An integral aspect of shareholder democracy is the shareholder proposal process, through which shareholders can pressure firms to make changes. We find that shareholders' uncertainty about the firm reduces their participation in voting on shareholder proposals and also reduces the likelihood of...

This paper examines the influence of directors' job security on firms' innovation project choices.Using the staggered enactment of majority voting legislation as an exogenous threat to directors'job security, we find that after legislative changes, the affected firms produce fewer...

Using a new trademark-based product market competition measure and a novel trademark-merger dataset over the period 1983-2016, we show that companies facing greater product market competition are more likely to be acquirers. We further show that postmerger, compared to their non-acquiring peers,...

Although constituency statutes were enacted in 35 U.S. states from 1984 to 2016 to protect the interests of employees, customers, and suppliers, research has yet to empirically verify whether customers actually benefit from such laws. A game theory model suggests that product quality improves...

This Internet Appendix (IA) contains three sections: The first section provides variable definitions (Section IA1), the second section outlines the development and estimation of the overbidding measure, as well as reports summary statistics and estimation results (Section IA2), and the third and...