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We estimate institutional investor preferences from proxy voting records. The W-NOMINATE method maps investors onto a left-right dimension based on votes for fiscal year 2012. Public pension funds and other investors on the left support a more social and environment-friendly orientation of the firm and fewer executive compensation proposals.
“Money conscious” investors appear on the right. The proxy adviser ISS makes voting recommendations that place it center, to the left of most mutual funds. A second dimension reflects a more traditional governance view, with management disciplinarian investors, the proxy adviser Glass-Lewis among them, pitted against more management friendly ones.
A growing number of studies suggest that common ownership caused cooperation among firms to increase and competition to decrease. We take a closer look...
We use the enactment of limited liability legislation across Canadian provinces to examine the effect of the change in liability status on firm outcomes...