메뉴 건너뛰기




Volumn 15, Issue 3, 2011, Pages 375-391

Shareholder activism among portfolio managers: Rational decisions or 15 minutes of fame?

Author keywords

Agency theory; Institutional shareholder activism; Institutional theory; Target firms

Indexed keywords


EID: 80051864866     PISSN: 13853457     EISSN: None     Source Type: Journal    
DOI: 10.1007/s10997-009-9114-9     Document Type: Article
Times cited : (21)

References (46)
  • 1
    • 84937315308 scopus 로고
    • Large shareholder activism, risk sharing and financial market equilibrium
    • Admati, A., Pfleiderer, P., & Zechner, J. (1994). Large shareholder activism, risk sharing and financial market equilibrium. Journal of Political Economy, 102, 1097-1130.
    • (1994) Journal of Political Economy , vol.102 , pp. 1097-1130
    • Admati, A.1    Pfleiderer, P.2    Zechner, J.3
  • 2
    • 0013105098 scopus 로고    scopus 로고
    • Ownership and control in Sweden: Strong owners, weak minorities, and social control
    • F. Becht and M. Barca (Eds.), Oxford: Oxford University Press
    • Agnblad, J., Berglöf, E., Högfeldt, P., & Svancar, H. (2001). Ownership and control in Sweden: Strong owners, weak minorities, and social control. In F. Becht & M. Barca (Eds.), The control of corporate Europe. Oxford: Oxford University Press.
    • (2001) The Control of Corporate Europe
    • Agnblad, J.1    Berglöf, E.2    Högfeldt, P.3    Svancar, H.4
  • 5
    • 0346412667 scopus 로고    scopus 로고
    • What do institutional investors really want?
    • Brown, H. (1998). What do institutional investors really want? Corporate Board, 17, 5-10.
    • (1998) Corporate Board , vol.17 , pp. 5-10
    • Brown, H.1
  • 6
    • 0039658576 scopus 로고    scopus 로고
    • The influence of institutions on corporate governance through private negotiations: Evidence from TIAA CREF
    • Carleton, W., Nelson, J., & Weisbach, M. (1998). The influence of institutions on corporate governance through private negotiations: Evidence from TIAA CREF. Journal of Finance, 53, 1335-1362.
    • (1998) Journal of Finance , vol.53 , pp. 1335-1362
    • Carleton, W.1    Nelson, J.2    Weisbach, M.3
  • 7
    • 33845328053 scopus 로고    scopus 로고
    • Shareholders' voting at general meetings: Evidence from the Netherlands
    • de Jong, A., Mertens, G., & Rosenboom, P. (2006). Shareholders' voting at general meetings: Evidence from the Netherlands. Journal of Management and Governance, 10, 353-380.
    • (2006) Journal of Management and Governance , vol.10 , pp. 353-380
    • de Jong, A.1    Mertens, G.2    Rosenboom, P.3
  • 8
    • 0042377866 scopus 로고    scopus 로고
    • The motivation and impact of pension fund activism
    • Del Guercio, D., & Hawkins, J. (1999). The motivation and impact of pension fund activism. Journal of Financial Economics, 52, 293-340.
    • (1999) Journal of Financial Economics , vol.52 , pp. 293-340
    • del Guercio, D.1    Hawkins, J.2
  • 9
    • 0000953669 scopus 로고
    • The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields
    • DiMaggio, P., & Powell, W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48, 147-160.
    • (1983) American Sociological Review , vol.48 , pp. 147-160
    • Dimaggio, P.1    Powell, W.2
  • 11
    • 0032342631 scopus 로고    scopus 로고
    • A new measure of fit for equations with dichotomous dependent variables
    • Estrella, A. (1998). A new measure of fit for equations with dichotomous dependent variables. Journal of Business and Economic Statistics, 16, 198-205.
    • (1998) Journal of Business and Economic Statistics , vol.16 , pp. 198-205
    • Estrella, A.1
  • 12
    • 0002938402 scopus 로고    scopus 로고
    • A survey of shareholder activism: Motivation and empirical evidence
    • Gillan, S., & Starks, L. (1998). A survey of shareholder activism: Motivation and empirical evidence. Contemporary Finance Digest, 2, 10-34.
