The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Shareholder Activism by Institutional Investors: Evidence from CalPERS
Abstract
This study examines firm characteristics that lead to shareholder activism and analyzes the effects of activism on target firm governance structure, shareholder wealth, and operating performance for the 51 firms targeted by CalPERS over the 1987–93 period. Firm size and level of institutional holdings are found to be positively related to the probability of being targeted, and 72 percent of firms targeted after 1988 adopt proposed changes or make changes resulting in a settlement with CalPERS. Shareholder wealth increases for firms that adopt or settle and decreases for firms that resist. No statistically significant change in operating performance is found.
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Citations
Cites
Managerial control of voting rights
Stulz, R. (1988) · Journal of Financial Economics · doi:10.1016/0304-405x(88)90039-6 · Cited by 2,429
Cited by
Environmental risk management and the cost of capital
Sharfman, M. P., & Fernando, C. S. (2008) · Strategic Management Journal · doi:10.1002/smj.678 · Cited by 1,530
Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
McCAHERY, J. A., SAUTNER, Z., & STARKS, L. T. (2016) · The Journal of Finance · doi:10.1111/jofi.12393 · Cited by 1,494
Dimson, E., Karakaş, O., & Li, X. (2015) · Review of Financial Studies · doi:10.1093/rfs/hhv044 · Cited by 1,242
Corporate Environmental Policy and Shareholder Value: Following the Smart Money
Fernando, C. S., Sharfman, M. P., & Uysal, V. B. (2017) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109017000680 · Cited by 241
Starks, L. T. (2009) · Financial Review · doi:10.1111/j.1540-6288.2009.00225.x · Cited by 233
Metadata
- Authors
- SMITH, M. P.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1996-03
- Volume
- 51
- Issue
- 1
- Pages
- 227-252
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2096862200
- Cited by
- 1,288
- References
- 1
- FWCI
- 130.59
- Type
- journal article
- Language
- en
- Open access
- closed
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