Does shareholder activism improve operating performance of targeted companies: a re-examination of CalPERS' focus list program Online publication date: Fri, 13-Oct-2017
by Steven X. Zheng; Ke Zhong
International Journal of Corporate Governance (IJCG), Vol. 8, No. 2, 2017
Abstract: This paper examines the effectiveness of California public employees' retirement system (CalPERS)' activism on improving operating performance of companies targeted by its Focus List program over the 1992-2009 period. We find that operating performance of the Focus List firms, through various measures, improved significantly over the 2 years subsequent to being targeted by CalPERS. The empirical evidence suggests that CalPERS' activism is more effective in improving the targeted firms' operating performance than previously recognised in the literature.
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Corporate Governance (IJCG):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email subs@inderscience.com