This study uses two distinct quasi-natural experiments to examine the effect of institutional shareholders on corporate … reconstitutions improves portfolio firms' CSR performance. We then find that firms have lower CSR ratings when shareholders are … financially material. Furthermore, we show that institutional shareholders influence CSR through CSR-related proposals. Overall …

minority equity stakes and do not seek direct control. As a result, activists must win support from fellow shareholders via … shareholders, other stakeholders, and the capital market as a whole. Opponents of hedge fund activism argue that activists focus …

to an influential argument, activist shareholders can offer a solution by supplying large investment managers with … shareholders – have different visions of stewardship with little scope for interactions. For large investment managers, general …

blockholder when the cost of activism is low or the created value is high. Such a reform would favor minority shareholders …