resources for private benefits at the expense of other shareholders. Such behavior leads the controlling owners to prefer long … minority shareholders over the maturity structure of debt. In this paper, we examine whether the presence of multiple large … shareholders (MLS), beyond the controlling owner, helps to mitigate this conflict. Using a large data set of French publicly traded …

Contrary to previous literature we hypothesize that interests of labor may well - like that of shareholders - aim at …

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 …

management personnel were not significantly positively related to the stock returns of the firms that registered a ‘first strike … that the shareholders of the ‘first-strike' firms may have been over-enthusiastic about their voting power in 2011 but …