Doxa of Shareholders and Owners: : On the Threshold of Financialization
(2018) In Accounting, Economics, and Law: A Convivium 8(3).- 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... (More)
- 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. (Less)
- Abstract (Swedish)
- 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... (More)
- 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. (Less)
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/81290d90-5929-4c22-a34c-fdd44009d845
- author
- Jonnergård, Karin LU and Larsson-Olaison, Ulf
- organization
- publishing date
- 2018
- type
- Contribution to journal
- publication status
- published
- subject
- keywords
- shareholder value, financialization, corporate governance, Sweden, market for corporate control
- in
- Accounting, Economics, and Law: A Convivium
- volume
- 8
- issue
- 3
- pages
- 17 pages
- publisher
- De Gruyter
- external identifiers
-
- scopus:85058519275
- ISSN
- 2152-2820
- DOI
- 10.1515/ael-2016-0011
- language
- English
- LU publication?
- yes
- id
- 81290d90-5929-4c22-a34c-fdd44009d845
- date added to LUP
- 2017-07-05 18:11:38
- date last changed
- 2022-03-24 19:40:35
@article{81290d90-5929-4c22-a34c-fdd44009d845,
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.}},
author = {{Jonnergård, Karin and Larsson-Olaison, Ulf}},
issn = {{2152-2820}},
keywords = {{shareholder value; financialization; corporate governance; Sweden; market for corporate control}},
language = {{eng}},
number = {{3}},
publisher = {{De Gruyter}},
series = {{Accounting, Economics, and Law: A Convivium}},
title = {{Doxa of Shareholders and Owners: : On the Threshold of Financialization}},
url = {{https://lup.lub.lu.se/search/files/27940365/Doxa_of_Shareholders_and_Owners_On_the_Threshold_of_Financialization.pdf}},
doi = {{10.1515/ael-2016-0011}},
volume = {{8}},
year = {{2018}},
}