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Shareholder proposals in the new millennium: Shareholder support, board response, and market reaction

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Cited by:

  1. Ayesha Amjad & Sadaf Ehsan & Mariam Amjad & Seemab Gillani, 2021. "Impact of Shareholders’ Activism on Governance Practices and Firm Performance in Pakistan: A Response for Family Controlled Firms," iRASD Journal of Economics, International Research Alliance for Sustainable Development (iRASD), vol. 3(1), pages 1-12, june.
  2. McCahery, J.A. & Sautner, Z., 2011. "Institutional Investor Preferences and Executive Compensation (replaced by CentER DP 2012-004)," Discussion Paper 2011-103, Tilburg University, Center for Economic Research.
  3. Martijn Cremers & Roberta Romano, 2009. "Institutional Investors and Proxy Voting on Compensation Plans: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation," NBER Working Papers 15449, National Bureau of Economic Research, Inc.
  4. Huang, Sheng & Maharjan, Johan & Thakor, Anjan V., 2020. "Disagreement-induced CEO turnover," Journal of Financial Intermediation, Elsevier, vol. 43(C).
  5. Vicente Cuñat & Mireia Gine & Maria Guadalupe, 2012. "The Vote Is Cast: The Effect of Corporate Governance on Shareholder Value," Journal of Finance, American Finance Association, vol. 67(5), pages 1943-1977, October.
  6. McCahery, J.A. & Sautner, Z., 2011. "Institutional Investor Preferences and Executive Compensation (replaced by CentER DP 2012-004)," Other publications TiSEM 95389e25-085b-4201-b224-9, Tilburg University, School of Economics and Management.
  7. Cullinan, Charles P. & Mahoney, Lois & Roush, Pamela B., 2017. "Are CSR activities associated with shareholder voting in director elections and say-on-pay votes?," Journal of Contemporary Accounting and Economics, Elsevier, vol. 13(3), pages 225-243.
  8. Becker-Blease, John R., 2011. "Governance and innovation," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 947-958, September.
  9. Martijn Cremers & Roberta Romano, 2007. "Institutional Investors and Proxy Voting: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation," Yale School of Management Working Papers amz2660, Yale School of Management, revised 01 Jan 2008.
  10. Maria Ruiz‐Castillo & Juan Alberto Aragón‐Correa & Nuria Esther Hurtado‐Torres, 2024. "Independent directors and environmental innovations: How the visibility of public and private shareholders' environmental activism moderates the influence of board independence," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 424-440, February.
  11. Kahn, Matthew E. & Matsusaka, John G. & Shu, Chong, 2023. "Divestment and Engagement: The Effect of Green Investors on Corporate Carbon Emissions," IZA Discussion Papers 16518, Institute of Labor Economics (IZA).
  12. Ing-Haw Cheng & Harrison Hong & Kelly Shue, 2023. "Do Managers Do Good with Other People’s Money?," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 12(3), pages 443-487.
  13. Siala Bouaziz Souha & Jarboui Anis & David McMillan, 2016. "Corporate governance and firm characteristics as explanatory factors of shareholder activism: Validation through the French context," Cogent Economics & Finance, Taylor & Francis Journals, vol. 4(1), pages 1150407-115, December.
  14. Gine, Mireia & Moussawi, Rabih & Sedunov, John, 2017. "Governance mechanisms and effective activism: Evidence from shareholder proposals on poison pills," Journal of Empirical Finance, Elsevier, vol. 43(C), pages 185-202.
  15. Le Lin & Ke Liao & Deren Xie, 2023. "When Investors Speak, Do Firms Listen? The Role of Investors' Dividend‐related Complaints from Online Earnings Communication Conferences," Abacus, Accounting Foundation, University of Sydney, vol. 59(1), pages 32-75, March.
  16. Musumeci, Jim & Peterson, Mark, 2011. "BE/ME and E/P work better than ME/BE or P/E in regressions," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1272-1288.
  17. Ilya Ivaninskiy & Irina Ivashkovskaya & Joseph A. McCahery, 2023. "Does digitalization mitigate or intensify the principal-agent conflict in a firm?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(3), pages 695-725, September.
