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1 results

  • 6 - Shareholder Activism

  • from Part I - What Do We Know about Corporate Governance Practices?
  • Bryce C. Tingle, University of Calgary
  • Book:
    Hard Lessons in Corporate Governance
    Published online:
    23 May 2024
    Print publication:
    30 May 2024, pp 118-142

  • Summary

    Beyond voting, shareholders can participate in corporate governance through shareholder proposals, proxy contests, and takeovers. The evidence shows little to no benefit to firm performance or corporate governance over the long term following shareholder proposals and proxy contests. Takeovers suffer from similar failings in that there is no evidence they are actually about controlling agency costs or that the target company’s performance improves following acquisition. In fact, takeover defenses appear to be associated with better corporate outcomes.