The Efficient Monitoring Role of Proxy Contests: An Empirical Analysis of Post-Contest Control Changes and Firm Performance
分析了1962-1986年间142家发生代理权争夺的公司，发现即使没有收购活动，代理权争夺也能通过改善监督提升公司效率，支持其作为管理约束机制的观点。
We present an empirical analysis of the subsequent disposition and share price performance of 142 firms involved in proxy contests for board seats in the period 1962-1986. We find evidence that proxy contests increase corporate efficiency through improved monitoring of firms, even in the absence of takeover-related control activity. Our results support the view that proxy contests are an effective managerial disciplinary mechanism in the absence of a takeover.