  18. Ng, Jeffrey & Wu, Hong & Zhai, Weihuan & Zhao, Jing, 2021. "The effect of shareholder activism on earnings management: Evidence from shareholder proposals11We appreciate the helpful comments and suggestions from Stephen Taylor, Gary Biddle, Santosh Ramalingego," Journal of Corporate Finance, Elsevier, vol. 69(C).
  19. Ding, Rong & Hou, Wenxuan & Kuo, Jing-Ming & Lee, Edward, 2013. "Fund ownership and stock price informativeness of Chinese listed firms," Journal of Multinational Financial Management, Elsevier, vol. 23(3), pages 166-185.
  20. Matt Wegener & Fayez A. Elayan & Sandra Felton & Jingyu Li, 2013. "Factors Influencing Corporate Environmental Disclosures," Accounting Perspectives, John Wiley & Sons, vol. 12(1), pages 53-73, March.
  21. Ng, Lilian & Sibilkov, Valeriy & Wang, Qinghai & Zaiats, Nataliya, 2011. "Does shareholder approval requirement of equity compensation plans matter?," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1510-1530.
  22. McCahery, J.A. & Sautner, Z., 2012. "Institutional Investor Preferences and Executive Compensation (Revision of 2011-103)," Other publications TiSEM 5c6e50aa-ede2-4abc-a64a-f, Tilburg University, School of Economics and Management.
  23. Chen, Dong, 2012. "Classified boards, the cost of debt, and firm performance," Journal of Banking & Finance, Elsevier, vol. 36(12), pages 3346-3365.
  24. Chris Mallin & Andrea Melis, 2012. "Shareholder rights, shareholder voting, and corporate performance," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(2), pages 171-176, May.
  25. Souha Bouaziz Siala & Anis Jarboui, 2019. "The moderating effect of audit quality on the relation between shareholder activism and earnings management: Evidence from France," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 13(1), March.
  26. Sabrina Colombo & Marco Guerci & Toloue Miandar, 2019. "What Do Unions and Employers Negotiate Under the Umbrella of Corporate Social Responsibility? Comparative Evidence from the Italian Metal and Chemical Industries," Journal of Business Ethics, Springer, vol. 155(2), pages 445-462, March.
  27. Chii-Shyan Kuo & Chandra Subramaniam & Xu Wang & Shih-Ti Yu, 2020. "Adoption of performance-vested equity incentives under investor pressure: window dressing or taking the window of opportunity?," Review of Quantitative Finance and Accounting, Springer, vol. 54(2), pages 565-587, February.
  28. Jean-Sebastien Lantz & Sophie Montandrau & Jean-Michel Sahut, 2014. "Activism of Institutional Investors, Corporate Governance Alerts and Financial Performance," Working Papers 2014-353, Department of Research, Ipag Business School.
  29. 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.
  30. Barros, Victor & Guedes, Maria João & Santos, Joana & Sarmento, Joaquim Miranda, 2023. "Shareholder activism and firms’ performance," Research in International Business and Finance, Elsevier, vol. 64(C).
  31. Ryan Krause & Michael C. Withers, 2022. "Propulsions Toward What Capes? Testing Normative Theory Through a Panorama of Consequences," Journal of Business Ethics, Springer, vol. 181(2), pages 317-333, November.
  32. Del Guercio, Diane & Seery, Laura & Woidtke, Tracie, 2008. "Do boards pay attention when institutional investor activists "just vote no"?," Journal of Financial Economics, Elsevier, vol. 90(1), pages 84-103, October.
  33. Steven E. Kaplan & Valentina L. Zamora, 2018. "The Effects of Current Income Attributes on Nonprofessional Investors’ Say-on-Pay Judgments: Does Fairness Still Matter?," Journal of Business Ethics, Springer, vol. 153(2), pages 407-425, December.
  34. Yeh, Tsung-ming, 2017. "Determinants and consequences of shareholder proposals: The cases of board election, charter amendment, and profit disposal," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 245-261.
