Publicação
Shareholder activism worldwide: Evidence from voting
| Resumo: | Voting is one of the ways shareholders have to exercise governance. Using 19 countries, through a period of five years, we examine whether institutional investors promote better governance. We analyze if their presence in companies is linked with higher levels of shareholder activism, through voting. We find that companies with more institutional investors are subject to more votes “against” at Annual General Meetings, therefore implying that institutions promote better governance practices. Moreover, we find that foreign investors are the ones who drive higher levels of activism. Around the world, companies located in countries with less shareholder protective legal frameworks are the ones subject to higher scrutiny from shareholders. |
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| Autores principais: | Sá, Nuno Quartin Bastos de Vasconcellos e |
| Assunto: | Corporate governance Voting Shareholder activism Institutional investors |
| Ano: | 2013 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Nova de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório Institucional da UNL |
| Resumo: | Voting is one of the ways shareholders have to exercise governance. Using 19 countries, through a period of five years, we examine whether institutional investors promote better governance. We analyze if their presence in companies is linked with higher levels of shareholder activism, through voting. We find that companies with more institutional investors are subject to more votes “against” at Annual General Meetings, therefore implying that institutions promote better governance practices. Moreover, we find that foreign investors are the ones who drive higher levels of activism. Around the world, companies located in countries with less shareholder protective legal frameworks are the ones subject to higher scrutiny from shareholders. |
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