Managerial Response to Shareholder Empowerment: Evidence from Majority Voting Legislation Changes
This paper studies managerial reaction to shareholder empowerment that strengthens shareholder voting, a form of direct democracy.
Shareholder Value
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Is The Stock Market Biased Against Diverse Top Management Teams?
Stock market investors are becoming increasingly vocal about the diversity of corporate leadership teams, following a global trend to eng
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Does Diversification of Share Classes Increase Firm Value?
In the absence of agency conflict and market frictions, it is beneficial to allow greater freedom to firms in their choice of corporate f
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Socially Responsible Corporate Customers
Today's changing global businesses and corporate environments have brought about a new wave of corporate social responsibility (CSR) acti
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Companies Should Maximize Shareholder Welfare Not Market Value
What is the appropriate objective function for a firm?
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The Separation of Corporate Law and Social Welfare
A half century ago, corporate legal theory pursued an institutional vision in which corporations and the law that creates them protect pe
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Corporate donations and shareholder value
Do corporate donations enhance shareholder wealth or reflect agency problems?
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