  35. Amy J. Hillman & Christine Shropshire & S. Trevis Certo & Dan R. Dalton & Catherine M. Dalton, 2011. "What I Like About You: A Multilevel Study of Shareholder Discontent with Director Monitoring," Organization Science, INFORMS, vol. 22(3), pages 675-687, June.
  36. Simon Rafaqat & Sana Rafaqat & Sahil Rafaqat & Saoul Rafaqat & Dawood Rafaqat, 2023. "Shareholder Activism and Firm Performance: A Review," Journal of Economics and Behavioral Studies, AMH International, vol. 14(4), pages 31-41.
  37. Ferri, Fabrizio & Göx, Robert, 2018. "Executive Compensation, Corporate Governance, and Say on Pay," Foundations and Trends(R) in Accounting, now publishers, vol. 12(1), pages 1-103, April.
  38. Renneboog, Luc & Szilagyi, Peter G., 2011. "The role of shareholder proposals in corporate governance," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 167-188, February.
  39. Aggarwal, Reena & Dahiya, Sandeep & Prabhala, Nagpurnanand R., 2019. "The power of shareholder votes: Evidence from uncontested director elections," Journal of Financial Economics, Elsevier, vol. 133(1), pages 134-153.
  40. Rachelle Belinga & Blanche Segrestin, 2018. "Principals and stewards? An exploration of the role of institutional investors in corporate governance," Post-Print hal-01791931, HAL.
  41. McCahery, J.A. & Sautner, Z., 2012. "Institutional Investor Preferences and Executive Compensation (Revision of 2011-103)," Discussion Paper 2012-004, Tilburg University, Center for Economic Research.
  42. Ertimur, Yonca & Ferri, Fabrizio & Stubben, Stephen R., 2010. "Board of directors' responsiveness to shareholders: Evidence from shareholder proposals," Journal of Corporate Finance, Elsevier, vol. 16(1), pages 53-72, February.
  43. Vincent C. Ma & John S. Liu, 2016. "Exploring the research fronts and main paths of literature: a case study of shareholder activism research," Scientometrics, Springer;Akadémiai Kiadó, vol. 109(1), pages 33-52, October.
  44. Peter Cziraki & Luc Renneboog & Peter G. Szilagyi, 2010. "Shareholder Activism through Proxy Proposals: The European Perspective," European Financial Management, European Financial Management Association, vol. 16(5), pages 738-777, November.
  45. Ilya Ivaninskiy & Irina Ivashkovskaya, 2022. "Are blockchain-based digital transformation and ecosystem-based business models mutually reinforcing? The principal-agent conflict perspective," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(4), pages 643-670, December.
  46. Richard A. Benton, 2017. "The Decline of Social Entrenchment: Social Network Cohesion and Board Responsiveness to Shareholder Activism," Organization Science, INFORMS, vol. 28(2), pages 262-282, April.
  47. McCahery, J.A. & Sautner, Z., 2012. "Institutional Investor Preferences and Executive Compensation (Revision of 2011-028)," Other publications TiSEM a6f2a6d4-4270-4d92-830c-7, Tilburg University, School of Economics and Management.
  48. Ing-Haw Cheng & Harrison Hong & Kelly Shue, 2013. "Do Managers Do Good with Other People's Money?," NBER Working Papers 19432, National Bureau of Economic Research, Inc.
  49. Yvan Allaire & François Dauphin, 2016. "The game of ‘activist’ hedge funds: Cui bono?," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 13(4), pages 279-308, November.
  50. Renata Konadu & Gabriel Sam Ahinful & Samuel Owusu-Agyei, 2021. "Corporate governance pillars and business sustainability: does stakeholder engagement matter?," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 18(3), pages 269-289, September.
  51. Goh, Lisa & Liu, Xuejiao & Tsang, Albert, 2020. "Voluntary disclosure of corporate political spending," Journal of Corporate Finance, Elsevier, vol. 61(C).
  52. Brunarski, Kelly R. & Campbell, T. Colin & Harman, Yvette S., 2015. "Evidence on the outcome of Say-On-Pay votes: How managers, directors, and shareholders respond," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 132-149.
