Can Institutional Investors Improve Corporate Governance Through Collective Action?
Abstract
Can institutional investors generate sufficient power through collective action to drive improvements in governance? We use proprietary data on the private communications of a formal coalition of Canadian institutional investors and find that its private engagements influenced firms’ adoption of majority voting and say-on-pay advisory votes, improved compensation structure and disclosure, and influenced CEO incentive intensity. Spillovers to...
Paper Details
Title
Can Institutional Investors Improve Corporate Governance Through Collective Action?
Published Date
Jan 1, 2015
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