    • (1998) Contemporary Finance Digest , vol.2 , pp. 10-34
    • Gillan, S.1    Starks, L.2
  • 14
    • 34247888584 scopus 로고    scopus 로고
    • Annual general meetings from NHS trusts: Devolving power or ritualizing accountability?"
    • Hodges, R., Macniven, L., & Mellett, H. (2004). Annual general meetings from NHS trusts: Devolving power or ritualizing accountability?", Financial accountability and management, Vol. 20, No. 4.
    • (2004) Financial accountability and management , vol.20 , Issue.4
    • Hodges, R.1    Macniven, L.2    Mellett, H.3
  • 16
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 19
    • 0005082206 scopus 로고    scopus 로고
    • Ownership structure, speculation and shareholder intervention
    • Kahn, C., & Winton, A. (1998). Ownership structure, speculation and shareholder intervention. Journal of Finance, 53, 99-129.
    • (1998) Journal of Finance , vol.53 , pp. 99-129
    • Kahn, C.1    Winton, A.2
  • 21
    • 0030295681 scopus 로고    scopus 로고
    • Corporate governance and shareholder initiatives: Empirical evidence
    • Karpoff, J., Malatesta, P., & Walkling, R. (1996). Corporate governance and shareholder initiatives: Empirical evidence. Journal of Financial Economics, 42, 365-395.
    • (1996) Journal of Financial Economics , vol.42 , pp. 365-395
    • Karpoff, J.1    Malatesta, P.2    Walkling, R.3
  • 22
    • 0033632922 scopus 로고    scopus 로고
    • Value creation and corporate diversification: The case of Sears, Roebuck & Co
    • Martin, J., Kensinger, J., & Gillan, S. (2000). Value creation and corporate diversification: The case of Sears, Roebuck & Co. Journal of Financial Economics, 55, 103-137.
    • (2000) Journal of Financial Economics , vol.55 , pp. 103-137
    • Martin, J.1    Kensinger, J.2    Gillan, S.3
  • 23
    • 0036931430 scopus 로고    scopus 로고
    • Institutional investors: The external costs of a successful innovation
    • Menkhoff, L. (2002). Institutional investors: The external costs of a successful innovation. Journal of Economic Issues, 36, 907-933.
    • (2002) Journal of Economic Issues , vol.36 , pp. 907-933
    • Menkhoff, L.1
  • 24
    • 0000057597 scopus 로고
    • Institutionalized organizations: Formal structure as myths and ceremony
    • Meyer, J., & Rowan, B. (1977). Institutionalized organizations: Formal structure as myths and ceremony. American Journal of Sociology, 83, 340-363.
    • (1977) American Journal of Sociology , vol.83 , pp. 340-363
    • Meyer, J.1    Rowan, B.2
  • 25
    • 0033235160 scopus 로고    scopus 로고
    • The social construction of organizational knowledge: A study of the uses of coercive, mimetic, and normative isomorphism
    • Mizruchi, M., & Fein, L. (1999). The social construction of organizational knowledge: A study of the uses of coercive, mimetic, and normative isomorphism. Administrative Science Quarterly, 44, 653-683.
    • (1999) Administrative Science Quarterly , vol.44 , pp. 653-683
    • Mizruchi, M.1    Fein, L.2
  • 27
    • 0002964458 scopus 로고
    • Long term rewards from shareholder activism: A study of the CalPERS effect
    • Nesbitt, S. (1994). Long term rewards from shareholder activism: A study of the CalPERS effect. Journal of Applied Corporate Finance, 6, 75-80.
    • (1994) Journal of Applied Corporate Finance , vol.6 , pp. 75-80
    • Nesbitt, S.1
  • 29
    • 0346327192 scopus 로고    scopus 로고
    • Media legitimation effects in the market for initial public offerings
    • Pollock, T., & Rindova, V. (2003). Media legitimation effects in the market for initial public offerings. Academy of Management Journal, 46, 631-642.
    • (2003) Academy of Management Journal , vol.46 , pp. 631-642
    • Pollock, T.1    Rindova, V.2
  • 30
    • 0000699789 scopus 로고
