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Corporate governance proposals and shareholder activism: the role of institutional investors

Journal of financial economics, 2000-08, Vol.57 (2), p.275-305 [Peer Reviewed Journal]

2000 Elsevier Science B.V. ;Copyright Elsevier Sequoia S.A. Aug 2000 ;ISSN: 0304-405X ;EISSN: 1879-2774 ;DOI: 10.1016/S0304-405X(00)00058-1 ;CODEN: JFECDT

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  • Title:
    Corporate governance proposals and shareholder activism: the role of institutional investors
  • Author: Gillan, Stuart L. ; Starks, Laura T.
  • Subjects: Activism ; Corporate governance ; Financial economics ; Institutional activism ; Institutional investments ; Institutionalism ; Investors ; Management techniques ; Proposals ; Securities markets ; Shareholder activism ; Shareholder voting ; Stockholders ; Studies
  • Is Part Of: Journal of financial economics, 2000-08, Vol.57 (2), p.275-305
  • Description: We study shareholder proposals across a period of substantial activity and find 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.
  • Publisher: Amsterdam: Elsevier B.V
  • Language: English
  • Identifier: ISSN: 0304-405X
    EISSN: 1879-2774
    DOI: 10.1016/S0304-405X(00)00058-1
    CODEN: JFECDT
  • Source: Alma/SFX Local Collection
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