Shareholder Voting and Corporate Governance Around the World

被引：73

作者：

Iliev, Peter ^{[1
]}

Lins, Karl V. ^{[2
]}

Miller, Darius P. ^{[3
]}

Roth, Lukas ^{[4
]}

机构：

[1] Penn State Univ, University Pk, PA 16802 USA

[2] Univ Utah, Salt Lake City, UT 84112 USA

[3] So Methodist Univ, Dallas, TX 75275 USA

[4] Univ Alberta, Edmonton, AB T6G 2M7, Canada

来源：

REVIEW OF FINANCIAL STUDIES | 2015年 / 28卷 / 08期

关键词：

INVESTOR PROTECTION; INTERACTION TERMS; ACTIVISM; OWNERSHIP; MERGERS; DETERMINANTS; MANAGEMENT; EARNINGS; U.S; LAW;

D O I：

10.1093/rfs/hhv008

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a sample of non-U.S. firms from 43 countries, we investigate whether laws and regulations as well as votes cast by U.S. institutional investors are consistent with an effective shareholder voting process. We find that laws and regulations allow for meaningful votes to be cast, as shareholder voting is both mandatory and binding for important elections. For votes cast, we find there is greater dissent voting when investors fear expropriation. Further, greater dissent voting is associated with higher director turnover and more M&A withdrawals. Our results suggest that shareholder voting is an effective mechanism for exercising governance around the world.

引用

页码：2167 / 2202

页数：36

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