We measure the impact of "say on pay" (SoP) - mandatory shareholder votes on top managementcompensation - on the market value of voting rights. By exploiting thestaggered introduction of SoP across 14 economies, we show that SoP does not automaticallyincrease the value of shareholder voting...

We study the influence of locally-rooted directors (LRDs)—board members with personal ties to a company’s geographic location—on firm performance. On the one hand, LRDs may provide valuable local know-how and access to local networks. On the other hand, as their appointments may go back to...