Shareholder Voting and Corporate Governance Around the World

Review of Financial Studies

Volumn 28, Issue 8, 2015, Pages 2167-2202

  Iliev, Peter ^a   Lins, Karl V ^b   Miller, Darius P ^c   Roth, Lukas ^d  

^a PENNSYLVANIA STATE UNIVERSITY   (United States)

^b UNIVERSITY OF UTAH   (United States)

^c SOUTHERN METHODIST UNIVERSITY   (United States)

^d UNIVERSITY OF ALBERTA   (Canada)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84940200711     PISSN: 08939454     EISSN: 14657368     Source Type: Journal    
DOI: 10.1093/rfs/hhv008     Document Type: Article

References (55)

1. Aggarwal, R., I. Erel, M. Ferreira, and P. Matos. 2011. Does governance travel around the world? Evidence from institutional investors. Journal of Financial Economics 100:154-81.
2. Aggarwal, R., I. Erel, R. Stulz, and R. Williamson. 2010. Differences in governance mechanisms between U.S. and foreign firms: Measurements, causes and consequences. Review of Financial Studies 23:3131-69.
3. Ai, C., and E. Norton. 2003. Interaction terms in logit and probit models. Economics Letters 80:123-29.
4. Alexander, C., M. Chen, D. Seppi, and C. Spatt. 2010. Interim news and the role of proxy voting advice. Review of Financial Studies 23:4419-54.
5. Armstrong, C., I. Gow, and D. Larcker. 2013. The efficacy of shareholder voting: Evidence from equity compensation plans, Journal of Accounting Research 51:909-50.
6. Back, K., T. Li, and A. Ljungqvist. 2013. Liquidity and governance. Working Paper no. w19669, NBER.
7. Becht, M., J. Franks, C. Mayer, and S. Rossi. 2009. Returns to shareholder activism: Evidence from a clinical study of the Hermes UK Focus Fund. Review of Financial Studies 22:3093-3129.
8. Bergman, N., and D. Nicolaievsky. 2007. Investor protection and the Coasian view. Journal of Financial Economics 84:738-71.
9. Brav, A., W. Jiang, F. Partnoy, and R. Thomas. 2008. Hedge fund activism, corporate governance, and firm performance. Journal of Finance 63:1729-75.
10. Bris, A., and C. Cabolis. 2008. The value of investor protection: Firm evidence from cross-border mergers. Review of Financial Studies 21:605-48.
11. Buchanan, B., J. Netter, and T. Yang. 2010. Are shareholder proposals an important corporate governance device? Evidence from US and UK shareholder proposals. Working Paper, University of Georgia.
12. Bushman, R., J. Piotroski, and A. Smith. 2004. What determines corporate transparency? Journal of Accounting Research 42:207-52.
13. Cai, J., J. Garner, and R. Walkling. 2009. Electing directors. Journal of Finance 64:2389-2421.
14. Campbell, J. 1996. Understanding risk and return. Journal of Political Economy 104:298-345.
15. Carter, M., and V. Zamora. 2009. Shareholder remuneration votes and CEO compensation design. Working Paper, Boston College.
16. Chen, X., J. Hartford, and K. Li. 2007. Monitoring: Which institutions matter? Journal of Financial Economics 86:279-305.
17. Correa, R., and U. Lel. 2014. Say on pay laws, executive compensation, pay slice, and firm value around the world. Working Paper, FRB International Finance Discussion Paper 1084.
18. Cunat, V., M. Gine, and M. Guadalupe. 2012. The vote is cast: The effect of corporate governance on shareholder value. Journal of Finance 67:1943-77.
19. Daines, R., I. Gow, and D. Larcker. 2010. Rating the ratings: How good are commercial governance ratings? Journal of Financial Economics 98:439-61.
20. Djankov, S., R. La Porta, F. Lopez-de-Silanes, and A. Shleifer. 2008. The law and economics of self-dealing. Journal of Financial Economics 88:430-65.
21. Doidge, C., A. Karolyi, K. Lins, D. Miller, and R. Stulz. 2009. Private benefits of control, ownership, and the cross-listing decision. Journal of Finance 64:425-66.
22. Doidge, C., A. Karolyi, and R. Stulz. 2007. Why do countries matter so much for corporate governance? Journal of Financial Economics 86:1-39.
23. Durnev, A., and E. Kim. 2005. To steal or not to steal: Firm attributes, legal environment, and valuation. Journal of Finance 60:1461-93.
24. Ertimur, Y., F. Ferri, and V. Muslu. 2011. Shareholder activism and CEO pay. Review of Financial Studies 24:535-92.
25. Fan, J., and T. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33:401-25.
