Corporate Governance Proposals and Shareholder Activism: The Role of Institutional Investors
Опубликовано на портале: 16-04-2007
Journal of Financial Economics.
2000.
Vol. 57.
No. 2.
P. 275-305.
Тематический раздел:
We study shareholder proposals across a period of substantial activity and 2nd
systematic differences both across sponsor identity and across time. To measure the
success of shareholder activism, we examine voting outcomes and short-term market
reactions conditioned on proposal type and sponsor identity. The voting analysis
documents that sponsor identity, issue type, prior performance and time period are
important influences on the voting outcome. Proposals sponsored by institutions or
coordinated groups appear to act as substitutes gaining substantially more support
than proposals sponsored by individuals. The nature of the stock market reaction,
while typically small, varies according to the issue and the sponsor identity.
Ключевые слова
institutional activism институциональный инвестор корпоративное управление корпоративный менеджмент учреждение-вкладчик
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