Do local proxy advisors matter? – Evidence from Germany
研究了德国本地代理顾问IVOX与外国顾问ISS和GL的投票建议差异，发现IVOX的反对建议与投票支持率负相关，且本地机构投资者持股越多，这种负相关越强，表明本地顾问考虑了本地投资者重视的独特因素。
Prior research documents that the large US-based proxy advisors, Institutional Shareholder Services (ISS) and Glass Lewis (GL), play an important role as information intermediaries in corporate governance worldwide. We provide initial evidence on the role of local proxy advisors, using the German setting. We analyse voting recommendations by local (IVOX) and foreign (ISS, GL) proxy advisors. First, we find that IVOX's voting recommendations differ substantially from those of ISS and GL. Second, we observe that IVOX's against-recommendations are significantly negatively associated with voting support. Third, we find that this association is particularly negative for voting outcomes at companies where local institutional investors hold larger stakes. Taken together, our findings suggest that the local proxy advisor IVOX considers relevant factors appreciated by local institutional investors that are distinct from factors incorporated in foreign proxy advisors’ voting recommendations.