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Internalizing governance externalities: The role of institutional cross-ownership
Open accessAbstract
We analyze the role of institutional cross-ownership in internalizing corporate governance externalities using granular mutual fund proxy voting data. Exploiting within-proposal and within-institution variation, we show that an institution's holdings in peer firms are positively associated with the likelihood that the institution votes against management on shareholder-sponsored governance proposals. We further find that high aggregate cross-ownership positively predicts management losing a vote. Overall, our results provide evidence that cross-ownership incentivizes institutional investors to play a more active monitoring role, suggesting that institutional cross-ownership serves as a market-based mechanism to alleviate the inefficiency induced by governance externalities.
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Corporate governance, chief executive officer compensation, and firm performance
Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999) · Journal of Financial Economics · doi:10.1016/s0304-405x(98)00058-0 · Cited by 4,335
Anticompetitive Effects of Common Ownership
AZAR, J., SCHMALZ, M. C., & TECU, I. (2018) · The Journal of Finance · doi:10.1111/jofi.12698 · Cited by 980
Cited by
Bolton, P., Li, T., Ravina, E., & Rosenthal, H. (2020) · Journal of Financial Economics · doi:10.1016/j.jfineco.2020.03.004 · Cited by 183
The Effects of Common Ownership on Customer-Supplier Relationships
Freeman, K. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2873199 · Cited by 29
Metadata
- Authors
- He, J. (., Huang, J., & Zhao, S.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 2019-11
- Volume
- 134
- Issue
- 2
- Pages
- 400-418
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W2610153673
- Cited by
- 413
- References
- 2
- FWCI
- 58.96
- Type
- journal article
- Language
- en
- Open access
- green
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