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Good corporate governance works: More evidence from CalPERS

Author

Listed:
  • Mark Anson

    (CalPERS Investment Office)

  • Ted White
  • Ho Ho

Abstract

The ‘CalPERS Effect’ has been documented in a number of studies with respect to the many shareowner proposals and proxy contests that CalPERS has sponsored over the years. There is, however, another way to measure the CalPERS Effect and that is through the annual publication of the CalPERS Focus List of poorly governed public corporations. This paper examines the CalPERS Effect as it relates to the publication of the CalPERS Focus List and finds that there is a significant and positive long-term shareowner wealth effect from the publication of the Focus List. The authors also examine various sub-samples of Focus List companies to find where the CalPERS Effect might have its greatest impact.

Suggested Citation

  • Mark Anson & Ted White & Ho Ho, 2004. "Good corporate governance works: More evidence from CalPERS," Journal of Asset Management, Palgrave Macmillan, vol. 5(3), pages 149-156, October.
    • Handle: RePEc:pal:assmgt:v:5:y:2004:i:3:d:10.1057_palgrave.jam.2240135
    DOI: 10.1057/palgrave.jam.2240135
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    Citations

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    Cited by:

    1. Alison Lui, 2015. "Cross-border share voting and improving voting chain deficiencies in the 21st century," International Journal of Corporate Governance, Inderscience Enterprises Ltd, vol. 6(1), pages 70-85.
    2. Bethel, Jennifer E. & Hu, Gang & Wang, Qinghai, 2009. "The market for shareholder voting rights around mergers and acquisitions: Evidence from institutional daily trading and voting," Journal of Corporate Finance, Elsevier, vol. 15(1), pages 129-145, February.
    3. Josef Bajzik, 2023. "Does Shareholder Activism Have a Long-Lasting Impact on Company Value? A Meta-Analysis," Working Papers 2023/10, Czech National Bank.
    4. Denes, Matthew R. & Karpoff, Jonathan M. & McWilliams, Victoria B., 2017. "Thirty years of shareholder activism: A survey of empirical research," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 405-424.
    5. Brychko, Maryna & Semenog, Andrii, 2018. "Efficiency as a new ideology of trust-building corporate governance," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(4), pages 913-925, September.
    6. Bajzik, Josef, 2023. "Is the role of shareholder activism in corporate governance overestimated?," Finance Research Letters, Elsevier, vol. 58(PC).
    7. Igor Filatotchev & Oksana Dotsenko, 2015. "Shareholder activism in the UK: types of activists, forms of activism, and their impact on a target’s performance," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(1), pages 5-24, February.

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