Permanent or long-term large shareholders have different governance incentives and mechanisms from institutional … investors. Liquidity could facilitate either cutting and running by large shareholders or, alternatively, increased monitoring … representing large shareholders become less busy and more diligent, while busyness and diligence of independent directors are not …

. We show that an exogenous decline in the monitoring quality of distracted transient institutional shareholders is …

due to donor perception of reduced need of financial resources. The absence of shareholders in the nonprofit sector also …