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Although a growing number of investors are engaging with sovereign entities on environmental, social, and governance (ESG) issues, little academic research investigates this new form of investor activism. Applying universal ownership theory and drawing on eleven case studies of policy...
Persistent link: https://www.econbiz.de/10014338086
staggered changes in funds' voting policies, I show that investee companies adopt their mutual fund shareholders' preferred … governance provisions. This adoption is the result of mutual fund shareholders' active voting. Announced voting policies also … stimulate strategic proposal submissions by non-mutual fund shareholders …
Persistent link: https://www.econbiz.de/10012593699
The transition to a sustainable economy currently involves a fundamental transformation of our capital markets. Lawmakers, in an attempt to overcome this challenge, frequently seek to prescribe and regulate how firms may address environmental, social, and governance (ESG) concerns by formulating...
Persistent link: https://www.econbiz.de/10013279455
In the three decades after World War II, workers and stockholders shared equitably in the nation’s growing wealth. But …
Persistent link: https://www.econbiz.de/10012243456
Shareholder say-on-pay votes allow institutional investors to influence the incentives of managers and, consequently, corporate behaviour. Surprisingly, the preferences of investors on executive compensation have been largely overlooked in the ongoing debates on sustainable corporate behaviour....
Persistent link: https://www.econbiz.de/10014254709
Managerial resistance precludes half of shareholder-initiated proposals from reaching the ballot stage. I construct a novel dataset of excluded and withdrawn proposals from the Securities and Exchange Commission's responses to managers' exclusion requests. An examination of announcement returns...
Persistent link: https://www.econbiz.de/10011976966
to an influential argument, activist shareholders can offer a solution by supplying large investment managers with … shareholders – have different visions of stewardship with little scope for interactions. For large investment managers, general …
Persistent link: https://www.econbiz.de/10012507489
Trustees and other investment fiduciaries of pensions, charities, and personal trusts, and those who advise them, face increasing pressure to rely on ESG factors in the investment management of tens of trillions of dollars of other people's money. At the same time, however, confusion abounds...
Persistent link: https://www.econbiz.de/10012427110
Persistent link: https://www.econbiz.de/10014480332
This paper assesses whether shareholders drive the environmental and social (E&S) performance of firms worldwide … otherwise. As such, these institutional investors transplant their social norms regarding E&S issues around the world …
Persistent link: https://www.econbiz.de/10012052291