Voting

A central premise of corporate governance research is the shareholder collective action problem.  Shareholders, the ultimate economi

Recent regulatory reforms in advanced economies have empowered shareholders by letting them vote on executive compensation, corporate tra

This paper studies managerial reaction to shareholder empowerment that strengthens shareholder voting, a form of direct democracy.

Corporate ownership around the world rests largely in the hands of institutional intermediaries.  Even in U.S., once a bastion of re

Both practitioners and academics generally have a dim view of dual-class share structures. For example, when Snap Inc.

Shareholder voting has become one of the main avenues through which shareholders participate in corporate governance, and it is frequentl

At a time when dual class share structures have come under regular attack by investors, the concept of loyalty shares, popularised in Fra