We show that in countries with more societal trust shareholders cast fewer votes at shareholder meetings and are more … supportive of management proposals. This result is confirmed by shocks to trust and instrumental variables. It also holds at the … U.S.-county level and for U.S. institutional investor voting on management proposals. Further, low shareholder …

offerings (IPOs) in the presence of social ties and family ties of the top managers with board members. We find that both social …