The DOI matches its Crossref record; 7 of the 7 references it cites were found in a registry or an index.
The Vote Is Cast: The Effect of Corporate Governance on Shareholder Value
Open accessAbstract
This paper investigates whether improvements in the firm's internal corporate governance create value for shareholders. We analyze the market reaction to governance proposals that pass or fail by a small margin of votes in annual meetings. This provides a clean causal estimate that deals with the endogeneity of internal governance rules. We find that passing a proposal leads to significant positive abnormal returns. Adopting one governance proposal increases shareholder value by 2.8%. The market reaction is larger in firms with more antitakeover provisions, higher institutional ownership, and stronger investor activism for proposals sponsored by institutions. In addition, we find that acquisitions and capital expenditures decline and long‐term performance improves.
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Cites
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
Regression discontinuity designs in economics
Lee, D. S., & Lemieux, T. (2010) · Journal of Economic Literature · doi:10.1257/jel.48.2.281 · Cited by 4,534
Enjoying the Quiet Life? Corporate Governance and Managerial Preferences
Bertrand, M., & Mullainathan, S. (2003) · Journal of Political Economy · doi:10.1086/376950 · Cited by 3,777
What Matters in Corporate Governance?
Bebchuk, L., Cohen, A., & Ferrell, A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn099 · Cited by 2,906
Takeover Threats and Managerial Myopia
Stein, J. C. (1988) · Journal of Political Economy · doi:10.1086/261524 · Cited by 1,673
Cited by
Flammer, C. (2015) · Management Science · doi:10.1287/mnsc.2014.2038 · Cited by 1,949
Peer Effects of Corporate Social Responsibility
Cao, J., Liang, H., & Zhan, X. (2019) · Management Science · doi:10.1287/mnsc.2018.3100 · Cited by 573
Connecting the Dots: Bringing External Corporate Governance into the Corporate Governance Puzzle
Aguilera, R. V., Desender, K. A., Bednar, M. K., & Lee, J. H. (2015) · Academy of Management Annals · doi:10.1080/19416520.2015.1024503 · Cited by 502
Shareholder Activism: A Multidisciplinary Review
Goranova, M., & Ryan, L. V. (2014) · Journal of Management · doi:10.1177/0149206313515519 · Cited by 414
Shareholder Votes and Proxy Advisors: Evidence from Say on Pay
ERTIMUR, Y., FERRI, F., & OESCH, D. (2013) · Journal of Accounting Research · doi:10.1111/1475-679x.12024 · Cited by 401
Metadata
- Authors
- CUÑAT, V., GINE, M., & GUADALUPE, M.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2012-09-12
- Volume
- 67
- Issue
- 5
- Pages
- 1943-1977
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3021160343
- Cited by
- 421
- References
- 7
- FWCI
- 69.94
- Type
- journal article
- Language
- en
- Open access
- bronze
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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