Corporate governance and shareholder initiatives: Empirical evidence

• 成果类型: Article
• 署名作者: Karpoff, JM; Malatesta, PH; Walkling, RA
• 署名单位: University of Washington; University of Washington Seattle; University System of Ohio; Ohio State University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(96)00883-5
• 发表日期: 1996
• 页码: 365-395
• 关键词: shareholder initiatives; proxy; corporate governance; performance

摘要

Shareholder-initiated proxy proposals on corporate governance issues became popular in the late 1980s as corporate takeover activity declined. We find firms attracting governance proposals have poor prior performance, as measured by the market-to-book ratio, operating return, and sales growth. There is little evidence that operating returns improve after proposals. The proposals also have negligible effects on company share values and top management turnover. Even proposals that receive a majority of shareholder votes typically do not engender share price increases or discernible changes in firm policies.