Information, Ownership Structure, and Shareholder Voting: Evidence from Shareholder‐Sponsored Corporate Governance Proposals
研究信息和所有权结构如何影响股东对公司治理提案的投票结果，发现投票结果与目标公司的治理和业绩记录、提案发起人身份、提案类型以及内外部所有权结构显著相关。
ABSTRACT This paper examines how information and ownership structure affect voting outcomes on shareholder‐sponsored proposals to change corporate governance structure. We find that the outcomes of votes vary systematically with the governance and performance records of target firms, the identity of proposal sponsors, and the type of proposal. We also find that outcomes vary significantly as a function of ownership by insiders, institutions, outside blockholders, ESOPs, and outside directors who are blockholders. These results suggest that both public information and ownership structure have a significant influence on voting outcomes.