columbia law school

Columbia University; “The CLS Blue Sky Blog”

Aurelio Gurrea Martínez , socio de Dictum Abogados, publica un artículo en el blog de gobierno corporativo de la Universidad de Columbia, donde examina el auge del activismo accionarial a nivel mundial,analizando si suponen un beneficio o una amenaza para la economía real.

Shareholder Activists: A Threat for the Global Economy?

The rise of shareholder activism has become a global phenomenon. Shareholder activists are not only present–as they started–in the US, but also in European and Asian Markets.[1] This situation has generated a vast literature about the desirability (or not) of shareholder activism. [2] In essence, there are two main positions: (i) those who argue that shareholder activists improve the corporate governance of the firm, and therefore they help increase the value of the firm;[3] and (ii) those who claim that shareholder activists only improve the value of the firm in the short-term, and they encourage managers to cut investment in research, development and other long-term projects with higher profitability (but less liquidity) that may best contribute to the promotion of social welfare.[4]

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