股东表达反对的威胁和投票的价值

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2024-06-07 DOI:10.1111/jfir.12417

Justin Balthrop, Jonathan Bitting

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引用次数: 0

摘要

我们研究了授予股东顾问性薪酬表决权如何影响后续的股东投票权需求。我们发现，当股东被赋予不赞成公司薪酬计划的权利时，投票溢价会下降，这与股东先发制人的谈判让步相一致，这导致使用他们的投票权的需求减少。潜在的让步不仅限于赔偿；投票权溢价下降的公司还会经历投资和股息政策以及独立董事数量的变化。同样的公司在接下来的一年里经历了正的异常股票回报。

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The threat of voiced shareholder disapproval and the value of voting

We study how granting shareholders an advisory compensation vote affects the subsequent demand for shareholder voting rights. We find that the voting premium decreases when shareholders are given the right to disapprove firm compensation plans, consistent with shareholders preemptively negotiating concessions, which results in a diminished need to use their votes. Potential concessions extend beyond compensation; firms that experience a decrease in voting premiums also experience changes to investment and dividend policy, as well as the number of independent directors. The same firms experience positive abnormal stock returns over the following year.

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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.