Behind the Scenes: The Corporate Governance Preferences of Institutional Investors

• 成果类型: Article
• 署名作者: McCahery, Joseph A.; Sautner, Zacharias; Starks, Laura T.
• 署名单位: Tilburg University; Frankfurt School Finance & Management; University of Texas System; University of Texas Austin
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12393
• 发表日期: 2016
• 页码: 2905-2932
• 关键词: SHAREHOLDER ACTIVISM EVIDENCE; HEDGE FUND ACTIVISM; Ownership structure; liquidity; MARKET; PROPOSALS; COSTS

摘要

We survey institutional investors to better understand their role in the corporate governance of firms. Consistent with a number of theories, we document widespread behind-the-scenes intervention as well as governance-motivated exit. These governance mechanisms are viewed as complementary devices, with intervention typically occurring prior to a potential exit. We further find that long-term investors and investors that are less concerned about stock liquidity intervene more intensively. Finally, we find that most investors use proxy advisors and believe that the information provided by such advisors improves their own voting decisions.