代理权竞争中的通讯

Q3 Pharmacology, Toxicology and Pharmaceutics

Accounting Pub Date : 2021-06-04 DOI:10.2139/ssrn.3284782

Yazhou He

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引用次数: 5

摘要

摘要本文研究股东维权中“声音”的传播。使用手工收集的数据，我调查了投资者陈述的使用，以及其他沟通策略，如何影响代理权竞争的结果。作为第一个向投资者做陈述的人，持不同政见者获胜的机会增加了60%。为了理解这种先发优势，我研究了投资者注意力的分配和投资者成熟度的变化。证据与投资者注意力有限的解释是一致的。研究结果强调了沟通在公司治理中的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Communications in Proxy Contests

Abstract This paper studies the communication of “voice” in shareholder activism. Using hand-collected data, I investigate how the use of investor presentations, among other communication strategies, affects the outcomes of proxy contests. Being the first to make presentations to investors increases the dissident's chance of winning by 60%. To understand this first-mover advantage, I examine the allocation of investor attention and variation in investor sophistication. The evidence is consistent with an explanation of limited investor attention. The findings highlight the role of communication in corporate governance.

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来源期刊

Accounting Pharmacology, Toxicology and Pharmaceutics-Pharmaceutical Science

自引率

0.00%

发文量

审稿时长

20 weeks