26. Fernandes, N., M. Ferreira, P. Matos, and K. Murphy. 2013. Are U.S. CEOs paid more? New international evidence. Review of Financial Studies 26:323-67.
27. Ferreira, M., M. Massa, and P. Matos. 2010. Shareholders at the gate? Institutional investors and cross border mergers and acquisitions. Review of Financial Studies 23:601-44.
28. Ferreira, M., and P. Matos. 2008. The color of investors' money: The role of institutional investors around the world. Journal of Financial Economics 88:495-533.
29. Ferri, F., and D. Maber. 2013. Say on pay votes and CEO compensation: Evidence from the UK. Review of Finance 17:527-63.
30. Fischer, P., J. Gramlich, B. Miller, and H. White. 2009. Investor perceptions of board performance: Evidence from uncontested director elections. Journal of Accounting Economics 48:172-89.
31. Gillan, S., and L. Starks. 2000. Corporate governance proposals and shareholder activism: The role of institutional investors. Journal of Financial Economics 57:275-305.
32. Greene, W. 2010. Testing hypotheses about interaction terms in nonlinear models. Economic Letters 107:291-96.
33. Gruener, D. 2006. Chilled to the pill: The Japanese judiciary's cool reception of the poison pill and potential repercussions. University of Pittsburgh Law Review 67:871-96.
34. Hermalin, B., and M. Weisbach. 1988. The determinants of board composition. RAND Journal of Economics 19:589-606.
35. Hsieh, J., and Q. Wang. 2008. Shareholder voting rights in mergers and acquisitions. Working Paper, George Mason University.
36. Iliev, P., and M. Lowry. 2014. Are mutual funds active voters? Review of Financial Studies 28:446-85.
37. Jacobsen, S. 2014. The death of the deal: Are withdrawn acquisition deals informative of CEO quality? Journal of Financial Economics 114:54-83.
38. Karaca-Mandic, P., E. Norton, and B. Dowd. 2012. Interaction terms in nonlinear models. Health Services Research 47:255-74.
39. Kau, J., J. Linck, and P. Rubin. 2008. Do managers listen to the market? Journal of Corporate Finance 14:347-62.
40. Klein, A., and E. Zur. 2009. Entrepreneurial shareholder activism: Hedge funds and other private investors. Journal of Finance 64:187-229.
41. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54:471-517.
42. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. 1998. Law and finance. Journal of Political Economy 106:1113-55.
43. Lel, U., and D. Miller. 2008. International cross-listing, firm performance, and top management turnover: A test of the bonding hypothesis. Journal of Finance 63:1897-1937.
44. Leuz, C., K. Lins, and F. Warnock. 2009. Do foreigners invest less in poorly governed firms? Review of Financial Studies 22:3245-85.
45. Leuz, C., D. Nanda, and P. Wysocki. 2003. Earnings management and investor protection: An international comparison. Journal of Financial Economics 69:505-27.
46. Luo, Y. 2005. Do insiders learn from outsiders? Evidence from mergers and acquisitions. Journal of Finance 60:1951-82.
47. McCahery, J., Z. Sautner, and L. Starks. 2010. Behind the scenes: The corporate governance preferences of institutional investors. Working Paper, University of Texas at Austin.
48. Morgan, A., A. Poulsen, and J. Wolf. 2006. The evolution of shareholder voting for executive compensation schemes. Journal of Corporate Finance 12:715-37.
49. Nenova, T. 2003. The value of corporate voting rights and control: Across-country analysis. Journal of Financial Economics 68:325-51.
50. Norton, E., H. Wang, and C. Ai. 2004. Computing interaction effects and standard errors in logit and probit models. Stata Journal 4:154-67.
51. Parrino, R., R. Sias, and L. Starks. 2003. Voting with their feet: Institutional ownership changes around forced CEO turnover. Journal of Financial Economics 68:3-46.
52. Rossi, S., and P. Volpin. 2004. Cross-country determinants of mergers and acquisitions. Journal of Financial Economics 74:277-304.
53. Weisbach, M. 1988. Outside directors and CEO turnover. Journal of Financial Economics 20:431-60.
54. Yermack, D. 2004. Remuneration, retention, and reputation incentives for outside directors. Journal of Finance 59:2281-2308.
55. Yermack, D. 2010. Shareholder voting and corporate governance. Annual Review of Financial Economics 2:103-25.