Shareholder influence over director nomination via proxy access: Implications for agency conflict and stakeholder value

Setting Optimal Rules for Shareholder Proxy Access

Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable’s Challenge

We use the Business Roundtable’s challenge to the Securities and Exchange Commission’s (SEC’s) 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and activist institutional ownership, lost value on October 4, 2010, when the SEC unexpectedl...

Shareholder, stakeholder-owner or broad stakeholder maximization

With reference to the discussion about shareholder versus stakeholder maximization it is argued that the normal type of maximization is in fact stakeholder-owner maximization. This means maximization of the sum of the value of the shares and stakeholder benefits belonging to the dominating stakeholder-owner. Maximization of shareholder value is a special case of owner-maximization, and only und...

Electronic Proxy Statement Dissemination and Shareholder Monitoring

This paper examines how the means of disseminating proxy statements affects shareholder monitoring. I exploit the staggered implementation of a regulatory change that allows firms to switch from postal mail to electronic distribution. I estimate that electronic dissemination reduces total voting participation by about 1%–2.2%. Under the plausible assumption that all beneficial shareholder non-p...

Exploring Stakeholder Value Models via Interactive Visualization

In the design of complex systems, models can be used to predict a future system’s performance as well as approximate stakeholder preferences on performance. This paper examines the problem of model truthfulness and the challenge of trusting models, with a focus on value models and how they are used to predict stakeholder preferences. A framework is proposed for the analysis of these issues (tru...