Investor ideology

• 成果类型: Article
• 署名作者: Bolton, Patrick; Li, Tao; Ravina, Enrichetta; Rosenthal, Howard
• 署名单位: Columbia University; Imperial College London; State University System of Florida; University of Florida; Northwestern University; New York University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2020.03.004
• 发表日期: 2020
• 页码: 320-352
• 关键词: institutional investors; Proxy voting; ideology; Spatial model

摘要

We estimate institutional investor preferences from proxy voting records. The W-NOMINATE method maps investors onto a left-right dimension based on votes for fiscal year 2012. Public pension funds and other investors on the left support a more social and environment-friendly orientation of the firm and fewer executive compensation proposals. Money-conscious investors appear on the right. The proxy advisor ISS makes voting recommendations that place it center, to the left of most large mutual funds. A second dimension reflects a more traditional governance view, with management-disciplinarian investors, the proxy advisor Glass Lewis among them, pitted against more management-friendly ones. (C) 2020 Elsevier B.V. All rights reserved.