The Firms’ Reaction to Changes in the Governance Preferences of Active Institutional Owners
Abstract
Universal owners can systemically diffuse their investment preferences to a large share of the market.
We use the unexpected release of a corporate governance expectation document by Norway’s
sovereign wealth fund as a natural experiment to understand how active universal investors can
influence firms’ governance. Expectation documents are an emerging activism tactic used to enhance
a broad range of sustainability practices. We introduce a...
Paper Details
Title
The Firms’ Reaction to Changes in the Governance Preferences of Active Institutional Owners
Published Date
Jan 1, 2019
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