Shareholder Collaboration

Navigating Shareholder Influence: Compensation Plans and the Shareholder Approval Process

Executive Overview Corporate governance research emphasizes the influence of institutional owners on company outcomes such as strategic decisions, organizational structures, and executive compensation. However, little is known about the process companies use to gain support for management-sponsored compensation plan resolutions. This article reviews prior literature linking institutional owners...

Are Shareholder Votes Rigged?

In this paper, we show that since 2003 there have been 75% more shareholder proposals rejected by a margin of one percent of shares outstanding than proposals that were approved by a similarly narrow margin. As a result, there is a large and discontinuous drop in the density of voting results on these proposals exactly where the majority threshold of each proposal is located. Using counterfactu...

Negotiated Shareholder Value :

Negotiated Shareholder Value: The German Version of an Anglo-American Practice

Soft Shareholder Activism

This paper studies voice and exit as mechanisms of shareholder activism when obtaining costly formal control is not feasible. Different from the existing literature, voice is interpreted as a strategic transmission of information from an activist investor to an opportunistic manager. The analysis provides several results. First, voice and exit exhibit complementarity, and hence, exit can be an ...

Maximising Shareholder Value