A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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Topic
Big corporations are trying to silence their own shareholders
Resource type
Authors/contributors
- Gantchev, Nickolay (Author)
- Giannetti, Mariassunta (Author)
Title
Big corporations are trying to silence their own shareholders
Abstract
We show that there is cross-sectional variation in the quality of shareholder proposals. On average, proposals submitted by the most active individual sponsors are less likely to receive majority support, but they occasionally pass if shareholders mistakenly support them and may even be implemented due to directors’ career concerns. While gadfly proposals destroy shareholder value if they pass, shareholder proposals on average are value enhancing in firms with more informed shareholders. We conclude that more informed voting could increase the benefits associated with shareholder proposals.
Publication
Review of Financial Studies
Volume
34
Issue
12
Pages
5629-5675
Date
2021
Citation
Gantchev, N., & Giannetti, M. (2021). Big corporations are trying to silence their own shareholders. Review of Financial Studies, 34, 5629–5675.
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