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Contesting corporate control: shareholder voting

Author

Listed:
  • Maggie Foley
  • Robert Boylan
  • Chengru Hu
  • Biqing Huang

Abstract

In this study we examine the outcome of shareholder proposals and focus on the factors leading to a majority vote. Our findings include: 1) the issues of a proposal play a significant role in determining whether or not the proposal achieves majority shareholder support; 2) ownership structure plays a significant role in the occurrence of a majority vote proposal; 3) most importantly, Institutional Shareholder Services (ISS) recommendations can significantly influence how shareholders vote. When a shareholder proposal which is opposed by management, receives a positive ISS recommendation, this proposal is far more likely to achieve majority shareholder support.

Suggested Citation

  • Maggie Foley & Robert Boylan & Chengru Hu & Biqing Huang, 2013. "Contesting corporate control: shareholder voting," International Journal of Corporate Governance, Inderscience Enterprises Ltd, vol. 4(2), pages 119-137.
    • Handle: RePEc:ids:ijcgov:v:4:y:2013:i:2:p:119-137
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