in 2003, using a paired sample of management proposals on executive equity incentive compensation plans submitted before … and after the rule change. While voting support for management has decreased over time, we find no evidence that mutual … funds' support for management declined after the rule change, as expected by advocates of disclosure. In fact, we find …

exploit a unique empirical setting enabling us to provide a direct estimate of management's influence. Analyzing shareholder … votes on the frequency of future say on pay votes, we find that a management recommendation for a particular frequency is … likely to capture a causal effect. Management influence varies across firms and is smaller at firms where perceived …