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Shareholder Activism and Corporate Governance in the United States

107 citations0/0 files storedPalgrave Macmillan UK eBooks

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Corporate Finance and Governance Financial Markets and Investment Strategies Political Influence and Corporate Strategies

Abstract

Activism by large institutional shareholders has been a part of the United States landscape for over a decade, long enough to begin to assess whether it affects firm performance. The evidence to date suggests that activism, American style, has had little effect on firm performance. The evidence on whether long-term ‘relational investing’ by institutional investors correlates with improved firm performance is also mixed (Bethel, Liebeskind and Opier 1996; Bhagat, Black and Blair 1997). Particular institutional investors may have the skill to improve the performance of their portfolio companies (see DeLong’s 1991 study of J.P. Morgan), but this skill may be scarce among institutional investors as a whole.

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References

1990Additional evidence on equity ownership and corporate value 1997Detecting long-run abnormal stock returns: The empirical power and specification of test statistics 1998Firm Performance and Board Committee Structure 1927North Carolina Law Review 1988Ownership structure and voting on antitakeover amendments 1997Leadership structure: Separating the CEO and Chairman of the Board 1996Shareholder Activism by Institutional Investors: Evidence from CalPERS 1997Measuring long-horizon security price performance

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2005The Complementarity between Corporate Governance and Corporate Social Responsibility 2004Do Boards Pay Attention When Institutional Investor Activists 'Just Vote No'?2012Ownership structure, corporate governance and firm performance 2003Institutional Investors, Corporate Ownership and Corporate Governance: Global Perspectives 2003Corporate Governance: A Survey of the Literature 2003

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