Showing 1 - 10 of 3,564
We examine the relation between shareholder activism and voluntary disclosure. An important consequence of voluntary disclosure is less adverse selection in the capital markets. One class of traders that finds less adverse selection unprofitable is activist investors who target mispriced firms...
Persistent link: https://www.econbiz.de/10012970911
Demand for disclosures on environmental, social and governance (ESG) issues has increased dramatically. Using corporate political spending disclosures as our setting, we conduct a detailed inquiry of 541 political spending-related shareholder proposals from 2004 to 2012 to highlight the role of...
Persistent link: https://www.econbiz.de/10012916137
This paper analyzes the information asymmetry between owners/managers and creditors. More specifically, the research investigates the role of both disclosure on financial key performance indicators (FKPIs) and different corporate governance mechanisms in reducing the agency costs of debt. The...
Persistent link: https://www.econbiz.de/10013104798
This paper investigates the effect of increased shareholder oversight and disclosure about executive remuneration on the pay-performance relation, while controlling for contemporaneous changes in corporate governance practice. Our sample consists of 240 ASX-listed firms with annual reports...
Persistent link: https://www.econbiz.de/10013126015
We offer that, when regulators require firms to obtain stakeholder approval of a corporate decision through voting on a resolution, firms disclose additional information that is needed for stakeholders to understand the optimal nature of the proposal and to vote in favor of it. We suggest that...
Persistent link: https://www.econbiz.de/10012826813
Early empirical studies find a negative association between firm performance and shareholder activism, whereas more recent studies document a positive association. We argue and theoretically show that this change in behavior results from mandating executive compensation disclosure. We develop a...
Persistent link: https://www.econbiz.de/10012839787
Demand for disclosures on environmental, social and governance (ESG) issues has increased dramatically. Using corporate political spending disclosures as our setting, we conduct a detailed inquiry of 541 political spending-related shareholder proposals from 2004 to 2012 to highlight the role of...
Persistent link: https://www.econbiz.de/10012975212
This study addresses concerns from the SEC and examines the trend of shareholder activism and its impact on financial players. Motivated by prior research that finds female CEOs are more likely to be targeted by shareholder activism, we examine how the nature of shareholder activism...
Persistent link: https://www.econbiz.de/10013292515
This paper examines how a manager uses voluntary disclosure to influence corporate control by a short-term shareholder. Since a short-term shareholder intervenes excessively, the manager's disclosure strategy is determined by the trade-off between excessive and insufficient intervention. In...
Persistent link: https://www.econbiz.de/10013294975
We examine the impact of financial disclosures’ readability on future shareholder activism, as expressed by shareholder-initiated proxy proposals. Based on a sample of 1,560 proposals made by shareholders of 818 S& P 1500 firms between 2000 and 2014, we find that the semantic complexity of the...
Persistent link: https://www.econbiz.de/10013310275