  53. Renneboog, L.D.R. & Szilagyi, P.G., 2009. "Shareholder Activism through the Proxy Process," Discussion Paper 2009-65, Tilburg University, Center for Economic Research.
  54. Martijn Cremers & Roberta Romano, 2007. "Institutional Investors and Proxy Voting: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation," Yale School of Management Working Papers amz2660, Yale School of Management, revised 01 Jan 2008.
  55. Smith, Janet Kiholm, 2007. "Evaluating the boundaries of SEC regulation," Journal of Corporate Finance, Elsevier, vol. 13(2-3), pages 189-194, June.
  56. Guo, Re-Jin & Kruse, Timothy A. & Nohel, Tom, 2008. "Undoing the powerful anti-takeover force of staggered boards," Journal of Corporate Finance, Elsevier, vol. 14(3), pages 274-288, June.
  57. Erin E. Smith, 2019. "Are Antitakeover Amendments Good for Shareholders? Evidence from the Adoption of Antitakeover Provisions in the Post-SOX Era," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 9(04), pages 1-40, December.
  58. Prevost, Andrew K. & Wongchoti, Udomsak & Marshall, Ben R., 2016. "Does institutional shareholder activism stimulate corporate information flow?," Journal of Banking & Finance, Elsevier, vol. 70(C), pages 105-117.
  59. Boylan, Robert & Cebula, Richard & Foley, Maggie & Liu, Xiaowei, 2013. "An Analysis of Omitted Shareholder Proposals," MPRA Paper 56659, University Library of Munich, Germany.
  60. Clarkson, Peter M. & Walker, Julie & Nicholls, Shannon, 2011. "Disclosure, shareholder oversight and the pay–performance link," Journal of Contemporary Accounting and Economics, Elsevier, vol. 7(2), pages 47-64.
  61. McCahery, J.A. & Sautner, Z., 2011. "Institutional Investor Preferences and Executive Compensation (replaced by EBC DP 2012-002)," Other publications TiSEM f2705034-ee8c-4056-90a1-5, Tilburg University, School of Economics and Management.
  62. Wang, Yong & Mao, Connie X., 2015. "Shareholder activism of public pension funds: The political facet," Journal of Banking & Finance, Elsevier, vol. 60(C), pages 138-152.
  63. Morgan, Angela & Poulsen, Annette & Wolf, Jack & Yang, Tina, 2011. "Mutual funds as monitors: Evidence from mutual fund voting," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 914-928, September.
  64. Hadani, Michael & Goranova, Maria & Khan, Raihan, 2011. "Institutional investors, shareholder activism, and earnings management," Journal of Business Research, Elsevier, vol. 64(12), pages 1352-1360.
  65. Lan, Ge & Li, Donghui & Yang, Shijie, 2023. "Costs of voting and firm performance: Evidence from RegTech adoption in Chinese listed firms," Research in International Business and Finance, Elsevier, vol. 64(C).
  66. Samuel Mansell, 2013. "Shareholder Theory and Kant’s ‘Duty of Beneficence’," Journal of Business Ethics, Springer, vol. 117(3), pages 583-599, October.
  67. Matsusaka, John G. & Ozbas, Oguzhan & Yi, Irene, 2017. "Why Do Managers Fight Shareholder Proposals? Evidence from SEC No-Action Letter Decisions," Working Papers 262, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
  68. Rastad, Mahdi & Dobson, John, 2022. "Gender diversity on corporate boards: Evaluating the effectiveness of shareholder activism," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 446-461.
  69. Cai, Jay & Garner, Jacqueline L. & Walkling, Ralph A., 2013. "A paper tiger? An empirical analysis of majority voting," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 119-135.
  70. Szilagyi, P.G., 2007. "Corporate governance and the agency costs of debt and outside equity," Other publications TiSEM 9520d40a-224f-43a8-9bf9-b, Tilburg University, School of Economics and Management.
  71. Maria Goranova & Rahi Abouk & Paul C. Nystrom & Ehsan S. Soofi, 2017. "Corporate governance antecedents to shareholder activism: A zero-inflated process," Strategic Management Journal, Wiley Blackwell, vol. 38(2), pages 415-435, February.
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