TY - JOUR
T1 - Information, Ownership Structure, and Shareholder Voting
T2 - Evidence from Shareholder‐Sponsored Corporate Governance Proposals
AU - GORDON, LILLI A.
AU - POUND, JOHN
PY - 1993/6
Y1 - 1993/6
N2 - 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
AB - 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
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U2 - 10.1111/j.1540-6261.1993.tb04734.x
DO - 10.1111/j.1540-6261.1993.tb04734.x
M3 - Article
AN - SCOPUS:84993911479
SN - 0022-1082
VL - 48
SP - 697
EP - 718
JO - Journal of Finance
JF - Journal of Finance
IS - 2
ER -