Contesting corporate control: shareholder voting
by Maggie Foley; Robert Boylan; Chengru Hu; Biqing Huang
International Journal of Corporate Governance (IJCG), Vol. 4, No. 2, 2013

Abstract: In this study we examine the outcome of shareholder proposals and focus on the factors leading to a majority vote. Our findings include: 1) the issues of a proposal play a significant role in determining whether or not the proposal achieves majority shareholder support; 2) ownership structure plays a significant role in the occurrence of a majority vote proposal; 3) most importantly, Institutional Shareholder Services (ISS) recommendations can significantly influence how shareholders vote. When a shareholder proposal which is opposed by management, receives a positive ISS recommendation, this proposal is far more likely to achieve majority shareholder support.

Online publication date: Sun, 04-May-2014

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