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The Impact of Shareholder Activism on Target Companies: A Survey of Empirical Findings
16 references·16 citing·41 second hopsampled
The Impact of Shareholder Activism on Target Companies: A Survey of Empirical Findings (2006)The Impact of Shareholder Activism on Tar…Agents watching agents?: evidence from pension fund ownership and firm value (2002)Agents watching agents?: evid…Pay for performance? Government regulation and the structure of compensation contracts (2001)Pay for performance? Governme…The motivation and impact of pension fund activism (1999)The motivation and impact of …The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1999)The Modern Industrial Revolut…The Influence of Institutions on Corporate Governance through Private Negotiations: Evidence from TIAA‐CREF (1998)The Influence of Institutions…Measuring long-horizon security price performance (1997)Measuring long-horizon securi…Detecting long-run abnormal stock returns: The empirical power and specification of test statistics (1997)Detecting long-run abnormal s…Shareholder Activism by Institutional Investors: Evidence from CalPERS (1996)Shareholder Activism by Insti…Pension Fund Activism and Firm Performance (1996)Pension Fund Activism and Fir…Externalities and Corporate Objectives in a World with Diversified Shareholder/Consumers (1996)Externalities and Corporate O…Corporate governance and shareholder initiatives: Empirical evidence (1996)Corporate governance and shar…Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium (1994)Large Shareholder Activism, R…The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)The Modern Industrial Revolut…Public Pension Fund Activism in Corporate Governance Reconsidered (1993)Public Pension Fund Activism …Liquidity versus Control: The Institutional Investor as Corporate Monitor (1991)Liquidity versus Control: The…Shareholder Passivity Reexamined (1990)Shareholder Passivity Reexami…Ties That Bind: How Business Connections Affect Mutual Fund Activism (2016)Ties That Bind: How Business …The Role of Proxy Advisory Firms: Evidence from a Regression-Discontinuity Design (2016)The Role of Proxy Advisory Fi…Corporate Governance Practices and Firm Performance: Evidence from Top 100 Public Listed Companies in Malaysia (2016)Corporate Governance Practice…The Costs of Shareholder Activism: Evidence from a Sequential Decision Model (2012)The Costs of Shareholder Acti…Why bank governance is different (2011)Why bank governance is differ…Institutional investors, shareholder activism, and earnings management (2011)Institutional investors, shar…Corporate Governance Objectives of Labor Union Shareholders: Evidence from Proxy Voting (2011)Corporate Governance Objectiv…The role of shareholder proposals in corporate governance (2010)The role of shareholder propo…Shareholder Voting and Corporate Governance (2010)Shareholder Voting and Corpor…Hedge Fund Activism: A Review (2009)Hedge Fund Activism: A ReviewShareholder proposals in the new millennium: Shareholder support, board response, and market reaction (2007)Shareholder proposals in the …Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund (2006)Returns to Shareholder Activi…Hedge Funds Activism, Corporate Governance, and Firm Performance (2006)Hedge Funds Activism, Corpora…A Survey of Shareholder Activism: Motivation and Empirical Evidence (2005)A Survey of Shareholder Activ…THE STATE OF U.S. CORPORATE GOVERNANCE: WHAT'S RIGHT AND WHAT'S WRONG? (2003)THE STATE OF U.S. CORPORATE G…Corporate Governance and Control (2002)Corporate Governance and Cont…The Structure of Corporate Ownership: Causes and Consequences (1985)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Private Politics, Corporate Social Responsibility, and Integrated Strategy (2001)Founding family ownership and the agency cost of debt (2003)Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach (2015)The Competitive Advantage of Nations (1990)Motivational synergy: Toward new conceptualizations of intrinsic and extrinsic motivation in the workplace (1993)Agency costs of free cash flow, corporate finance, and takeovers (1996)Capitalism, Socialism and Democracy (1997)Finance and Growth: Theory and Evidence (2004)The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation (2011)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Large Shareholders and Corporate Control (1986)Corporate Disclosure Practices, Institutional Investors, and Stock Return Volatility (2000)Environmental risk management and the cost of capital (2008)Hedge Fund Activism, Corporate Governance, and Firm Performance (2008)Using daily stock returns (1985)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 (1998)Capital markets research in accounting (2001)Introductory Econometrics for Finance (2008)Performance Pay and Top-Management Incentives (1990)Higher market valuation of companies with a small board of directors (1996)A Survey of Corporate Governance (1997)Corporate governance, chief executive officer compensation, and firm performance (1999)Large Shareholders as Monitors: Is There a Trade‐Off between Liquidity and Control? (1998)Corporate governance proposals and shareholder activism: the role of institutional investors (2000)Institutional monitoring and opportunistic earnings management (2002)Passive investors, not passive owners (2016)Institutions, financial markets, and firm debt maturity (1999)Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity (2015)Anticompetitive Effects of Common Ownership (2018)Misery Loves Companies: Rethinking Social Initiatives by Business (2003)The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance (2010)Uniformly least powerful tests of market efficiency (2000)Short-sellers, fundamental analysis, and stock returns (2001)Econometrics of Event Studies**We thank Espen Eckbo, Jon Lewellen, Adam Kolasinski, and Jay Ritter for insightful comments, and Irfan Safdar and Alan Wancier for research assistance. (2007)Corporate Governance (2001)Voting with their feet: institutional ownership changes around forced CEO turnover (2003)The effect of institutional ownership on firm transparency and information production (2015)
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References

