Since the financial crisis, regulators have put emphasis on encouraging institutional investors to take their governance responsibilities more seriously. In the UK, the Stewardship Code was introduced to enhance the engagement of institutional investors with shareholdings in UK listed companies. In the literature, institutional investors have been predominantly conceptualised as owners, although a number of authors have rejected this view, arguing that traders would be more appropriate. The UK Stewardship Code adds a third view: the institutional investor as steward. The literature generally considers the stewardship concept to be the ownership role combined with wider stakeholder responsibilities. By focussing primarily on this new stakeholder element, this study examines empirically the new stewardship concept by undertaking a content analysis of the published Stewardship Statements of 81 asset managers. The results find support for both the ownership and stewardship role but also highlight significant variations in practices that point toward different competitive strategies.

中文翻译：

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经济回报还是社会责任？机构投资者利益相关者关注点调查

自金融危机以来，监管机构一直强调鼓励机构投资者更加认真地履行治理责任。在英国，引入了《管理守则》，以加强机构投资者在英国上市公司中持股的参与度。在文献中，机构投资者主要被概念化为所有者，尽管一些作者拒绝了这一观点，认为交易者会更合适。英国管理守则增加了第三种观点：机构投资者作为管理人。文献通常认为管理概念是所有权角色与更广泛的利益相关者责任相结合。通过主要关注这一新的利益相关者元素，本研究通过对已发表的 81 家资产管理公司的管理声明进行内容分析，从经验上检验了新的管理概念。结果支持所有权和管理角色，但也突出了指向不同竞争战略的实践中的显着差异。