, as compared to their conservative counterparts, pay less attention to shareholders and this is reflected in dividend …

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 …

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 instrumental variable regressions. It also holds at the U … performance in high-trust countries, suggesting that managers do not exploit greater discretion when trust is high. We also find a …