  • 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems8,544 cited
  • 1997Detecting long-run abnormal stock returns: The empirical power and specification of test statistics2,690 cited
  • 1999The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems1,659 cited
  • 1996Shareholder Activism by Institutional Investors: Evidence from CalPERS1,291 cited
  • 1997Measuring long-horizon security price performance991 cited
  • 1991Liquidity versus Control: The Institutional Investor as Corporate Monitor924 cited
  • 1999The motivation and impact of pension fund activism904 cited
  • 1994Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium903 cited
  • 1998The Influence of Institutions on Corporate Governance through Private Negotiations: Evidence from TIAA‐CREF833 cited
  • 1996Corporate governance and shareholder initiatives: Empirical evidence753 cited
  • 1996Pension Fund Activism and Firm Performance636 cited
  • 1990Shareholder Passivity Reexamined410 cited
  • 2002Agents watching agents?: evidence from pension fund ownership and firm value409 cited
  • 1993Public Pension Fund Activism in Corporate Governance Reconsidered403 cited
  • 2001

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Pay for performance? Government regulation and the structure of compensation contracts
361 cited
  • 1996Externalities and Corporate Objectives in a World with Diversified Shareholder/Consumers358 cited
  • Cited by

    • 2012The Costs of Shareholder Activism: Evidence from a Sequential Decision Model348 cited
    • 2005A Survey of Shareholder Activism: Motivation and Empirical Evidence341 cited
    • 2003THE STATE OF U.S. CORPORATE GOVERNANCE: WHAT'S RIGHT AND WHAT'S WRONG?315 cited
    • 2016The Role of Proxy Advisory Firms: Evidence from a Regression-Discontinuity Design297 cited
    • 2009Hedge Fund Activism: A Review292 cited
    • 2006Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund272 cited
    • 2011Institutional investors, shareholder activism, and earnings management259 cited
    • 2016Corporate Governance Practices and Firm Performance: Evidence from Top 100 Public Listed Companies in Malaysia252 cited
    • 2002Corporate Governance and Control252 cited
    • 2011Why bank governance is different247 cited
    • 2010Shareholder Voting and Corporate Governance243 cited
    • 2007Shareholder proposals in the new millennium: Shareholder support, board response, and market reaction240 cited
    • 2006Hedge Funds Activism, Corporate Governance, and Firm Performance227 cited
    • 2016Ties That Bind: How Business Connections Affect Mutual Fund Activism202 cited
    • 2011Corporate Governance Objectives of Labor Union Shareholders: Evidence from Proxy Voting200 cited
    • 2010The role of shareholder proposals in corporate governance198 cited