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Information, Ownership Structure, and Shareholder Voting: Evidence from Shareholder‐Sponsored Corporate Governance Proposals
Abstract
This paper examines how information and ownership structure affect voting outcomes on shareholder‐sponsored proposals to change corporate governance structure. We find that the outcomes of votes vary systematically with the governance and performance records of target firms, the identity of proposal sponsors, and the type of proposal. We also find that outcomes vary significantly as a function of ownership by insiders, institutions, outside blockholders, ESOPs, and outside directors who are blockholders. These results suggest that both public information and ownership structure have a significant influence on voting outcomes.
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Citations
Cited by
Corporate governance proposals and shareholder activism: the role of institutional investors
Gillan, S. L., & Starks, L. T. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00058-1 · Cited by 1,769
Large Shareholders as Monitors: Is There a Trade‐Off between Liquidity and Control?
Maug, E. (1998) · The Journal of Finance · doi:10.1111/0022-1082.35053 · Cited by 1,452
Dimson, E., Karakaş, O., & Li, X. (2015) · Review of Financial Studies · doi:10.1093/rfs/hhv044 · Cited by 1,242
Carleton, W. T., Nelson, J. M., & Weisbach, M. S. (1998) · The Journal of Finance · doi:10.1111/0022-1082.00055 · Cited by 833
Metadata
- Authors
- GORDON, L. A., & POUND, J.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1993-06
- Volume
- 48
- Issue
- 2
- Pages
- 697-718
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2068235652
- Cited by
- 267
- References
- 0
- FWCI
- 16.10
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Information, Ownership Structure, and Shareholder Voting: Evidence from Shareholder‐Sponsored Corporate Governance Proposals. https://app.cochat.ai/papers/10.1111/j.1540-6261.1993.tb04734.x
- The paper
- GORDON, L. A., & POUND, J. (1993). Information, Ownership Structure, and Shareholder Voting: Evidence from Shareholder‐Sponsored Corporate Governance Proposals. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1993.tb04734.x
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