    • Institutional investors: The reluctant activists
    • Pozen, R. (1994). Institutional investors: The reluctant activists. Harvard Business Review, 72, 140-149.
    • (1994) Harvard Business Review , vol.72 , pp. 140-149
    • Pozen, R.1
  • 31
    • 0039604286 scopus 로고    scopus 로고
    • Of what value are shareholder proposals sponsored by public pension funds?
    • Prevost, A., & Rao, R. (2000). Of what value are shareholder proposals sponsored by public pension funds? Journal of Business, 73, 177-204.
    • (2000) Journal of Business , vol.73 , pp. 177-204
    • Prevost, A.1    Rao, R.2
  • 32
  • 33
    • 33750076806 scopus 로고    scopus 로고
    • Understanding shareholder activism: Which corporations are targeted?
    • Rehbein, K., Waddock, S., & Graves, S. (2004). Understanding shareholder activism: Which corporations are targeted? Business & Society, 43, 239-267.
    • (2004) Business & Society , vol.43 , pp. 239-267
    • Rehbein, K.1    Waddock, S.2    Graves, S.3
  • 34
    • 84920431829 scopus 로고
    • Public pension fund activism in corporate governance reconsidered
    • Romano, R. (1993). Public pension fund activism in corporate governance reconsidered. Columbia Law Review, 93, 795-853.
    • (1993) Columbia Law Review , vol.93 , pp. 795-853
    • Romano, R.1
  • 37
    • 0039120739 scopus 로고    scopus 로고
    • Shareholder activism by institutional investors: Evidence from CalPERS
    • Smith, M. (1996). Shareholder activism by institutional investors: Evidence from CalPERS. Journal of Finance, 51, 227-252.
    • (1996) Journal of Finance , vol.51 , pp. 227-252
    • Smith, M.1
  • 38
    • 0038464590 scopus 로고    scopus 로고
    • Does coordinated institutional activism reverse the fortune of underperforming firms?
    • Song, W.-L., & Szewczyk, S. (2003). Does coordinated institutional activism reverse the fortune of underperforming firms? Journal of Financial and Quantitative Analysis, 38, 317-366.
    • (2003) Journal of Financial and Quantitative Analysis , vol.38 , pp. 317-366
    • Song, W.-L.1    Szewczyk, S.2
  • 39
    • 16144367015 scopus 로고    scopus 로고
    • A requiem for the USA-Is small shareholder monitoring effective?
    • Strickland, D., Wiles, K., & Zenner, M. (1996). A requiem for the USA-Is small shareholder monitoring effective? Journal of Financial Economics, 40, 319-338.
    • (1996) Journal of Financial Economics , vol.40 , pp. 319-338
    • Strickland, D.1    Wiles, K.2    Zenner, M.3
  • 41
    • 38249003171 scopus 로고
    • US institutional investors look at corporate governance in the 1990s
    • Useem, M., Bowman, E., Myatt, J., & Irvine, C. (1993). US institutional investors look at corporate governance in the 1990s. European Management Journal, 11, 175-189.
    • (1993) European Management Journal , vol.11 , pp. 175-189
    • Useem, M.1    Bowman, E.2    Myatt, J.3    Irvine, C.4
  • 43
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity
    • White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity. Econometrica, 48, 817-838.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1
  • 44
    • 0043213086 scopus 로고    scopus 로고
    • Agents watching agents?: Evidence from pension fund ownership and firm value
    • Woidtke, T. (2002). Agents watching agents?: Evidence from pension fund ownership and firm value. Journal of Financial Economics, 63, 99-131.
    • (2002) Journal of Financial Economics , vol.63 , pp. 99-131
    • Woidtke, T.1
  • 46
    • 0040763236 scopus 로고    scopus 로고
    • Working Paper, Hong Kong University of Science and Technology
    • Wu, Y. L. (2000). Honey, CalPERS shrank the board! Working Paper, Hong Kong University of Science and Technology.
    • (2000) Honey, CalPERS shrank the board!
    • Wu, Y.L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.