HomeDespre ECTAEventsPolitica editorialaTrimite un articolParteneri / link-uri utileArchiveAbonamentContact

ISSN 1841-8678   (print)
ISSN 1844-0029   (online)


Archive ECTAP

Note: for the period 1994-2003 the archive of the magazine will not be available online

Supplements ECTAP

If you cannot open the pdf file you need Adobe Reader.
download Adobe Reader

Creative Commons License

Theoretical and Applied Economics
No. 10 / 2006 (505)

The Institutional Investors and Corporate Governance

Niculae Feleaga
Academia de Studii Economice Bucuresti

Abstract. The years between 1990-2000 represented the rising power period for the institutional investors, especially within the developed countries. In the Anglo-Saxon environment, such a growth significantly modified the structure of companies’ shareholder frameworks. The development and the institutionalization of the stock exchange market determined the companies’ bonds to be more concentrated within the hands of the financial institutions, which have a superior economic expertise, rather than do the natural persons when saving. In order to diminish the informational lack of symmetry, between the company’s leaders and its shareholders, and for influencing the leaders in managing the enterprise – with the purpose of maximizing value – some institutional investors tried to implement an external control system. Therefore, they formulated new corporate governance procedures. The development of the institutional investors is part of a reform movement targeted towards the macro-financial environment. That is why, two important elements deserve to be mentioned: the households’ financial patrimonies and the structure of the financing frameworks. The institutional investors are essentially the mutual funds, the insurance companies and the pension funds, and therefore they manage considerable amounts of capital (in thousands of billions of dollars) within the assembly of OCDE countries.

Keywords: mutual funds; pension funds; sustainability, exit; voice.

Download the full article:  


Apocalipsa fragmentarismului
Marin Dinu

Open acces




The Economicity. The Epistemic Landscape, Marin Dinu, 2016


ISSN 1841-8678 (ediția print) / ISSN 1844-0029 (ediția online)
© Copyright Asociația Generală a Economiștilor din România (AGER) / General Association of Economists From Romania  (GAER)
Redacția: 010702, București, Calea Griviței nr. 21, sector 1, E-mail:

© 2006-2024 AGER