毛里求斯少数投资者采取股东行动主义的情况及与英国法律的比较分析

A. Beebeejaun, P. Bissessur
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引用次数: 0

摘要

有目的的股东行动主义在全球范围内越来越受欢迎,尤其是在放弃和出售股票以退出公司的选择已经过时的今天。因此,本文的目的有两个:第一,调查毛里求斯证券交易所上市公司的少数股东在多大程度上采用和利用了各种激进主义工具;其次,将英国关于股东激进主义的法律与Mauritius的法律进行比较。为了实现这些目标,本研究采用了定性研究方法。主要数据是通过对毛里求斯上市公司的少数股东进行调查来收集的,以了解他们在多大程度上使用激进主义工具,而次要数据是通过定性的法律、文件和内容分析来收集的。调查结果显示,毛里求斯少数股东的股东激进主义实施水平适中,尽管有人指出,少数股东更有可能求助于内部激进主义工具,而不是外部方法。在进行比较研究的基础上,本研究建议毛里求斯监管机构更加积极地参与,修订《毛里求斯公司治理法》和《毛里求斯公司法》,并成立一个委员会,负责监督股东权力的行使,促进小股东之间的衍生诉讼。独创性/价值很少有像Beebeejaun和Kooboll(2018)这样的研究人员从公司治理的角度分析股东激进主义,以期为毛里求斯公司法的修改提供建议。然而,据作者所知,尚未对发展中国家少数投资者在多大程度上实施股东维权进行研究,这项现有研究旨在填补研究空白。
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The adoption of shareholder activism by minority investors in Mauritius and a comparative analysis with the UK laws
Purpose Shareholder activism is gaining popularity across the globe especially in today’s context where the option of giving up and selling shares to exit the company has become obsolete. Hence, the purpose of this research paper is two-fold, firstly, to investigate the extent to which the minority shareholders of companies listed on the Stock Exchange of Mauritius adopt and make use of the various tools of activism; and secondly, to compare the UK laws on shareholder activism with that of Mauritius. Design/methodology/approach To achieve these objectives, this study adopted the qualitative research method. Primary data was collected by conducting a survey on minority shareholders of Mauritian listed companies to figure out the extent to which they resort to activism tools, while secondary data was collected through a qualitative legal, document and content analysis to scrutinise regulatory provisions and existing literature on the researched topic. Findings The results show a moderate implementation level of shareholder activism by the minority investors in Mauritius although it was noted that minority shareholders are more likely to resort to the internal tools of activism rather than external methods. Further to the comparative study conducted, this research recommends a more active participation of the Mauritian regulatory bodies, amendments to the Mauritius Code of Corporate Governance and Mauritius Companies Act and the establishment of a commission responsible for overseeing the exercise of shareholders’ powers and promoting derivative lawsuits among minority shareholders. Originality/value Few researchers like Beebeejaun and Koobloll (2018) analysed shareholder activism through the lens of corporate governance with the view of providing recommendations to bring amendments in the Mauritian corporate law landscape. However, to the best of the authors’ knowledge, no research has yet been effectuated on the extent to which shareholder activism is practised by the minority investors in developing countries, for which this existing study aims at filling in the research gap.
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来源期刊
CiteScore
3.90
自引率
6.70%
发文量
13
期刊介绍: The International Journal of Law and Management is a leading journal addressing all aspects of regulation and law as they impact on organisational development, operations and leadership. Organisations and their leaders operate in an increasingly complex world of emerging regulation across national and international boundaries. The International Journal of Law and Management seeks to acknowledge the dynamics of that environment and provide a platform for articles and contributions to stimulate scholarly debate in the development of law and practice. The International Journal of Law and Management seeks to present the latest research on policy, practice and theoretical perspectives and their impact on the development and leadership of organisations. Contributions of a multi-disciplinary nature are welcome. Coverage includes, but is not limited to: -Employment and industrial law- Corporate governance and social responsibility- Intellectual property- Corporate law and finance- Insolvency- Commercial law and consumer protection- Environmental law- Taxation- Competition law- Regulatory theory
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