Lesmeister, Simon; Limbach, Peter; Goergen, Marc - 2018
We test the hypothesis that a specific aspect of culture - trust in others - affects shareholder voting behavior as it … shareholder meetings is lower in high-trust countries while the percentage of votes in support of management is higher. Shocks to … trust and IV regressions support this result. We also find that shareholder voting is more valuable in low-trust countries …