Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
通过调查机构投资者，发现他们广泛采用幕后干预和治理驱动的退出机制，且长期投资者和不太关注股票流动性的投资者干预更积极。
ABSTRACT We survey institutional investors to better understand their role in the corporate governance of firms. Consistent with a number of theories, we document widespread behind‐the‐scenes intervention as well as governance‐motivated exit. These governance mechanisms are viewed as complementary devices, with intervention typically occurring prior to a potential exit. We further find that long‐term investors and investors that are less concerned about stock liquidity intervene more intensively. Finally, we find that most investors use proxy advisors and believe that the information provided by such advisors improves their own voting decisions.