Information, Ownership Structure, and Shareholder Voting: Evidence from Shareholder‐Sponsored Corporate Governance Proposals

LILLI A. GORDON, JOHN POUND

Research output: Contribution to journalArticlepeer-review

136 Scopus citations

Abstract

This paper examines how information and ownership structure affect voting outcomes on shareholder‐sponsored proposals to change corporate governance structure. We find that the outcomes of votes vary systematically with the governance and performance records of target firms, the identity of proposal sponsors, and the type of proposal. We also find that outcomes vary significantly as a function of ownership by insiders, institutions, outside blockholders, ESOPs, and outside directors who are blockholders. These results suggest that both public information and ownership structure have a significant influence on voting outcomes. 1993 The American Finance Association

Original languageEnglish (US)
Pages (from-to)697-718
Number of pages22
JournalThe Journal of Finance
Volume48
Issue number2
DOIs
StatePublished - Jun 1993
Externally publishedYes

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics

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