibliographically approved

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Jonnergård, KarinLarsson Olaison, Ulf
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CiteExportLink to record
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Citation style
  • apa
  • ieee
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  • Other style
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Language
  • de-DE
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More languages
Output format
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  • asciidoc
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