Federal ID: 91-6001537
ISSN: 0022-1090 (Print) | 1756-6916 (Online)
Managerial Response to Shareholder Empowerment: Evidence from Majority-Voting Legislation Changes
Vicente Cuñat, Yiqing Lü, and Hong Wu ♦ We study how managers react to shareholder empowerment that makes votes on shareholder proposals binding. We empirically exploit staggered legislative changes that introduce such empowerment for proposals regarding majority voting in director…