Determinants of shareholder activism in emerging markets

Yamahaki, Camila (2010) Determinants of shareholder activism in emerging markets. Masters thesis, Middlesex University. [Thesis]

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Abstract

The present study aims at investigating the determinants of shareholder activism in emerging markets based on Institutional Theory, Resource-Based View and Austrian economics.
This dissertation, which is part of the researcher‟s doctoral project, reviews the literature on the topic and describes the methodological approach that will be adopted in the PhD research.
This topic was chosen because the literature demonstrates that there is a gap in research on shareholder activism in emerging markets, besides a lack of a systematic analysis of the institutions that influence activism. In addition, no study was found that adopts Resource-Based View or Austrian economics to explain the use of shareholder activism as a source of active entrepreneurial choice.
Drawing on the literature, the researcher developed a set of hypotheses concerning the factors that promote or inhibit shareholder activism. These will be tested through quantitative and qualitative methods. Firstly, statistical analysis will be employed to test the relationship between institutional influences and shareholder activism in the emerging market countries. Secondly, through case study research, a number of institutional investors will be interviewed so as to examine to what extent shareholder activism is motivated by strategic decision making.
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This research will have both academic and practical benefits. Academically, this research will develop the literature regarding shareholder activism in emerging markets. It will also benefit institutionalists, RVB academics and Austrian economists as these theories prove to be effective in explaining shareholder activism. Practically, it will help investors to design global shareholder activism strategies by identifying the factors that enhance or curb activism in emerging markets.

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