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 …

This study uses two distinct quasi-natural experiments to examine the effect of institutional shareholders on corporate … reconstitutions improves portfolio firms' CSR performance. We then find that firms have lower CSR ratings when shareholders are … financially material. Furthermore, we show that institutional shareholders influence CSR through CSR-related proposals. Overall …

In the three decades after World War II, workers and stockholders shared equitably in the nation’s growing wealth. But …